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A new survey finds broad bipartisan support for strong financial reform among senior citizens.
The survey, commissioned by AARP and released on Monday, asked 815 people above age 50 a variety of questions related to consumer financial protection.
More than 90 percent of all respondents "strongly" favored requiring banks to explain the terms and conditions of loans -- including mortgage and credit cards -- in plain language people can understand; and two-thirds favored allowing states to enact consumer protection measures that are stronger than federal rules. Although this last point is strongly opposed by Republicans and the big banks, 68 percent of Republican seniors support it, the survey says.
"Older Americans, whose retirement nest eggs were decimated by the failure of an outdated and compromised financial regulatory system, overwhelmingly say they want reform," Nancy LeaMond, executive vice president at AARP, said in a statement. Older Americans "want clear information so they can make better, more informed decisions and greater transparency about the financial products available to them."
Seniors Overwhelmingly Support Financial Reform, AARP Survey Says
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