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. Jerrold Nadler
NY
12 Democrat No
Rep. Grace F. Napolitano
CA
31 Democrat No
Rep. Richard E. Neal
MA
1 Democrat Yes
Rep. Dan Newhouse 4 Republican Yes
Rep. Kristi Noem
SD
At Large Republican Yes
Rep. Rick Nolan
MN
8 Democrat No
Rep. Donald W. Norcross
NJ
1 Democrat Yes
Rep. Ralph Norman
SC
5 Republican Yes
Rep. Devin Nunes
CA
22 Republican Yes
Rep. Tom O'Halleran
AZ
1 Democrat Yes
Rep. Beto O'Rourke
TX
16 Democrat No
Rep. Pete Olson
TX
22 Republican Yes
Rep. Steven Palazzo
MS
4 Republican Yes
Rep. Frank Pallone
NJ
6 Democrat No
Rep. Gary Palmer
AL
6 Republican Yes
Rep. Jimmy Panetta
CA
19 Democrat No
Rep. Bill Pascrell Jr.
NJ
9 Democrat No
Rep. Erik Paulsen
MN
3 Republican Yes
Rep. Donald M. Payne Jr.
NJ
10 Democrat Yes
Rep. Steve Pearce
NM
2 Republican Yes