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. A. Donald McEachin | 4 | Democrat | Yes | ||
Rep. David A. Brat | 7 | Republican | Yes | ||
Rep. Robert W. Goodlatte | 6 | Republican | Yes | ||
Rep. Robert J. Wittman | 1 | Republican | Yes | ||
Rep. Thomas Garrett | 5 | Republican | Yes | ||
Rep. Robert C. Scott | 3 | Democrat | No | ||
Sen. Peter Welch | Democrat | No | |||
Rep. Dave Reichert | 8 | Republican | Yes | ||
Rep. Derek Kilmer | 6 | Democrat | Yes | ||
Rep. Suzan K. DelBene | 1 | Democrat | Yes | ||
Rep. Cathy McMorris Rodgers | 5 | Republican | Yes | ||
Rep. Adam Smith | 9 | Democrat | No | ||
Rep. Pramila Jayapal | 7 | Democrat | No | ||
Rep. Rick Larsen | 2 | Democrat | Yes | ||
Rep. Dan Newhouse | 4 | Republican | Yes | ||
Rep. Jaime Herrera Beutler | 3 | Republican | Yes | ||
Rep. Denny Heck | 10 | Democrat | Yes | ||
Rep. Ron Kind | 3 | Democrat | Yes | ||
Rep. Glenn Grothman | 6 | Republican | Yes | ||
Rep. Mark Pocan | 2 | Democrat | No |