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 Sort descending | District | Party | Vote | |
---|---|---|---|---|---|
Rep. Brian Fitzpatrick | 1 | Republican | Yes | ||
Rep. Matt Cartwright | 8 | Democrat | No | ||
Rep. Dwight Evans | 3 | Democrat | No | ||
Rep. Tom Marino | 12 | Republican | Yes | ||
Rep. Ryan Costello | 6 | Republican | Yes | ||
Rep. Lloyd Smucker | 11 | Republican | Yes | ||
Rep. Mike Doyle | 18 | Democrat | No | ||
Rep. Lou Barletta | 11 | Republican | Yes | ||
Rep. Keith Rothfus | 12 | Republican | Yes | ||
Rep. Scott Perry | 10 | Republican | Yes | ||
Rep. Bill Shuster | 9 | Republican | Yes | ||
Rep. Pat Meehan | 7 | Republican | Yes | ||
Rep. Mike Kelly | 16 | Republican | Yes | ||
Rep. Charlie Dent | 15 | Republican | Yes | ||
Rep. Robert A. Brady | 1 | Democrat | No | ||
Rep. Brendan Boyle | 2 | Democrat | Yes | ||
Rep. Glenn Thompson | 15 | Republican | Yes | ||
Rep. Jim Langevin | 2 | Democrat | No | ||
Rep. David Cicilline | 1 | Democrat | No | ||
Rep. Ralph Norman | 5 | Republican | Yes |