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. Ted Poe | 2 | Republican | Yes | ||
Rep. Mark Pocan | 2 | Democrat | No | ||
Rep. Robert Pittenger | 9 | Republican | Yes | ||
Rep. Chellie Pingree | 1 | Democrat | No | ||
Rep. Collin C. Peterson | 7 | Democrat | Yes | ||
Rep. Scott Peters | 50 | Democrat | Yes | ||
Rep. Scott Perry | 10 | Republican | Yes | ||
Rep. Ed Perlmutter | 7 | Democrat | Yes | ||
Rep. Nancy Pelosi | 11 | Democrat | No | ||
Rep. Steve Pearce | 2 | Republican | Yes | ||
Rep. Donald M. Payne Jr. | 10 | Democrat | Yes | ||
Rep. Erik Paulsen | 3 | Republican | Yes | ||
Rep. Bill Pascrell Jr. | 9 | Democrat | No | ||
Rep. Jimmy Panetta | 19 | Democrat | No | ||
Rep. Gary Palmer | 6 | Republican | Yes | ||
Rep. Frank Pallone | 6 | Democrat | No | ||
Rep. Steven Palazzo | 4 | Republican | Yes | ||
Rep. Pete Olson | 22 | Republican | Yes | ||
Rep. Beto O'Rourke | 16 | Democrat | No | ||
Rep. Tom O'Halleran | 1 | Democrat | Yes |