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. Mike Coffman | 6 | Republican | Yes | ||
Rep. James E. Clyburn | 6 | Democrat | No | ||
Rep. Emanuel Cleaver II | 5 | Democrat | No | ||
Rep. William Lacy Clay | 1 | Democrat | No | ||
Rep. Yvette D. Clarke | 9 | Democrat | No | ||
Rep. Katherine Clark | 5 | Democrat | Yes | ||
Rep. David Cicilline | 1 | Democrat | No | ||
Rep. Judy Chu | 28 | Democrat | No | ||
Rep. Liz Cheney | At Large | Republican | Yes | ||
Rep. Steven J. Chabot | 1 | Republican | Yes | ||
Rep. Joaquín Castro | 20 | Democrat | No | ||
Rep. Kathy Castor | 14 | Democrat | No | ||
Rep. Matt Cartwright | 8 | Democrat | No | ||
Rep. John Carter | 31 | Republican | Yes | ||
Rep. Buddy Carter | 1 | Republican | Yes | ||
Rep. André Carson | 7 | Democrat | No | ||
Rep. Tony Cárdenas | 29 | Democrat | Yes | ||
Rep. Salud Carbajal | 24 | Democrat | Yes | ||
Rep. Michael E. Capuano | 7 | Democrat | No | ||
Rep. Ken Calvert | 41 | Republican | Yes |