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 Sort descending | Party | Vote | |
---|---|---|---|---|---|
Rep. David Rouzer | 7 | Republican | Yes | ||
Rep. John Culberson | 7 | Republican | Yes | ||
Rep. Elijah E. Cummings | 7 | Democrat | No | ||
Rep. Danny K. Davis | 7 | Democrat | No | ||
Rep. Albio Sires | 8 | Democrat | No | ||
Rep. Jason Smith | 8 | Republican | Yes | ||
Rep. Mike Gallagher | 8 | Republican | Yes | ||
Rep. John Garamendi | 8 | Democrat | No | ||
Rep. Hakeem Jeffries | 8 | Democrat | No | ||
Rep. Dan Kildee | 8 | Democrat | No | ||
Rep. Raja Krishnamoorthi | 8 | Democrat | No | ||
Rep. David Kustoff | 8 | Republican | Yes | ||
Rep. Stephen F. Lynch | 8 | Democrat | No | ||
Rep. Donald Beyer | 8 | Democrat | Yes | ||
Rep. Mike Bishop | 8 | Republican | Yes | ||
Rep. Rick Nolan | 8 | Democrat | No | ||
Rep. Kevin Brady | 8 | Republican | Yes | ||
Rep. Larry Bucshon | 8 | Republican | Yes | ||
Rep. Bill Posey | 8 | Republican | Yes | ||
Rep. Matt Cartwright | 8 | Democrat | No |