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.
Vote result: Passed
YEAs: 297
NAYs: 121
Legislator | State | District | Party Sort descending | Vote | |
---|---|---|---|---|---|
Rep. Donald Beyer | 8 | Democrat | Yes | ||
Rep. Terri Sewell | 7 | Democrat | Yes | ||
Rep. Hank Johnson | 4 | Democrat | No | ||
Rep. Salud Carbajal | 24 | Democrat | Yes | ||
Rep. Sean Patrick Maloney | 18 | Democrat | Yes | ||
Rep. Raúl M. Grijalva | 7 | Democrat | No | ||
Rep. Joe Courtney | 2 | Democrat | No | ||
Rep. Bonnie Watson Coleman | 12 | Democrat | No | ||
Rep. Richard E. Neal | 1 | Democrat | Yes | ||
Rep. Michael E. Capuano | 7 | Democrat | No | ||
Rep. Norma Torres | 35 | Democrat | No | ||
Rep. Carolyn B. Maloney | 12 | Democrat | No | ||
Rep. Ami Bera | 6 | Democrat | Yes | ||
Rep. José E. Serrano | 15 | Democrat | No | ||
Rep. Maxine Waters | 43 | Democrat | No | ||
Rep. Grace F. Napolitano | 31 | Democrat | No | ||
Rep. Paul Tonko | 20 | Democrat | No | ||
Rep. Gene Green | 29 | Democrat | No | ||
Rep. Joyce Beatty | 3 | Democrat | Yes | ||
Rep. Jim Costa | 21 | Democrat | Yes |