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. Tim Walz | 1 | Democrat | Not Voting | ||
Rep. Mimi Walters | 45 | Republican | Yes | ||
Rep. Jackie Walorski | 2 | Republican | Yes | ||
Rep. Mark Walker | 6 | Republican | Yes | ||
Rep. Greg Walden | 2 | Republican | Yes | ||
Rep. Tim Walberg | 5 | Republican | Yes | ||
Rep. Ann Wagner | 2 | Republican | Yes | ||
Rep. Peter J. Visclosky | 1 | Democrat | No | ||
Rep. Nydia M. Velázquez | 7 | Democrat | No | ||
Rep. Filemon Vela | 34 | Democrat | Yes | ||
Rep. Marc Veasey | 33 | Democrat | Yes | ||
Rep. Juan Vargas | 52 | Democrat | Yes | ||
Rep. David Valadao | 22 | Republican | Yes | ||
Rep. Fred Upton | 6 | Republican | Yes | ||
Rep. Michael R. Turner | 10 | Republican | Yes | ||
Rep. Niki Tsongas | 3 | Democrat | No | ||
Rep. Dave Trott | 11 | Republican | Yes | ||
Rep. Norma Torres | 35 | Democrat | No | ||
Rep. Paul Tonko | 20 | Democrat | No | ||
Rep. Dina Titus | 1 | Democrat | No |