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. Glenn Thompson | 15 | Republican | Yes | ||
Rep. Beto O'Rourke | 16 | Democrat | No | ||
Rep. Vern Buchanan | 16 | Republican | Yes | ||
Rep. Jim Renacci | 16 | Republican | Yes | ||
Rep. Eliot L. Engel | 16 | Democrat | No | ||
Rep. Anna G. Eshoo | 16 | Democrat | No | ||
Rep. Mike Kelly | 16 | Republican | Yes | ||
Rep. Adam Kinzinger | 16 | Republican | Yes | ||
Rep. Darin M. LaHood | 16 | Republican | Yes | ||
Rep. Cheri Bustos | 17 | Democrat | Yes | ||
Rep. Tom Rooney | 17 | Republican | Not Voting | ||
Rep. Pete Sessions | 17 | Republican | Yes | ||
Rep. Bill Flores | 17 | Republican | Yes | ||
Rep. Ro Khanna | 17 | Democrat | No | ||
Rep. Nita M. Lowey | 17 | Democrat | No | ||
Rep. Mike Doyle | 18 | Democrat | No | ||
Rep. Sheila Jackson Lee | 18 | Democrat | No | ||
Rep. Zoe Lofgren | 18 | Democrat | No | ||
Rep. Sean Patrick Maloney | 18 | Democrat | Yes | ||
Rep. Jodey Arrington | 19 | Republican | Yes |