Financial Stability Oversight Council Improvement Act

Apr. 11, 2018 | H.R. 4061

This misnamed bill adds a number of unnecessary procedural obstacles to the already cumbersome and time-consuming process the Financial Stability Oversight Council (FSOC) uses to designate large, non-bank financial entities for increased oversight. The 2008 financial crisis made it obvious that proper consolidated oversight of large non-banks is critical to financial stability. Non-bank financial institutions such as AIG were central contributors to the 2008 crisis and the ensuing economic collapse. The FSOC’s ability to designate non-bank financial companies for enhanced prudential supervision is a crucial line of defense against future systemic risks from non-banks. If enacted this bill has the potential to unravel the regulatory system aimed at preventing the need for future bailouts of “too-big-to-fail” financial institutions. The bill passed on April 11, 2018, and referred to the Senate Banking Committee.

This is Bad for working people.

Vote result: Passed

YEAs: 297
NAYs: 121

Legislator Sort descending State District Party Vote
Rep. Ralph Abraham
LA
5 Republican Yes
Rep. Alma Adams
NC
12 Democrat No
Rep. Robert B. Aderholt
AL
4 Republican Yes
Rep. Pete Aguilar
CA
31 Democrat Yes
Rep. Rick Allen
GA
12 Republican Yes
Rep. Justin Amash
MI
3 Republican Yes
Rep. Mark Amodei
NV
2 Republican Yes
Rep. Jodey Arrington
TX
19 Republican Yes
Rep. Brian Babin
TX
36 Republican Yes
Rep. Don Bacon
NE
2 Republican Yes
Rep. Jim Banks
IN
3 Republican Yes
Rep. Lou Barletta
PA
11 Republican Yes
Rep. Andy Barr
KY
6 Republican Yes
Rep. Nanette Barragán
CA
44 Democrat No
Rep. Joe L. Barton
TX
6 Republican Yes
Rep. Karen Bass
CA
37 Democrat No
Rep. Joyce Beatty
OH
3 Democrat Yes
Rep. Ami Bera
CA
7 Democrat Yes
Rep. Jack Bergman
MI
1 Republican Yes
Rep. Donald Beyer
VA
8 Democrat Yes