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. Jim Renacci | 16 | Republican | Yes | ||
Rep. Robert E. Latta | 5 | Republican | Yes | ||
Rep. Joyce Beatty | 3 | Democrat | Yes | ||
Rep. Brad Wenstrup | 2 | Republican | Yes | ||
Rep. Steve Stivers | 15 | Republican | Yes | ||
Rep. Marcia L. Fudge | 11 | Democrat | No | ||
Rep. Marcy Kaptur | 9 | Democrat | No | ||
Rep. Tim Ryan | 13 | Democrat | No | ||
Rep. Dave Joyce | 14 | Republican | Yes | ||
Rep. Jim Jordan | 4 | Republican | Yes | ||
Rep. Bill Johnson | 6 | Republican | Yes | ||
Rep. Michael R. Turner | 10 | Republican | Yes | ||
Rep. Warren Davidson | 8 | Republican | Yes | ||
Rep. Steven J. Chabot | 1 | Republican | Yes | ||
Rep. Kathleen Rice | 4 | Democrat | Yes | ||
Rep. Daniel M. Donovan | 11 | Republican | Yes | ||
Rep. Claudia Tenney | 24 | Republican | Yes | ||
Rep. Brian Higgins | 26 | Democrat | No | ||
Rep. Tom Reed | 23 | Republican | Yes | ||
Rep. Thomas Suozzi | 3 | Democrat | Yes |