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. Mike Simpson | 2 | Republican | Not Voting | ||
Rep. Luke Messer | 6 | Republican | Yes | ||
Rep. Roger Williams | 25 | Republican | Yes | ||
Rep. Chris Collins | 27 | Republican | Yes | ||
Rep. Peter Roskam | 6 | Republican | Yes | ||
Rep. Mia Love | 4 | Republican | Yes | ||
Rep. Jodey Arrington | 19 | Republican | Yes | ||
Rep. Bill Shuster | 9 | Republican | Yes | ||
Rep. Bruce Westerman | 4 | Republican | Yes | ||
Rep. Doug Collins | 9 | Republican | Yes | ||
Rep. Barry Loudermilk | 11 | Republican | Yes | ||
Rep. David Valadao | 22 | Republican | Yes | ||
Rep. Sam Graves | 6 | Republican | Yes | ||
Rep. Mark Amodei | 2 | Republican | Yes | ||
Rep. John Shimkus | 15 | Republican | Yes | ||
Rep. Brad Wenstrup | 2 | Republican | Yes | ||
Rep. Ron Estes | 4 | Republican | Yes | ||
Rep. Tom Cole | 4 | Republican | Yes | ||
Rep. Ileana Ros-Lehtinen | 27 | Republican | Yes | ||
Rep. Billy Long | 7 | Republican | Yes |