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. Donald W. Norcross | 1 | Democrat | Yes | ||
Rep. Raul Ruiz | 25 | Democrat | Yes | ||
Rep. Danny K. Davis | 7 | Democrat | No | ||
Rep. Chellie Pingree | 1 | Democrat | No | ||
Rep. Judy Chu | 28 | Democrat | No | ||
Rep. Adriano Espaillat | 13 | Democrat | No | ||
Rep. Lisa Blunt Rochester | At Large | Democrat | Yes | ||
Rep. Rick Nolan | 8 | Democrat | No | ||
Rep. Susan A. Davis | 53 | Democrat | Yes | ||
Rep. Anna G. Eshoo | 16 | Democrat | No | ||
Rep. Earl Blumenauer | 3 | Democrat | No | ||
Rep. Lucille Roybal-Allard | 40 | Democrat | No | ||
Rep. Collin C. Peterson | 7 | Democrat | Yes | ||
Rep. Eliot L. Engel | 16 | Democrat | No | ||
Rep. Nydia M. Velázquez | 7 | Democrat | No | ||
Rep. Scott Peters | 50 | Democrat | Yes | ||
Rep. Albio Sires | 8 | Democrat | No | ||
Rep. Richard E. Neal | 1 | Democrat | Yes | ||
Rep. Filemon Vela | 34 | Democrat | Yes | ||
Rep. Sean Patrick Maloney | 18 | Democrat | Yes |