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. Charlie Crist | 13 | Democrat | Yes | ||
Rep. Tim Ryan | 13 | Democrat | No | ||
Rep. Rodney Davis | 13 | Republican | Yes | ||
Rep. David Scott | 13 | Democrat | Yes | ||
Rep. Adriano Espaillat | 13 | Democrat | No | ||
Rep. William M. Thornberry | 13 | Republican | Yes | ||
Rep. Randy Hultgren | 14 | Republican | Yes | ||
Rep. Dave Joyce | 14 | Republican | Yes | ||
Rep. Brenda Lawrence | 14 | Democrat | No | ||
Rep. Kathy Castor | 14 | Democrat | No | ||
Rep. Joseph Crowley | 14 | Democrat | No | ||
Rep. Jackie Speier | 14 | Democrat | No | ||
Rep. Eric Swalwell | 14 | Democrat | No | ||
Rep. Tom Graves | 14 | Republican | Yes | ||
Rep. Randy Weber | 14 | Republican | Yes | ||
Rep. Dennis Ross | 15 | Republican | Yes | ||
Rep. José E. Serrano | 15 | Democrat | No | ||
Rep. Charlie Dent | 15 | Republican | Yes | ||
Rep. John Shimkus | 15 | Republican | Yes | ||
Rep. Steve Stivers | 15 | Republican | Yes |