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 | State | District | Party Sort descending | Vote | |
---|---|---|---|---|---|
Rep. Hank Johnson | 4 | Democrat | No | ||
Rep. Tim Ryan | 13 | Democrat | No | ||
Rep. Jared Polis | 2 | Democrat | No | ||
Rep. Bonnie Watson Coleman | 12 | Democrat | No | ||
Rep. Jerry McNerney | 9 | Democrat | No | ||
Rep. Jackie Speier | 14 | Democrat | No | ||
Rep. Daniel Lipinski | 3 | Democrat | Yes | ||
Rep. Raúl M. Grijalva | 7 | Democrat | No | ||
Rep. Donald M. Payne Jr. | 10 | Democrat | Yes | ||
Rep. Robin Kelly | 2 | Democrat | No | ||
Rep. Maxine Waters | 43 | Democrat | No | ||
Rep. Darren Soto | 9 | Democrat | No | ||
Rep. Ted Lieu | 36 | Democrat | No | ||
Rep. Bill Keating | 9 | Democrat | Yes | ||
Rep. Debbie Wasserman Schultz | 25 | Democrat | No | ||
Rep. Dwight Evans | 3 | Democrat | No | ||
Rep. Hakeem Jeffries | 8 | Democrat | No | ||
Rep. Bobby L. Rush | 1 | Democrat | No | ||
Rep. Gene Green | 29 | Democrat | No | ||
Rep. Bill Pascrell Jr. | 9 | Democrat | No |