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. Al Lawson | 5 | Democrat | Yes | ||
Rep. Brenda Lawrence | 14 | Democrat | No | ||
Rep. Robert E. Latta | 5 | Republican | Yes | ||
Rep. John B. Larson | 1 | Democrat | No | ||
Rep. Rick Larsen | 2 | Democrat | Yes | ||
Rep. Jim Langevin | 2 | Democrat | No | ||
Rep. Leonard Lance | 7 | Republican | Yes | ||
Rep. Doug Lamborn | 5 | Republican | Yes | ||
Rep. Doug LaMalfa | 1 | Republican | Yes | ||
Rep. Darin M. LaHood | 16 | Republican | Yes | ||
Rep. Raúl Labrador | 1 | Republican | Yes | ||
Rep. David Kustoff | 8 | Republican | Yes | ||
Rep. Ann McLane Kuster | 2 | Democrat | Yes | ||
Rep. Raja Krishnamoorthi | 8 | Democrat | No | ||
Rep. Steve Knight | 25 | Republican | Yes | ||
Rep. Adam Kinzinger | 16 | Republican | Yes | ||
Rep. Peter T. King | 2 | Republican | Yes | ||
Rep. Steve King | 4 | Republican | Yes | ||
Rep. Ron Kind | 3 | Democrat | Yes | ||
Rep. Derek Kilmer | 6 | Democrat | Yes |