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. Ted Lieu | 36 | Democrat | No | ||
Rep. Diana DeGette | 1 | Democrat | No | ||
Rep. Alma Adams | 12 | Democrat | No | ||
Rep. Darren Soto | 9 | Democrat | No | ||
Rep. Yvette D. Clarke | 9 | Democrat | No | ||
Rep. Bobby L. Rush | 1 | Democrat | No | ||
Rep. Brendan Boyle | 2 | Democrat | Yes | ||
Rep. Peter J. Visclosky | 1 | Democrat | No | ||
Rep. Peter A. DeFazio | 4 | Democrat | No | ||
Rep. John Garamendi | 8 | Democrat | No | ||
Rep. Bill Pascrell Jr. | 9 | Democrat | No | ||
Rep. Katherine Clark | 5 | Democrat | Yes | ||
Rep. Ted Deutch | 22 | Democrat | No | ||
Rep. C.A. Dutch Ruppersberger | 2 | Democrat | Yes | ||
Rep. Mark Pocan | 2 | Democrat | No | ||
Rep. John Lewis | 5 | Democrat | No | ||
Rep. Ruben Gallego | 3 | Democrat | No | ||
Rep. Adam Smith | 9 | Democrat | No | ||
Rep. Jimmy Panetta | 19 | Democrat | No | ||
Rep. David Cicilline | 1 | Democrat | No |