A new poll obtained by the Washington Reporter, conducted by President Donald Trump’s pollster and advisor Tony Fabrizio, finds that overwhelming majorities of Trump voters, swing voters, and virtually all Americans support changing the way the U.S. regulates payments so that transactions are faster and cheaper, and support forcing big banks to compete.
A whopping 76 percent of respondents of both parties want payment platforms to be modernized to allow for payments to process far faster than they currently do. The memo notes that the “rules that govern how money moves in the U.S. [were] written decades ago before digital payment companies existed and paper checks and banks were the only way to send or receive money.”
By a margin of 83-12, voters agree that “when [they] pay a bill or send money, it should go through right away, as easy as texting or shopping online.”
The Reporter has previously covered that Washington is currently in the midst of a fierce battle over the future of banking and financial innovation in America. Groups like Save our States, which is running the BanksVsAmerica.com campaign, have accused big banks of trying to tank Trump’s open banking rule, which Save our States and other conservative groups argue would preserve the power thank banks have used to discriminate against conservatives, like Trump himself.
Experts have also argued that the big banks fight against innovations on stablecoin are similarly aimed at preserving power and could tank the president’s affordability agenda.
“Elected leaders seeking to address affordability issues and court the growing share of voters using digital payments should back reforms of our outdated payments regulation system,” Bob Ward, partner at Fabrizio Ward, explained. “Across party lines, voters share a clear expectation that moving money should be fast, reliable, and reflect the way people live and work today.”
While most of the debate around affordability has centered on larger family expenses like healthcare prices and gas, experts tell the Reporter that there is a strong economic case to make that the money saved by modernizing payment systems, diversifying finances with tools like stablecoins, and opening out banking system without fees, can have a considerable impact on family wallets.
“Americans overwhelmingly support making it easier and cheaper to have more control of their financial futures,” Ken Blackwell, a former Ohio state treasurer, conservative thought leader, and advisor to President Trump, noted. “President Trump is fighting to make that happen, but the big banks are trying to put up roadblocks at every turn. After discriminating against conservatives and trying to hold onto their power, it’s no surprise that the banks and their outdated systems are more unpopular than ever.”
The poll was conducted between March 1-3, and it surveyed 800 registered voters nationally on behalf of the Alliance for Secure & Accessible Payments.
