Financial Regulation

National Survey

March 23-25, 2015

The following national survey was conducted by OnMessage Inc. Telephone interviews were conducted on March 23-25, 2015. This survey

consists of 1400 likely voters and was stratified by state to reflect historic voter

trends. The margin of error for this survey is +/- 2.62%.

2

Methodology

4

Favor Oppose DK/R

10

35 23

18

15 Somewhat

Strongly

As you may know President Obamas Department of Labor is proposing a

new rule regulating individual retirement accounts, known as IRAs.

These new rules would place additional regulation on financial

representatives and limit who is allowed to provide IRA investment advice.

From what you know, do you favor or oppose this new regulation.

28

50

5

DOL Regulation

Democrat Independent Republican

51

22 8

23

55

74 FavorOppose

Party

38% 23% 37%

55 &

Under

Over 55 Male Female White Af.

American

Hispanic

33 24 25

30 25

46

30

46 54 53

46 53

28

49

Age/Gender/Race

38% 12%

55% 48% 52% 72% 11%

7As you may know, the Department of Labor is an executive department

that operates directly under the authority of the President. With this in

mind, which of the following comes closest to your opinion?

Some people say that while we may need to revise the rules

of retirement savings, its not the governments job to

decide whats best for an individual, and savers should have

the freedom to weigh the potential risk and return of

various investment options.

Not the Government's

Job

Benefit to Americans Both Neither DK/R

59

26

2 5 8

Other people say this new regulation benefits hard

working Americans by closing loopholes that allow

retirement companies and financial representatives to

take advantage of their clients by falsely advising to make

a profit and pad their own pockets.

Democrat Independent Republican

34

64

81

49

188

Not the Government's Job

Benefit to Americans

8

Government Involvement in IRAsParty

55 & Under Over 55 Male Female

60 60 62 56

28 25 26 26

Age/Gender/Race

6

Favor Oppose DK/R

10

56

10 10

13 SomewhatStrongly

As you may know, new regulations would put the Department of Labor involved in financial

regulation, including IRAs and other types of retirement plans. Critics say the Department of

Labor should not be in the business of running individual retirement accounts. Not only do

they lack the financial expertise, but its simply another way for big government agencies to

place restrictions on investor choice. Knowing this, do you favor or oppose the Department

of Labors decision to get involved in regulating IRAs?

69

20

DOL Lack of Expertise

7

DOL Lack of Expertise

Democrat Independent Republican

39

16 5

47

72

90 FavorOppose

Party

38% 23% 37%

55 &

Under

Over 55 Male Female White Af.

American

Hispanic

22 19 19 22 18

36 25

69 72 72 67 73

51

66

38% 12%

55% 48% 52% 72% 11%

Age/Gender/Race

8

Favor Oppose DK/R

11

53

11

12

13 SomewhatStrongly

As you may know, President Obama has recently called on the Department of Labor to get

involved in financial regulation, including IRAs and other types of retirement plans. Critics

say this is merely a political move by President Obama to sidestep the appropriate

independent agencies. They say that the Department of Labor lacks financial expertise and

should not be involved in regulating IRAs. Knowing this, do you favor or oppose President

Obama ordering the Department of Labor to get involved in regulating IRAs?

66

23

DOL Lack of Expertise/Obama Sidestep

9

DOL Lack of Expertise/Obama Sidestep

Democrat Independent Republican

46

17 5

39

71

91 FavorOppose

Party

38% 23% 37%

55 &

Under

Over 55 Male Female White Af.

American

Hispanic

25 21 22 24 20

46

23

65 69 68 65 70

37

68

38% 12%

55% 48% 52% 72% 11%

Age/Gender/Race

26

24

47

49

6

5

5

6

100 50 50 100

Anti-Regulation Message Tests

10

Less Likely More Likely

NET

This new regulation would push middle class savers to

robo-advisers on the internet, forcing them to use online

self-service instead of meeting face-to-face with a financial

representative of their choice.

Under this new regulation, many low and middle income

retirement savers will no longer be able to use their local

financial representative for retirement investment advice

and will instead be forced into using expensive flat-fee

advisers or fending for themselves online.

-62 73 11

-62 73 11

Much Less Somewhat Less Somewhat More Much More

March 23-25, 2015

Financial Regulation

National Survey