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. Chuck Fleischmann | 3 | Republican | Yes | ||
Rep. Brian Fitzpatrick | 1 | Republican | Yes | ||
Rep. A. Drew Ferguson | 3 | Republican | Yes | ||
Rep. John Faso | 19 | Republican | Yes | ||
Rep. Dwight Evans | 3 | Democrat | No | ||
Rep. Elizabeth Esty | 5 | Democrat | Yes | ||
Rep. Ron Estes | 4 | Republican | Yes | ||
Rep. Adriano Espaillat | 13 | Democrat | No | ||
Rep. Anna G. Eshoo | 16 | Democrat | No | ||
Rep. Eliot L. Engel | 16 | Democrat | No | ||
Rep. Tom Emmer | 6 | Republican | Yes | ||
Rep. Keith Ellison | 5 | Democrat | No | ||
Rep. Neal Dunn | 2 | Republican | Yes | ||
Rep. John J. Duncan Jr. | 2 | Republican | Yes | ||
Rep. Jeffrey Duncan | 3 | Republican | Yes | ||
Rep. Sean Duffy | 7 | Republican | Yes | ||
Rep. Mike Doyle | 18 | Democrat | No | ||
Rep. Daniel M. Donovan | 11 | Republican | Yes | ||
Rep. Lloyd Doggett | 37 | Democrat | No | ||
Rep. Debbie Dingell | 6 | Democrat | No |