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. Gus Bilirakis | 12 | Republican | Yes | ||
Rep. Charlie Crist | 13 | Democrat | Yes | ||
Rep. Daniel Webster | 11 | Republican | Yes | ||
Rep. Lisa Blunt Rochester | At Large | Democrat | Yes | ||
Rep. Joe Courtney | 2 | Democrat | No | ||
Rep. Elizabeth Esty | 5 | Democrat | Yes | ||
Rep. Rosa DeLauro | 3 | Democrat | No | ||
Rep. Jim Himes | 4 | Democrat | Yes | ||
Rep. John B. Larson | 1 | Democrat | No | ||
Rep. Jared Polis | 2 | Democrat | No | ||
Rep. Ken Buck | 4 | Republican | Yes | ||
Rep. Ed Perlmutter | 7 | Democrat | Yes | ||
Rep. Mike Coffman | 6 | Republican | Yes | ||
Rep. Diana DeGette | 1 | Democrat | No | ||
Rep. Scott Tipton | 3 | Republican | Yes | ||
Rep. Doug Lamborn | 5 | Republican | Yes | ||
Rep. Salud Carbajal | 24 | Democrat | Yes | ||
Rep. Jackie Speier | 14 | Democrat | No | ||
Rep. Maxine Waters | 43 | Democrat | No | ||
Rep. Ken Calvert | 41 | Republican | Yes |