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 Sort descending | Party | Vote | |
---|---|---|---|---|---|
Rep. K. Michael Conaway | 11 | Republican | Yes | ||
Rep. Gerald E. Connolly | 11 | Democrat | No | ||
Rep. Daniel M. Donovan | 11 | Republican | Yes | ||
Rep. Lloyd Smucker | 11 | Republican | Yes | ||
Rep. Bill Foster | 11 | Democrat | Yes | ||
Rep. Rodney Frelinghuysen | 11 | Republican | Yes | ||
Rep. Marcia L. Fudge | 11 | Democrat | No | ||
Rep. Dave Trott | 11 | Republican | Yes | ||
Rep. Daniel Webster | 11 | Republican | Yes | ||
Rep. Barbara Lee | 12 | Democrat | No | ||
Rep. Carolyn B. Maloney | 12 | Democrat | No | ||
Rep. Tom Marino | 12 | Republican | Yes | ||
Rep. Alma Adams | 12 | Democrat | No | ||
Rep. Rick Allen | 12 | Republican | Yes | ||
Rep. Gus Bilirakis | 12 | Republican | Yes | ||
Rep. Jerrold Nadler | 12 | Democrat | No | ||
Rep. Mike Bost | 12 | Republican | Yes | ||
Rep. Keith Rothfus | 12 | Republican | Yes | ||
Rep. Kay Granger | 12 | Republican | Yes | ||
Rep. Bonnie Watson Coleman | 12 | Democrat | No |