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. Denny Heck | 10 | Democrat | Yes | ||
Rep. Alcee L. Hastings | 20 | Democrat | No | ||
Rep. Vicky Hartzler | 4 | Republican | Yes | ||
Rep. Andy Harris | 1 | Republican | Yes | ||
Rep. Gregg Harper | 3 | Republican | Yes | ||
Rep. Karen Handel | 6 | Republican | Yes | ||
Rep. Colleen Hanabusa | 1 | Democrat | Yes | ||
Rep. Luis V. Gutiérrez | 4 | Democrat | No | ||
Rep. Brett Guthrie | 2 | Republican | Yes | ||
Rep. Glenn Grothman | 6 | Republican | Yes | ||
Rep. Raúl M. Grijalva | 7 | Democrat | No | ||
Rep. Morgan Griffith | 9 | Republican | Yes | ||
Rep. Gene Green | 29 | Democrat | No | ||
Rep. Al Green | 9 | Democrat | No | ||
Rep. Sam Graves | 6 | Republican | Yes | ||
Rep. Garret Graves | 6 | Republican | Yes | ||
Rep. Tom Graves | 14 | Republican | Yes | ||
Rep. Kay Granger | 12 | Republican | Yes | ||
Rep. Trey Gowdy | 4 | Republican | Yes | ||
Rep. Josh Gottheimer | 5 | Democrat | Yes |