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. Mia Love
UT
4 Republican Yes
Rep. Alan Lowenthal
CA
47 Democrat No
Rep. Nita M. Lowey
NY
17 Democrat No
Rep. Frank D. Lucas
OK
3 Republican Yes
Rep. Blaine Luetkemeyer
MO
3 Republican Yes
Sen. Ben Ray Luján
NM
Democrat No
Rep. Michelle Lujan Grisham
NM
1 Democrat Yes
Rep. Stephen F. Lynch
MA
8 Democrat No
Rep. Tom MacArthur
NJ
3 Republican Yes
Rep. Sean Patrick Maloney
NY
18 Democrat Yes
Rep. Carolyn B. Maloney
NY
12 Democrat No
Rep. Kenny Marchant
TX
24 Republican Yes
Rep. Tom Marino
PA
12 Republican Yes
Sen. Roger Marshall
KS
Republican Yes
Rep. Thomas Massie
KY
4 Republican Yes
Rep. Brian Mast
FL
21 Republican Yes
Rep. Doris Matsui
CA
7 Democrat No
Rep. Kevin McCarthy
CA
20 Republican Yes
Rep. Michael McCaul
TX
10 Republican Yes
Rep. Tom McClintock
CA
5 Republican Yes