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 Sort ascending | State | District | Party | Vote | |
---|---|---|---|---|---|
Rep. Lee Zeldin | 1 | Republican | Yes | ||
Rep. David Young | 3 | Republican | Yes | ||
Rep. Don Young | At Large | Republican | Yes | ||
Rep. Ted Yoho | 3 | Republican | Yes | ||
Rep. Kevin Yoder | 3 | Republican | Yes | ||
Rep. John Yarmuth | 3 | Democrat | No | ||
Rep. Rob Woodall | 7 | Republican | Yes | ||
Rep. Steve Womack | 3 | Republican | Yes | ||
Rep. Robert J. Wittman | 1 | Republican | Yes | ||
Rep. Joe Wilson | 2 | Republican | Yes | ||
Rep. Frederica Wilson | 24 | Democrat | Not Voting | ||
Rep. Roger Williams | 25 | Republican | Yes | ||
Rep. Bruce Westerman | 4 | Republican | Yes | ||
Rep. Brad Wenstrup | 2 | Republican | Yes | ||
Sen. Peter Welch | Democrat | No | |||
Rep. Daniel Webster | 11 | Republican | Yes | ||
Rep. Randy Weber | 14 | Republican | Yes | ||
Rep. Bonnie Watson Coleman | 12 | Democrat | No | ||
Rep. Maxine Waters | 43 | Democrat | No | ||
Rep. Debbie Wasserman Schultz | 25 | Democrat | No |