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. Earl Blumenauer | 3 | Democrat | No | ||
Rep. Erik Paulsen | 3 | Republican | Yes | ||
Rep. Mike D. Rogers | 3 | Republican | Yes | ||
Rep. John Sarbanes | 3 | Democrat | No | ||
Rep. John Curtis | 3 | Republican | Yes | ||
Rep. Robert C. Scott | 3 | Democrat | No | ||
Rep. Rosa DeLauro | 3 | Democrat | No | ||
Rep. Adrian Smith | 3 | Republican | Yes | ||
Rep. Jeffrey Duncan | 3 | Republican | Yes | ||
Rep. Thomas Suozzi | 3 | Democrat | Yes | ||
Rep. Dwight Evans | 3 | Democrat | No | ||
Rep. A. Drew Ferguson | 3 | Republican | Yes | ||
Rep. Chuck Fleischmann | 3 | Republican | Yes | ||
Rep. Scott Tipton | 3 | Republican | Yes | ||
Rep. Niki Tsongas | 3 | Democrat | No | ||
Rep. Trey Gowdy | 4 | Republican | Yes | ||
Rep. Bruce Westerman | 4 | Republican | Yes | ||
Rep. Luis V. Gutiérrez | 4 | Democrat | No | ||
Rep. Vicky Hartzler | 4 | Republican | Yes | ||
Rep. Jim Himes | 4 | Democrat | Yes |