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 Sort descending | Party | Vote | |
---|---|---|---|---|---|
Rep. David McKinley | 1 | Republican | Yes | ||
Rep. Jack Bergman | 1 | Republican | Yes | ||
Rep. Rob Bishop | 1 | Republican | Yes | ||
Rep. Richard E. Neal | 1 | Democrat | Yes | ||
Rep. Rod Blum | 1 | Republican | Yes | ||
Rep. Suzanne Bonamici | 1 | Democrat | No | ||
Rep. Donald W. Norcross | 1 | Democrat | Yes | ||
Rep. Robert A. Brady | 1 | Democrat | No | ||
Rep. Tom O'Halleran | 1 | Democrat | Yes | ||
Rep. Jim Bridenstine | 1 | Republican | Yes | ||
Rep. G. K. Butterfield | 1 | Democrat | No | ||
Rep. Bradley Byrne | 1 | Republican | Yes | ||
Rep. Chellie Pingree | 1 | Democrat | No | ||
Rep. Buddy Carter | 1 | Republican | Yes | ||
Rep. Steven J. Chabot | 1 | Republican | Yes | ||
Rep. David Cicilline | 1 | Democrat | No | ||
Rep. William Lacy Clay | 1 | Democrat | No | ||
Rep. Phil Roe | 1 | Republican | Yes | ||
Rep. James Comer | 1 | Republican | Yes | ||
Rep. Joe Courtney | 2 | Democrat | No |