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. Carol Shea-Porter | 1 | Democrat | Not Voting | ||
Rep. Brenda Lawrence | 14 | Democrat | No | ||
Rep. Hank Johnson | 4 | Democrat | No | ||
Rep. Rosa DeLauro | 3 | Democrat | No | ||
Rep. Pete Aguilar | 33 | Democrat | Yes | ||
Rep. Terri Sewell | 7 | Democrat | Yes | ||
Rep. James E. Clyburn | 6 | Democrat | No | ||
Rep. Beto O'Rourke | 16 | Democrat | No | ||
Rep. Norma Torres | 35 | Democrat | No | ||
Rep. John Delaney | 6 | Democrat | Yes | ||
Rep. Raúl M. Grijalva | 7 | Democrat | No | ||
Rep. Emanuel Cleaver II | 5 | Democrat | No | ||
Rep. John B. Larson | 1 | Democrat | No | ||
Rep. Robert A. Brady | 1 | Democrat | No | ||
Rep. Tom O'Halleran | 1 | Democrat | Yes | ||
Rep. Paul Tonko | 20 | Democrat | No | ||
Rep. Diana DeGette | 1 | Democrat | No | ||
Rep. Alma Adams | 12 | Democrat | No | ||
Rep. José E. Serrano | 15 | Democrat | No | ||
Rep. William Lacy Clay | 1 | Democrat | No |