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. Mike Thompson | 4 | Democrat | Yes | ||
Rep. Kurt Schrader | 5 | Democrat | Yes | ||
Rep. Brenda Lawrence | 14 | Democrat | No | ||
Rep. Hank Johnson | 4 | Democrat | No | ||
Rep. Kathleen Rice | 4 | Democrat | Yes | ||
Rep. Raúl M. Grijalva | 7 | Democrat | No | ||
Rep. Joaquín Castro | 20 | Democrat | No | ||
Rep. Brad Schneider | 10 | Democrat | Yes | ||
Rep. Bonnie Watson Coleman | 12 | Democrat | No | ||
Rep. Beto O'Rourke | 16 | Democrat | No | ||
Rep. Kathy Castor | 14 | Democrat | No | ||
Rep. Adam B. Schiff | 30 | Democrat | No | ||
Rep. John B. Larson | 1 | Democrat | No | ||
Rep. Maxine Waters | 43 | Democrat | No | ||
Rep. Tom O'Halleran | 1 | Democrat | Yes | ||
Rep. Elijah E. Cummings | 7 | Democrat | No | ||
Rep. Mark Takano | 39 | Democrat | No | ||
Rep. Gene Green | 29 | Democrat | No | ||
Rep. Doris Matsui | 7 | Democrat | No | ||
Rep. Matt Cartwright | 8 | Democrat | No |