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. Michael C. Burgess | 26 | Republican | Yes | ||
Rep. K. Michael Conaway | 11 | Republican | Yes | ||
Rep. Pete Sessions | 17 | Republican | Yes | ||
Rep. Roger Williams | 25 | Republican | Yes | ||
Rep. Brian Babin | 36 | Republican | Yes | ||
Rep. Gene Green | 29 | Democrat | No | ||
Rep. Jodey Arrington | 19 | Republican | Yes | ||
Rep. Al Green | 9 | Democrat | No | ||
Rep. Sheila Jackson Lee | 18 | Democrat | No | ||
Rep. William M. Thornberry | 13 | Republican | Yes | ||
Rep. Will Hurd | 23 | Republican | Yes | ||
Rep. Chris Stewart | 2 | Republican | Yes | ||
Rep. John Curtis | 3 | Republican | Yes | ||
Rep. Rob Bishop | 1 | Republican | Yes | ||
Rep. Mia Love | 4 | Republican | Yes | ||
Rep. David A. Brat | 7 | Republican | Yes | ||
Rep. Scott Taylor | 2 | Republican | Yes | ||
Rep. Robert W. Goodlatte | 6 | Republican | Yes | ||
Rep. Thomas Garrett | 5 | Republican | Yes | ||
Rep. Donald Beyer | 8 | Democrat | Yes |