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. David Cicilline | 1 | Democrat | No | ||
Rep. William Lacy Clay | 1 | Democrat | No | ||
Rep. Phil Roe | 1 | Republican | Yes | ||
Rep. James Comer | 1 | Republican | Yes | ||
Rep. Rick Crawford | 1 | Republican | Yes | ||
Rep. Bobby L. Rush | 1 | Democrat | No | ||
Rep. Mark Sanford | 1 | Republican | Yes | ||
Rep. Steve Scalise | 1 | Republican | Not Voting | ||
Rep. David Schweikert | 1 | Republican | Yes | ||
Rep. Diana DeGette | 1 | Democrat | No | ||
Rep. Suzan K. DelBene | 1 | Democrat | Yes | ||
Rep. Carol Shea-Porter | 1 | Democrat | Not Voting | ||
Rep. Brian Fitzpatrick | 1 | Republican | Yes | ||
Rep. Jeff Fortenberry | 1 | Republican | Yes | ||
Rep. Dina Titus | 1 | Democrat | No | ||
Rep. Matt Gaetz | 1 | Republican | Yes | ||
Rep. Louie Gohmert | 1 | Republican | Yes | ||
Rep. Peter J. Visclosky | 1 | Democrat | No | ||
Rep. Tim Walz | 1 | Democrat | Not Voting | ||
Rep. Brad Wenstrup | 2 | Republican | Yes |