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. Nancy Pelosi | 11 | Democrat | No | ||
Rep. Peter J. Visclosky | 1 | Democrat | No | ||
Rep. Dan Kildee | 8 | Democrat | No | ||
Rep. Ruben Kihuen | 4 | Democrat | Yes | ||
Rep. Grace Meng | 6 | Democrat | Yes | ||
Rep. Bill Foster | 11 | Democrat | Yes | ||
Rep. Henry Cuellar | 28 | Democrat | Yes | ||
Sen. Jacky Rosen | Democrat | No | |||
Rep. Colleen Hanabusa | 1 | Democrat | Yes | ||
Rep. Ro Khanna | 17 | Democrat | No | ||
Rep. Sanford D. Bishop Jr. | 2 | Democrat | Not Voting | ||
Rep. Gregory W. Meeks | 5 | Democrat | Yes | ||
Rep. Joseph Crowley | 14 | Democrat | No | ||
Rep. Eddie Bernice Johnson | 30 | Democrat | No | ||
Rep. André Carson | 7 | Democrat | No | ||
Rep. Luis V. Gutiérrez | 4 | Democrat | No | ||
Rep. Joseph P. Kennedy III | 4 | Democrat | Yes | ||
Rep. Brad Sherman | 32 | Democrat | Yes | ||
Rep. Charlie Crist | 13 | Democrat | Yes | ||
Rep. Zoe Lofgren | 18 | Democrat | No |