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 ascending | District | Party | Vote | |
---|---|---|---|---|---|
Rep. Tulsi Gabbard | 2 | Democrat | No | ||
Rep. Colleen Hanabusa | 1 | Democrat | Yes | ||
Rep. Doug Collins | 9 | Republican | Yes | ||
Rep. Rick Allen | 12 | Republican | Yes | ||
Rep. Jody Hice | 10 | Republican | Yes | ||
Rep. Barry Loudermilk | 11 | Republican | Yes | ||
Rep. David Scott | 13 | Democrat | Yes | ||
Rep. Karen Handel | 6 | Republican | Yes | ||
Rep. John Lewis | 5 | Democrat | No | ||
Rep. Austin Scott | 8 | Republican | Yes | ||
Rep. Sanford D. Bishop Jr. | 2 | Democrat | Not Voting | ||
Rep. Buddy Carter | 1 | Republican | Yes | ||
Rep. Rob Woodall | 7 | Republican | Yes | ||
Rep. Hank Johnson | 4 | Democrat | No | ||
Rep. A. Drew Ferguson | 3 | Republican | Yes | ||
Rep. Tom Graves | 14 | Republican | Yes | ||
Rep. Bill Posey | 8 | Republican | Yes | ||
Rep. John Rutherford | 5 | Republican | Yes | ||
Rep. Darren Soto | 9 | Democrat | No | ||
Rep. Vern Buchanan | 16 | Republican | Yes |