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. Michael C. Burgess | 26 | Republican | Yes | ||
Rep. Trey Hollingsworth | 9 | Republican | Yes | ||
Rep. Louie Gohmert | 1 | Republican | Yes | ||
Rep. Blaine Luetkemeyer | 3 | Republican | Yes | ||
Rep. David Schweikert | 1 | Republican | Yes | ||
Rep. Peter T. King | 2 | Republican | Yes | ||
Sen. Ted Budd | Republican | Yes | |||
Rep. George Holding | 2 | Republican | Yes | ||
Rep. Daniel Webster | 11 | Republican | Yes | ||
Rep. Tom Rice | 7 | Republican | Yes | ||
Rep. Andy Barr | 6 | Republican | Yes | ||
Rep. Bob Gibbs | 7 | Republican | Yes | ||
Rep. Frank D. Lucas | 3 | Republican | Yes | ||
Rep. K. Michael Conaway | 11 | Republican | Yes | ||
Rep. Daniel M. Donovan | 11 | Republican | Yes | ||
Rep. Steve King | 4 | Republican | Yes | ||
Rep. Larry Bucshon | 8 | Republican | Yes | ||
Rep. Alex Mooney | 2 | Republican | Yes | ||
Rep. Randy Weber | 14 | Republican | Yes | ||
Rep. Lou Barletta | 11 | Republican | Yes |