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 Sort descending | State | District | Party | Vote | |
---|---|---|---|---|---|
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Rep. Bobby L. Rush | 1 | ![]() |
No | |
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Rep. Steve Russell | 5 | ![]() |
Yes | |
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Rep. John Rutherford | 5 | ![]() |
Yes | |
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Rep. Tim Ryan | 13 | ![]() |
No | |
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Rep. Paul D. Ryan | 1 | ![]() |
Speaker | |
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Rep. Linda T. Sánchez | 38 | ![]() |
No | |
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Rep. Mark Sanford | 1 | ![]() |
Yes | |
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Rep. John Sarbanes | 3 | ![]() |
No | |
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Rep. Steve Scalise | 1 | ![]() |
Not Voting | |
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Rep. Jan Schakowsky | 9 | ![]() |
No | |
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Rep. Adam B. Schiff | 30 | ![]() |
No | |
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Rep. Brad Schneider | 10 | ![]() |
Yes | |
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Rep. Kurt Schrader | 5 | ![]() |
Yes | |
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Rep. David Schweikert | 1 | ![]() |
Yes | |
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Rep. David Scott | 13 | ![]() |
Yes | |
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Rep. Austin Scott | 8 | ![]() |
Yes | |
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Rep. Robert C. Scott | 3 | ![]() |
No | |
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Rep. F. James Sensenbrenner | 5 | ![]() |
Yes | |
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Rep. José E. Serrano | 15 | ![]() |
No | |
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Rep. Pete Sessions | 17 | ![]() |
Yes |