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. Jim Costa | 21 | Democrat | Yes | ||
Rep. Jan Schakowsky | 9 | Democrat | No | ||
Rep. Peter J. Visclosky | 1 | Democrat | No | ||
Rep. G. K. Butterfield | 1 | Democrat | No | ||
Rep. Eric Swalwell | 14 | Democrat | No | ||
Rep. John Lewis | 5 | Democrat | No | ||
Rep. Karen Bass | 37 | Democrat | No | ||
Rep. Ruben Gallego | 3 | Democrat | No | ||
Rep. Jimmy Panetta | 19 | Democrat | No | ||
Rep. J. Luis Correa | 46 | Democrat | Yes | ||
Rep. Ted Deutch | 22 | Democrat | No | ||
Rep. Jim McGovern | 2 | Democrat | No | ||
Rep. Cheri Bustos | 17 | Democrat | Yes | ||
Rep. Jamie Raskin | 8 | Democrat | No | ||
Rep. Thomas Suozzi | 3 | Democrat | Yes | ||
Rep. Sander M. Levin | 9 | Democrat | No | ||
Rep. Jim Cooper | 5 | Democrat | Yes | ||
Rep. John Sarbanes | 3 | Democrat | No | ||
Rep. Mike Quigley | 5 | Democrat | Yes | ||
Rep. Barbara Lee | 12 | Democrat | No |