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. Carol Shea-Porter | 1 | Democrat | Not Voting | ||
Rep. Don Bacon | 2 | Republican | Yes | ||
Rep. Jeff Fortenberry | 1 | Republican | Yes | ||
Rep. Adrian Smith | 3 | Republican | Yes | ||
Sen. Kevin Cramer | Republican | Not Voting | |||
Rep. G. K. Butterfield | 1 | Democrat | No | ||
Rep. Patrick T. McHenry | 10 | Republican | Yes | ||
Sen. Ted Budd | Republican | Yes | |||
Rep. Mark Walker | 6 | Republican | Yes | ||
Rep. David E. Price | 4 | Democrat | No | ||
Rep. Virginia Foxx | 5 | Republican | Yes | ||
Rep. Walter B. Jones | 3 | Republican | No | ||
Rep. Robert Pittenger | 9 | Republican | Yes | ||
Rep. David Rouzer | 7 | Republican | Yes | ||
Rep. Alma Adams | 12 | Democrat | No | ||
Rep. Richard Hudson | 9 | Republican | Yes | ||
Rep. George Holding | 2 | Republican | Yes | ||
Rep. Mark Meadows | 11 | Republican | Yes | ||
Rep. Greg Gianforte | At Large | Republican | Yes | ||
Rep. Trent Kelly | 1 | Republican | Yes |