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. Nancy Pelosi
CA
11 Democrat No
Rep. Ed Perlmutter
CO
7 Democrat Yes
Rep. Scott Perry
PA
10 Republican Yes
Rep. Scott Peters
CA
50 Democrat Yes
Rep. Collin C. Peterson
MN
7 Democrat Yes
Rep. Chellie Pingree
ME
1 Democrat No
Rep. Robert Pittenger
NC
9 Republican Yes
Rep. Mark Pocan
WI
2 Democrat No
Rep. Ted Poe
TX
2 Republican Yes
Rep. Bruce Poliquin
ME
2 Republican Yes
Rep. Jared Polis
CO
2 Democrat No
Rep. Bill Posey
FL
8 Republican Yes
Rep. David E. Price
NC
4 Democrat No
Rep. Mike Quigley
IL
5 Democrat Yes
Rep. Jamie Raskin
MD
8 Democrat No
Rep. John Ratcliffe
TX
4 Republican Yes
Rep. Tom Reed
NY
23 Republican Yes
Rep. Dave Reichert 8 Republican Yes
Rep. Jim Renacci
OH
16 Republican Yes
Rep. Tom Rice
SC
7 Republican Yes