Financial Stability Oversight Council Improvement Act

Apr. 11, 2018 | H.R. 4061

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.

This is Bad for working people.

Vote result: Passed

YEAs: 297
NAYs: 121

Legislator Sort descending State District Party Vote
Rep. Andy Biggs
AZ
5 Republican Yes
Rep. Gus Bilirakis
FL
12 Republican Yes
Rep. Rob Bishop
UT
1 Republican Yes
Rep. Mike Bishop
MI
8 Republican Yes
Rep. Sanford D. Bishop Jr.
GA
2 Democrat Not Voting
Rep. Diane Black
TN
6 Republican Yes
Sen. Marsha Blackburn
TN
Republican Yes
Rep. Rod Blum
IA
1 Republican Yes
Rep. Earl Blumenauer
OR
3 Democrat No
Rep. Lisa Blunt Rochester
DE
At Large Democrat Yes
Rep. Suzanne Bonamici
OR
1 Democrat No
Rep. Mike Bost
IL
12 Republican Yes
Rep. Brendan Boyle
PA
2 Democrat Yes
Rep. Kevin Brady
TX
8 Republican Yes
Rep. Robert A. Brady
PA
1 Democrat No
Rep. David A. Brat
VA
7 Republican Yes
Rep. Jim Bridenstine
OK
1 Republican Yes
Rep. Susan Brooks
IN
5 Republican Yes
Rep. Mo Brooks
AL
5 Republican Yes
Rep. Anthony Brown
MD
4 Democrat Yes