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. Frederica Wilson | 24 | Democrat | Not Voting | ||
Rep. John Katko | 24 | Republican | Yes | ||
Rep. Kenny Marchant | 24 | Republican | Yes | ||
Rep. Raul Ruiz | 25 | Democrat | Yes | ||
Rep. Debbie Wasserman Schultz | 25 | Democrat | No | ||
Rep. Roger Williams | 25 | Republican | Yes | ||
Rep. Steve Knight | 25 | Republican | Yes | ||
Rep. Julia Brownley | 26 | Democrat | Yes | ||
Rep. Michael C. Burgess | 26 | Republican | Yes | ||
Rep. Carlos Curbelo | 26 | Republican | Yes | ||
Rep. Mario Diaz-Balart | 26 | Republican | Yes | ||
Rep. Brian Higgins | 26 | Democrat | No | ||
Rep. Chris Collins | 27 | Republican | Yes | ||
Rep. Ileana Ros-Lehtinen | 27 | Republican | Yes | ||
Rep. Judy Chu | 28 | Democrat | No | ||
Rep. Henry Cuellar | 28 | Democrat | Yes | ||
Rep. Tony Cárdenas | 29 | Democrat | Yes | ||
Rep. Gene Green | 29 | Democrat | No | ||
Rep. Adam B. Schiff | 30 | Democrat | No | ||
Rep. Eddie Bernice Johnson | 30 | Democrat | No |