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. Bobby L. Rush
IL
1 Democrat No
Rep. Steve Russell
OK
5 Republican Yes
Rep. John Rutherford
FL
5 Republican Yes
Rep. Tim Ryan
OH
13 Democrat No
Rep. Paul D. Ryan
WI
1 Republican Speaker
Rep. Linda T. Sánchez
CA
38 Democrat No
Rep. Mark Sanford
SC
1 Republican Yes
Rep. John Sarbanes
MD
3 Democrat No
Rep. Steve Scalise
LA
1 Republican Not Voting
Rep. Jan Schakowsky
IL
9 Democrat No
Rep. Adam B. Schiff
CA
30 Democrat No
Rep. Brad Schneider
IL
10 Democrat Yes
Rep. Kurt Schrader
OR
5 Democrat Yes
Rep. David Schweikert
AZ
1 Republican Yes
Rep. David Scott
GA
13 Democrat Yes
Rep. Austin Scott
GA
8 Republican Yes
Rep. Robert C. Scott
VA
3 Democrat No
Rep. F. James Sensenbrenner
WI
5 Republican Yes
Rep. José E. Serrano
NY
15 Democrat No
Rep. Pete Sessions
TX
17 Republican Yes