Financial Stability Oversight Council Improvement Act

Apr. 11, 2018 | H.R. 4061

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.

This is Bad for working people.

Vote result: Passed

YEAs: 297
NAYs: 121

Legislator State Sort descending District Party Vote
Rep. Don Young
AK
At Large Republican Yes
Rep. Terri Sewell
AL
7 Democrat Yes
Rep. Mike D. Rogers
AL
3 Republican Yes
Rep. Gary Palmer
AL
6 Republican Yes
Rep. Martha Roby
AL
2 Republican Yes
Rep. Bradley Byrne
AL
1 Republican Yes
Rep. Mo Brooks
AL
5 Republican Yes
Rep. Robert B. Aderholt
AL
4 Republican Yes
Rep. French Hill
AR
2 Republican Yes
Rep. Rick Crawford
AR
1 Republican Yes
Rep. Steve Womack
AR
3 Republican Yes
Rep. Bruce Westerman
AR
4 Republican Yes
Sen. Martha McSally
AZ
Republican Yes
Rep. Ruben Gallego
AZ
3 Democrat No
Rep. David Schweikert
AZ
1 Republican Yes
Rep. Andy Biggs
AZ
5 Republican Yes
Rep. Tom O'Halleran
AZ
1 Democrat Yes
Rep. Raúl M. Grijalva
AZ
7 Democrat No
Sen. Kyrsten Sinema
AZ
ID ID Yes
Rep. Paul Gosar
AZ
9 Republican Yes