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 | District | Party Sort descending | Vote | |
---|---|---|---|---|---|
Rep. Donald Beyer | 8 | Democrat | Yes | ||
Rep. Terri Sewell | 7 | Democrat | Yes | ||
Rep. Marcia L. Fudge | 11 | Democrat | No | ||
Rep. Marcy Kaptur | 9 | Democrat | No | ||
Rep. Salud Carbajal | 24 | Democrat | Yes | ||
Rep. Alcee L. Hastings | 20 | Democrat | No | ||
Rep. Joe Courtney | 2 | Democrat | No | ||
Rep. Ron Kind | 3 | Democrat | Yes | ||
Rep. Michael E. Capuano | 7 | Democrat | No | ||
Rep. Norma Torres | 35 | Democrat | No | ||
Rep. Nita M. Lowey | 17 | Democrat | No | ||
Rep. José E. Serrano | 15 | Democrat | No | ||
Rep. Lois Frankel | 22 | Democrat | Not Voting | ||
Rep. Derek Kilmer | 6 | Democrat | Yes | ||
Rep. Val Demings | 10 | Democrat | No | ||
Rep. Paul Tonko | 20 | Democrat | No | ||
Rep. Alan Lowenthal | 47 | Democrat | No | ||
Rep. Ami Bera | 6 | Democrat | Yes | ||
Rep. Jim Costa | 21 | Democrat | Yes | ||
Rep. Dan Kildee | 8 | Democrat | No |