Poll shows most Americans support financial reform

As Senate Democrats and Republicans wrangle over legislation to reform Wall Street, a new national poll shows nearly two-thirds of Americans support stricter rules to govern banks and other financial institutions. 

By a wide margin, 65 of Americans say they support tighter regulations on how banks and financial institutions do business with only 31 percent opposed, according to an ABC News/Washington Post poll released Monday. 

The poll also reflects that 52 percent trust the Obama administration to handle financial reform whereas 35 percent say Republicans would do a better job. But it's not all good news for the White House as the public splits evenly at 48 percent as to how well he's handled it so far, although the president has better results with those who want stricter regulations. 

When looking closer at reform, 59 percent favor stricter regulations and better federal oversight on consumer loans and credit card terms. The public also favors, 53 to 42 percent, the creation of a bank-funded account that would allow large financial firms to liquidate their assets. 

A $50 billion fund included in the Senate bill is a major point of contention in discussions on the measure. Republicans argue the fund allows for taxpayer-funded bailouts whereas Democrats say it would simply provide a fund from which failing firms could draw some cash and it wouldn't be used to save struggling companies. The Obama administration opposes the fund. 

Those polled on allowing regulations on derivatives also was divided -- 43 percent in favor and 41 percent opposed while 17 percent have no opinion -- with a large number unfamiliar with the issue.