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 Sort descending | Party | Vote | |
---|---|---|---|---|---|
Rep. Rick Nolan | 8 | Democrat | No | ||
Rep. Kevin Brady | 8 | Republican | Yes | ||
Rep. Larry Bucshon | 8 | Republican | Yes | ||
Rep. Bill Posey | 8 | Republican | Yes | ||
Rep. Matt Cartwright | 8 | Democrat | No | ||
Rep. Yvette D. Clarke | 9 | Democrat | No | ||
Rep. Steve Cohen | 9 | Democrat | No | ||
Rep. Doug Collins | 9 | Republican | Yes | ||
Rep. Jan Schakowsky | 9 | Democrat | No | ||
Rep. Bill Shuster | 9 | Republican | Yes | ||
Rep. Adam Smith | 9 | Democrat | No | ||
Rep. Darren Soto | 9 | Democrat | No | ||
Rep. Paul Gosar | 9 | Republican | Yes | ||
Rep. Al Green | 9 | Democrat | No | ||
Rep. Morgan Griffith | 9 | Republican | Yes | ||
Rep. Trey Hollingsworth | 9 | Republican | Yes | ||
Rep. Richard Hudson | 9 | Republican | Yes | ||
Rep. Marcy Kaptur | 9 | Democrat | No | ||
Rep. Bill Keating | 9 | Democrat | Yes | ||
Rep. Sander M. Levin | 9 | Democrat | No |