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. Pete Aguilar | 33 | Democrat | Yes | ||
Rep. Mike Thompson | 4 | Democrat | Yes | ||
Rep. Alan Lowenthal | 47 | Democrat | No | ||
Rep. Adam B. Schiff | 30 | Democrat | No | ||
Rep. Mark Takano | 39 | Democrat | No | ||
Rep. John Garamendi | 8 | Democrat | No | ||
Rep. Eric Swalwell | 14 | Democrat | No | ||
Rep. Ro Khanna | 17 | Democrat | No | ||
Rep. Judy Chu | 28 | Democrat | No | ||
Rep. Zoe Lofgren | 18 | Democrat | No | ||
Rep. Mark DeSaulnier | 10 | Democrat | No | ||
Rep. Susan A. Davis | 53 | Democrat | Yes | ||
Rep. Linda T. Sánchez | 38 | Democrat | No | ||
Rep. Jared Polis | 2 | Democrat | No | ||
Rep. Ed Perlmutter | 7 | Democrat | Yes | ||
Rep. Doug Lamborn | 5 | Republican | Yes | ||
Rep. Ken Buck | 4 | Republican | Yes | ||
Rep. Scott Tipton | 3 | Republican | Yes | ||
Rep. Mike Coffman | 6 | Republican | Yes | ||
Rep. Diana DeGette | 1 | Democrat | No |