Forty-seven percent (47%) of Americans oppose more government regulation of the U.S. financial system, while 33% disagree and say more regulation is a good idea, according to a new Rasmussen Reports national telephone survey.

But just 23% of adults favor giving the Federal Reserve Board more regulatory control. Fifty-one percent (51%) oppose expanding the Fed’s regulatory powers.

Americans are closely divided over President Obama’s plan to create a new government agency to regulate what banks, mortgage lenders and credit card companies offer Americans. Thirty-nine percent (39%) support the creation of such an agency, but 44% are opposed to establishing another federal regulatory body.

Fifty-seven percent (57%) of Americans said in late April that there is a need for more government oversight of the credit card industry.

The new survey was taken after the president last week announced a major expansion of regulatory controls over banks and other financial institutions to prevent a recurrence of the economic crisis. The plan increases the Fed’s powers over the economy and establishes the Consumer Financial Protection Agency to police consumer-focused financial products.

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The majority of investors oppose any additional financial regulation, including by the Fed and the new consumer-oriented agency. Most Americans earning between $60,000 and $100,000 per year agree.

Seven-out of-10 Republicans reject a need for further regulation as well, while a majority of Democrats favor more government regulatory control of the financial industry, especially in the consumer sector. However, Democrats are closely divided over whether the Fed should be given more powers. A plurality of adults not affiliated with either party opposes any additional financial regulation.

The numbers seem to indicate that the president has come forth with yet another plan that is opposed by many Americans while his own popularity remains relatively strong.

However, the Rasmussen Reports daily Presidential Tracking Poll shows Obama’s ratings beginning to drop. In recent days, the president has fallen into record low territory.

Looking back, 59% of voters nationwide believe the federal bailouts for banks and other financial institutions were a bad idea. In fact, 68% of Americans believe most of the taxpayer money given out as bailouts is going to the very people who created the country’s economic crisis.

Only 11% of Americans think a financial institution will run better if it’s run by the federal government.

Fifty-two percent (52%) of voters worry the government will do too much to “help” the economy. That’s up from a low of 43% in mid-February to and is the highest level of concern since Obama was elected president in November.

Undoubtedly, the skepticism is fed in part by the belief of 70% of voters that big business and big government generally work together against the interests of investors and consumers.

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