WASHINGTON, Oct. 5 /PRNewswire/ -- A new poll completed last week shows
that the U.S. electorate overwhelmingly supports modernization of America's
financial services laws. By nearly a two-to-one margin (58 percent to
32 percent), Americans support changes in the laws to permit banks, insurance
companies and securities firms to offer a full range of financial services and
compete more effectively in the global markets.
The survey identified increased consumer convenience and global
competitiveness as the motivating factors behind the electorate's support.
The Tarrance Group Inc. of Alexandria, VA conducted the survey, which was
commissioned by Merrill Lynch, to provide assistance to Congress as it
considers financial modernization legislation.
"The message from voters is clear," remarked William Stewart, The Tarrance
Group's Vice President of Corporate Research. "The electorate thinks
financial services modernization is a good idea, and they want Congress to
take action." Stewart explains that this type of reform appeals to Americans
"because it is based on principles that all of us inherently believe in --
global competitiveness and consumer convenience."
Bruce E. Thompson, Jr., Merrill Lynch's Director of Government Relations
said: "It is clear that the American public sees financial modernization
legislation benefiting them by improving their access to a broad range of
financial services while at the same time improving our nation's global
competitiveness."
Moreover, most voters believe that the time has come for Congress to take
action on financial services modernization legislation. When told that
lawmakers have been considering this legislation for years, nearly 70 percent
of respondents said Congress needs to act now. When probed about details of
financial services modernization, the vast majorities of American voters saw
important potential benefits. Here are some examples:
-- 88 percent of voters agree that it is important for U.S. lawmakers to
make sure America's financial institutions are able to compete with
foreign financial institutions on a level playing field.
-- 73 percent of voters agree that the U.S. needs financial services
reform to stay one step ahead of foreign competitors.
-- 71 percent agree that America's role as a financial superpower depends
on modernizing the current laws and regulations that govern U.S.
financial services companies.
-- 68 percent of voters feel that financial services institutions should
be allowed to offer one-stop shopping.
-- 78 percent of voters agree that having access to a full range of
financial services under one roof makes things more convenient for
customers.
These survey results were drawn from telephone interviews with
804 registered voters throughout the United States, gathered September 26-28.
The confidence interval associated with a sample of this type
is +/- 3.5 percent.
SOURCE Merrill Lynch & Co., Inc.
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CONTACT:
James R. Wiggins, Media Relations,
212-449-7280, or Bruce E. Thompson, Jr., Government Relations,
202-661-7120, both of Merrill Lynch
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