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 | |
---|---|---|---|---|---|
Rep. Robert J. Wittman | 1 | Republican | Yes | ||
Rep. Steve Womack | 3 | Republican | Yes | ||
Rep. Rob Woodall | 7 | Republican | Yes | ||
Rep. John Yarmuth | 3 | Democrat | No | ||
Rep. Kevin Yoder | 3 | Republican | Yes | ||
Rep. Ted Yoho | 3 | Republican | Yes | ||
Rep. David Young | 3 | Republican | Yes | ||
Rep. Don Young | At Large | Republican | Yes | ||
Rep. Lee Zeldin | 1 | Republican | Yes |