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. Robert J. Wittman
VA
1 Republican Yes
Rep. Steve Womack
AR
3 Republican Yes
Rep. Rob Woodall
GA
7 Republican Yes
Rep. John Yarmuth
KY
3 Democrat No
Rep. Kevin Yoder
KS
3 Republican Yes
Rep. Ted Yoho
FL
3 Republican Yes
Rep. David Young
IA
3 Republican Yes
Rep. Don Young
AK
At Large Republican Yes
Rep. Lee Zeldin
NY
1 Republican Yes