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. William M. Thornberry | 13 | Republican | Yes | ||
Rep. Austin Scott | 8 | Republican | Yes | ||
Rep. Pat Meehan | 7 | Republican | Yes | ||
Rep. Rob Woodall | 7 | Republican | Yes | ||
Rep. Bill Flores | 17 | Republican | Yes | ||
Rep. Glenn Thompson | 15 | Republican | Yes | ||
Rep. Bill Johnson | 6 | Republican | Yes | ||
Rep. Brett Guthrie | 2 | Republican | Yes | ||
Rep. Mark Meadows | 11 | Republican | Yes | ||
Rep. Tom Rice | 7 | Republican | Yes | ||
Rep. Steve Womack | 3 | Republican | Yes | ||
Rep. Liz Cheney | At Large | Republican | Yes | ||
Rep. Chuck Fleischmann | 3 | Republican | Yes | ||
Rep. Mike Johnson | 4 | Republican | Yes | ||
Rep. Mike Kelly | 16 | Republican | Yes | ||
Rep. David Schweikert | 1 | Republican | Yes | ||
Rep. Warren Davidson | 8 | Republican | Yes | ||
Rep. Glenn Grothman | 6 | Republican | Yes | ||
Sen. Martha McSally | Republican | Yes | |||
Rep. Robert J. Wittman | 1 | Republican | Yes |