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. Joseph Crowley | 14 | Democrat | No | ||
Rep. Sean Patrick Maloney | 18 | Democrat | Yes | ||
Rep. Carolyn B. Maloney | 12 | Democrat | No | ||
Rep. José E. Serrano | 15 | Democrat | No | ||
Rep. John Faso | 19 | Republican | Yes | ||
Rep. Paul Tonko | 20 | Democrat | No | ||
Rep. Jerrold Nadler | 12 | Democrat | No | ||
Rep. Hakeem Jeffries | 8 | Democrat | No | ||
Rep. Adriano Espaillat | 13 | Democrat | No | ||
Rep. Peter T. King | 2 | Republican | Yes | ||
Rep. Eliot L. Engel | 16 | Democrat | No | ||
Rep. Kathleen Rice | 4 | Democrat | Yes | ||
Rep. Lee Zeldin | 1 | Republican | Yes | ||
Rep. Claudia Tenney | 24 | Republican | Yes | ||
Rep. Nita M. Lowey | 17 | Democrat | No | ||
Rep. Chris Collins | 27 | Republican | Yes | ||
Rep. Tom Reed | 23 | Republican | Yes | ||
Rep. Grace Meng | 6 | Democrat | Yes | ||
Rep. Gregory W. Meeks | 5 | Democrat | Yes | ||
Rep. Thomas Suozzi | 3 | Democrat | Yes |