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. Neal Dunn | 2 | Republican | Yes | ||
Rep. Chris Stewart | 2 | Republican | Yes | ||
Rep. Scott Taylor | 2 | Republican | Yes | ||
Rep. Bennie Thompson | 2 | Democrat | No | ||
Rep. Tulsi Gabbard | 2 | Democrat | No | ||
Rep. Ann Wagner | 2 | Republican | Yes | ||
Rep. Greg Walden | 2 | Republican | Yes | ||
Rep. Jackie Walorski | 2 | Republican | Yes | ||
Rep. Brad Wenstrup | 2 | Republican | Yes | ||
Rep. Brett Guthrie | 2 | Republican | Yes | ||
Rep. Joe Wilson | 2 | Republican | Yes | ||
Rep. French Hill | 2 | Republican | Yes | ||
Rep. George Holding | 2 | Republican | Yes | ||
Rep. Jared Huffman | 2 | Democrat | No | ||
Rep. Lynn Jenkins | 2 | Republican | Yes | ||
Rep. Robin Kelly | 2 | Democrat | No | ||
Rep. Peter T. King | 2 | Republican | Yes | ||
Rep. Ann McLane Kuster | 2 | Democrat | Yes | ||
Rep. Jim Langevin | 2 | Democrat | No | ||
Rep. Rick Larsen | 2 | Democrat | Yes |