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. David McKinley | 1 | Republican | Yes | ||
Rep. Walter B. Jones | 3 | Republican | No | ||
Rep. Ralph Abraham | 5 | Republican | Yes | ||
Rep. Roger Williams | 25 | Republican | Yes | ||
Rep. Mike D. Rogers | 3 | Republican | Yes | ||
Rep. Jason Lewis | 2 | Republican | Yes | ||
Rep. Gregg Harper | 3 | Republican | Yes | ||
Rep. Rodney Davis | 13 | Republican | Yes | ||
Rep. Patrick T. McHenry | 10 | Republican | Yes | ||
Rep. Sam Johnson | 3 | Republican | Yes | ||
Rep. Bruce Westerman | 4 | Republican | Yes | ||
Rep. Phil Roe | 1 | Republican | Yes | ||
Rep. Karen Handel | 6 | Republican | Yes | ||
Rep. Scott Tipton | 3 | Republican | Yes | ||
Rep. Mike Bost | 12 | Republican | Yes | ||
Rep. Jeff Fortenberry | 1 | Republican | Yes | ||
Rep. Austin Scott | 8 | Republican | Yes | ||
Rep. Brad Wenstrup | 2 | Republican | Yes | ||
Rep. Martha Roby | 2 | Republican | Yes | ||
Rep. William M. Thornberry | 13 | Republican | Yes |