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. Jimmy Panetta | 19 | Democrat | No | ||
Rep. Mimi Walters | 45 | Republican | Yes | ||
Rep. Barbara Lee | 12 | Democrat | No | ||
Rep. Jimmy Gomez | 34 | Democrat | No | ||
Rep. Tony Cárdenas | 29 | Democrat | Yes | ||
Rep. Salud Carbajal | 24 | Democrat | Yes | ||
Rep. Tom McClintock | 5 | Republican | Yes | ||
Rep. Mike Thompson | 4 | Democrat | Yes | ||
Rep. Adam B. Schiff | 30 | Democrat | No | ||
Rep. Kevin McCarthy | 20 | Republican | Yes | ||
Rep. Ami Bera | 6 | Democrat | Yes | ||
Rep. Ken Calvert | 41 | Republican | Yes | ||
Rep. Doris Matsui | 7 | Democrat | No | ||
Rep. Jim Costa | 21 | Democrat | Yes | ||
Rep. Mark Takano | 39 | Democrat | No | ||
Rep. Devin Nunes | 22 | Republican | Yes | ||
Rep. John Garamendi | 8 | Democrat | No | ||
Rep. Karen Bass | 37 | Democrat | No | ||
Rep. J. Luis Correa | 46 | Democrat | Yes | ||
Rep. Eric Swalwell | 14 | Democrat | No |