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 | Party | Vote | |
---|---|---|---|---|
Sen. Kevin Cramer | Republican | Not Voting | ||
Sen. Kyrsten Sinema | ID ID | Yes | ||
Sen. Peter Welch | Democrat | No | ||
Sen. Ben Ray Luján | Democrat | No | ||
Sen. Roger Marshall | Republican | Yes | ||
Sen. Martha McSally | Republican | Yes | ||
Sen. Markwayne Mullin | Republican | Yes | ||
Sen. Marsha Blackburn | Republican | Yes | ||
Sen. Ted Budd | Republican | Yes |