In studies on Populism, extensive discussion has mounted around whether the phenomenon represents a threat to democracy or a corrective force. In line with this concern, we examine whether the populist attitudes held by legislators are related to their opinions on the functioning of and satisfaction with three central aspects of governance: (I) democracy itself; (II) its institutions; and (III) the separation of powers. Using the ideational approach and survey information collected for the PELA‐USAL database, we first measure the populist attitudes of legislators in 12 Latin American countries. We then test through multivariate analysis two theoretical arguments: (1) that populism is relatively hostile to democracy and its institutions; and (2) that ideological extremism and the situation of the legislator in the government/opposition dynamic serve as moderators (enhancers) of that hostility. The results suggest that the populist attitudes of these legislators are indeed significantly connected to lower levels of trust and satisfaction with democracy and its institutions and that populism in combination with ideological extremism sharpens that critical perspective, while a legislator's affiliation with the ruling party or coalition in government tends to temper it.