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. Grace F. Napolitano | 31 | Democrat | No | ||
Rep. John Carter | 31 | Republican | Yes | ||
Rep. Brad Sherman | 32 | Democrat | Yes | ||
Rep. Pete Aguilar | 33 | Democrat | Yes | ||
Rep. Marc Veasey | 33 | Democrat | Yes | ||
Rep. Filemon Vela | 34 | Democrat | Yes | ||
Rep. Jimmy Gomez | 34 | Democrat | No | ||
Rep. Vicente Gonzalez | 34 | Democrat | Yes | ||
Rep. Norma Torres | 35 | Democrat | No | ||
Rep. Ted Lieu | 36 | Democrat | No | ||
Rep. Brian Babin | 36 | Republican | Yes | ||
Rep. Karen Bass | 37 | Democrat | No | ||
Rep. Lloyd Doggett | 37 | Democrat | No | ||
Rep. Linda T. Sánchez | 38 | Democrat | No | ||
Rep. Edward Royce | 39 | Republican | Yes | ||
Rep. Mark Takano | 39 | Democrat | No | ||
Rep. Lucille Roybal-Allard | 40 | Democrat | No | ||
Rep. Ken Calvert | 41 | Republican | Yes | ||
Rep. Maxine Waters | 43 | Democrat | No | ||
Rep. Nanette Barragán | 44 | Democrat | No |