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 descending | Vote | |
---|---|---|---|---|---|
Rep. David A. Brat | 7 | Republican | Yes | ||
Rep. Glenn Grothman | 6 | Republican | Yes | ||
Rep. Trent Kelly | 1 | Republican | Yes | ||
Rep. Bill Posey | 8 | Republican | Yes | ||
Sen. Martha McSally | Republican | Yes | |||
Rep. Brian Fitzpatrick | 1 | Republican | Yes | ||
Rep. Robert J. Wittman | 1 | Republican | Yes | ||
Rep. Elise Stefanik | 21 | Republican | Yes | ||
Rep. Frank A. LoBiondo | 2 | Republican | Yes | ||
Rep. Steve Pearce | 2 | Republican | Yes | ||
Rep. Kevin Brady | 8 | Republican | Yes | ||
Rep. Robert B. Aderholt | 4 | Republican | Yes | ||
Rep. A. Drew Ferguson | 3 | Republican | Yes | ||
Rep. Joe Wilson | 2 | Republican | Yes | ||
Rep. Evan Jenkins | 3 | Republican | Yes | ||
Rep. John Rutherford | 5 | Republican | Yes | ||
Rep. Bruce Poliquin | 2 | Republican | Yes | ||
Rep. Cathy McMorris Rodgers | 5 | Republican | Yes | ||
Rep. John Faso | 19 | Republican | Yes | ||
Rep. Lynn Jenkins | 2 | Republican | Yes |