Poll: Americans’ faith in banks low after failures

Only 10% of U.S. adults say they have high confidence in the nation’s banks and other financial institutions, a new poll finds. That’s down from the 22% who said they had high confidence in 2020, according to an Associated Press report.

Following the collapse of Silicon Valley Bank this month, the poll from The Associated Press-NORC Center for Public Affairs Research also finds that a majority say the government is not doing enough to regulate the industry.

The underwhelming assessment of America’s banks and bank regulation comes after a series of shocks brought back disturbing memories of the 2008–2009 financial crisis. The tumult has raised questions among policymakers about 2018 legislation that rolled back strict regulations put in place after the financial crisis.

The poll suggests the U.S. public shares that concern: 56% say the government isn’t doing enough to regulate banks and other financial institutions, while 27% say it’s doing the right amount, and 15% say it’s regulating too much. The worry about under-regulation is bipartisan: 63% of Democrats say current bank regulation is insufficient, as do 51% of Republicans.