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. Betty McCollum
MN
4 Democrat No
Rep. A. Donald McEachin
VA
4 Democrat Yes
Rep. Jim McGovern
MA
2 Democrat No
Rep. Patrick T. McHenry
NC
10 Republican Yes
Rep. David McKinley
WV
1 Republican Yes
Rep. Cathy McMorris Rodgers 5 Republican Yes
Rep. Jerry McNerney
CA
9 Democrat No
Sen. Martha McSally
AZ
Republican Yes
Rep. Mark Meadows
NC
11 Republican Yes
Rep. Pat Meehan
PA
7 Republican Yes
Rep. Gregory W. Meeks
NY
5 Democrat Yes
Rep. Grace Meng
NY
6 Democrat Yes
Rep. Luke Messer
IN
6 Republican Yes
Rep. Paul Mitchell
MI
10 Republican Yes
Rep. John Moolenaar
MI
2 Republican Yes
Rep. Alex Mooney
WV
2 Republican Yes
Rep. Gwen Moore
WI
4 Democrat Not Voting
Rep. Seth Moulton
MA
6 Democrat Yes
Sen. Markwayne Mullin
OK
Republican Yes
Rep. Stephanie Murphy
FL
7 Democrat Yes