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