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 ascending | District | Party | Vote | |
---|---|---|---|---|---|
Rep. Will Hurd | 23 | Republican | Yes | ||
Rep. K. Michael Conaway | 11 | Republican | Yes | ||
Rep. Kay Granger | 12 | Republican | Yes | ||
Rep. Pete Sessions | 17 | Republican | Yes | ||
Rep. Brian Babin | 36 | Republican | Yes | ||
Rep. Jodey Arrington | 19 | Republican | Yes | ||
Rep. Vicente Gonzalez | 34 | Democrat | Yes | ||
Rep. William M. Thornberry | 13 | Republican | Yes | ||
Rep. Louie Gohmert | 1 | Republican | Yes | ||
Rep. Kevin Brady | 8 | Republican | Yes | ||
Rep. Lloyd Doggett | 37 | Democrat | No | ||
Rep. John Ratcliffe | 4 | Republican | Yes | ||
Rep. Jeb Hensarling | 5 | Republican | Yes | ||
Sen. Marsha Blackburn | Republican | Yes | |||
Rep. Diane Black | 6 | Republican | Yes | ||
Rep. Chuck Fleischmann | 3 | Republican | Yes | ||
Rep. David Kustoff | 8 | Republican | Yes | ||
Rep. Jim Cooper | 5 | Democrat | Yes | ||
Rep. John J. Duncan Jr. | 2 | Republican | Yes | ||
Rep. Phil Roe | 1 | Republican | Yes |