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. Dan Kildee | 8 | Democrat | No | ||
Rep. Mike Bishop | 8 | Republican | Yes | ||
Rep. Jack Bergman | 1 | Republican | Yes | ||
Rep. Bill Huizenga | 4 | Republican | Yes | ||
Rep. Sander M. Levin | 9 | Democrat | No | ||
Rep. Fred Upton | 6 | Republican | Yes | ||
Rep. Brenda Lawrence | 14 | Democrat | No | ||
Rep. Dave Trott | 11 | Republican | Yes | ||
Rep. Debbie Dingell | 6 | Democrat | No | ||
Rep. Justin Amash | 3 | Independent Independent | Yes | ||
Rep. Tim Walz | 1 | Democrat | Not Voting | ||
Rep. Collin C. Peterson | 7 | Democrat | Yes | ||
Rep. Tom Emmer | 6 | Republican | Yes | ||
Rep. Keith Ellison | 5 | Democrat | No | ||
Rep. Erik Paulsen | 3 | Republican | Yes | ||
Rep. Jason Lewis | 2 | Republican | Yes | ||
Rep. Betty McCollum | 4 | Democrat | No | ||
Rep. Rick Nolan | 8 | Democrat | No | ||
Rep. Vicky Hartzler | 4 | Republican | Yes | ||
Rep. Emanuel Cleaver II | 5 | Democrat | No |