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. John Garamendi
CA
8 Democrat No
Rep. Thomas Garrett
VA
5 Republican Yes
Rep. Greg Gianforte
MT
At Large Republican Yes
Rep. Bob Gibbs
OH
7 Republican Yes
Rep. Louie Gohmert
TX
1 Republican Yes
Rep. Jimmy Gomez
CA
34 Democrat No
Rep. Vicente Gonzalez
TX
34 Democrat Yes
Rep. Robert W. Goodlatte
VA
6 Republican Yes
Rep. Paul Gosar
AZ
9 Republican Yes
Rep. Josh Gottheimer
NJ
5 Democrat Yes
Rep. Trey Gowdy
SC
4 Republican Yes
Rep. Kay Granger
TX
12 Republican Yes
Rep. Sam Graves
MO
6 Republican Yes
Rep. Garret Graves
LA
6 Republican Yes
Rep. Tom Graves
GA
14 Republican Yes
Rep. Al Green
TX
9 Democrat No
Rep. Gene Green
TX
29 Democrat No
Rep. Morgan Griffith
VA
9 Republican Yes
Rep. Raúl M. Grijalva
AZ
7 Democrat No
Rep. Glenn Grothman
WI
6 Republican Yes