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 Sort descending | District | Party | Vote | |
---|---|---|---|---|---|
Rep. Rodney Frelinghuysen | 11 | Republican | Yes | ||
Rep. Tom MacArthur | 3 | Republican | Yes | ||
Rep. Steve Pearce | 2 | Republican | Yes | ||
Sen. Ben Ray Luján | Democrat | No | |||
Rep. Michelle Lujan Grisham | 1 | Democrat | Yes | ||
Sen. Jacky Rosen | Democrat | No | |||
Rep. Dina Titus | 1 | Democrat | No | ||
Rep. Ruben Kihuen | 4 | Democrat | Yes | ||
Rep. Mark Amodei | 2 | Republican | Yes | ||
Rep. Kathleen Rice | 4 | Democrat | Yes | ||
Rep. Eliot L. Engel | 16 | Democrat | No | ||
Rep. Claudia Tenney | 24 | Republican | Yes | ||
Rep. Tom Reed | 23 | Republican | Yes | ||
Rep. Yvette D. Clarke | 9 | Democrat | No | ||
Rep. John Katko | 24 | Republican | Yes | ||
Rep. Thomas Suozzi | 3 | Democrat | Yes | ||
Rep. Daniel M. Donovan | 11 | Republican | Yes | ||
Rep. Elise Stefanik | 21 | Republican | Yes | ||
Rep. Brian Higgins | 26 | Democrat | No | ||
Rep. Joseph Crowley | 14 | Democrat | No |