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. Luis V. Gutiérrez | 4 | Democrat | No | ||
Rep. Mike Quigley | 5 | Democrat | Yes | ||
Sen. Peter Welch | Democrat | No | |||
Rep. Seth Moulton | 6 | Democrat | Yes | ||
Rep. Michelle Lujan Grisham | 1 | Democrat | Yes | ||
Rep. David E. Price | 4 | Democrat | No | ||
Rep. Gerald E. Connolly | 11 | Democrat | No | ||
Rep. Gwen Moore | 4 | Democrat | Not Voting | ||
Rep. Linda T. Sánchez | 38 | Democrat | No | ||
Rep. Hank Johnson | 4 | Democrat | No | ||
Rep. Tim Ryan | 13 | Democrat | No | ||
Rep. Raúl M. Grijalva | 7 | Democrat | No | ||
Rep. Ron Kind | 3 | Democrat | Yes | ||
Rep. Jared Polis | 2 | Democrat | No | ||
Rep. Bonnie Watson Coleman | 12 | Democrat | No | ||
Rep. Jackie Speier | 14 | Democrat | No | ||
Rep. Nita M. Lowey | 17 | Democrat | No | ||
Rep. Derek Kilmer | 6 | Democrat | Yes | ||
Rep. Maxine Waters | 43 | Democrat | No | ||
Rep. Darren Soto | 9 | Democrat | No |