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 ascending | Vote | |
---|---|---|---|---|---|
Rep. Steve Russell | 5 | Republican | Yes | ||
Rep. Don Bacon | 2 | Republican | Yes | ||
Rep. Kevin McCarthy | 20 | Republican | Yes | ||
Rep. James Comer | 1 | Republican | Yes | ||
Rep. Bruce Poliquin | 2 | Republican | Yes | ||
Rep. Bill Huizenga | 4 | Republican | Yes | ||
Rep. Vern Buchanan | 16 | Republican | Yes | ||
Rep. Brian Babin | 36 | Republican | Yes | ||
Rep. Neal Dunn | 2 | Republican | Yes | ||
Rep. Chris Collins | 27 | Republican | Yes | ||
Rep. Ted Poe | 2 | Republican | Yes | ||
Rep. Lloyd Smucker | 11 | Republican | Yes | ||
Rep. Roger Williams | 25 | Republican | Yes | ||
Rep. Devin Nunes | 22 | Republican | Yes | ||
Rep. Paul Gosar | 9 | Republican | Yes | ||
Rep. Jodey Arrington | 19 | Republican | Yes | ||
Rep. Brian Mast | 21 | Republican | Yes | ||
Rep. John J. Duncan Jr. | 2 | Republican | Yes | ||
Rep. Doug Collins | 9 | Republican | Yes | ||
Rep. Richard Hudson | 9 | Republican | Yes |