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. Katherine Clark | 5 | Democrat | Yes | ||
Rep. Seth Moulton | 6 | Democrat | Yes | ||
Rep. Joseph P. Kennedy III | 4 | Democrat | Yes | ||
Rep. Michael E. Capuano | 7 | Democrat | No | ||
Rep. Bill Keating | 9 | Democrat | Yes | ||
Rep. Jim McGovern | 2 | Democrat | No | ||
Rep. Niki Tsongas | 3 | Democrat | No | ||
Rep. John Delaney | 6 | Democrat | Yes | ||
Rep. Andy Harris | 1 | Republican | Yes | ||
Rep. John Sarbanes | 3 | Democrat | No | ||
Rep. Jamie Raskin | 8 | Democrat | No | ||
Rep. Elijah E. Cummings | 7 | Democrat | No | ||
Rep. C.A. Dutch Ruppersberger | 2 | Democrat | Yes | ||
Rep. Steny H. Hoyer | 5 | Democrat | No | ||
Rep. Anthony Brown | 4 | Democrat | Yes | ||
Rep. Bruce Poliquin | 2 | Republican | Yes | ||
Rep. Chellie Pingree | 1 | Democrat | No | ||
Rep. John Moolenaar | 2 | Republican | Yes | ||
Rep. Paul Mitchell | 10 | Republican | Yes | ||
Rep. Dan Kildee | 8 | Democrat | No |