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. A. Donald McEachin
VA
4 Democrat Yes
Rep. David A. Brat
VA
7 Republican Yes
Rep. Robert W. Goodlatte
VA
6 Republican Yes
Rep. Robert J. Wittman
VA
1 Republican Yes
Rep. Thomas Garrett
VA
5 Republican Yes
Rep. Robert C. Scott
VA
3 Democrat No
Sen. Peter Welch
VT
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
WI
3 Democrat Yes
Rep. Glenn Grothman
WI
6 Republican Yes
Rep. Mark Pocan
WI
2 Democrat No