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 Sort ascending | State | District | Party | Vote | |
---|---|---|---|---|---|
Rep. Steve Scalise | 1 | Republican | Not Voting | ||
Rep. John Sarbanes | 3 | Democrat | No | ||
Rep. Mark Sanford | 1 | Republican | Yes | ||
Rep. Linda T. Sánchez | 38 | Democrat | No | ||
Rep. Paul D. Ryan | 1 | Republican | Speaker | ||
Rep. Tim Ryan | 13 | Democrat | No | ||
Rep. John Rutherford | 5 | Republican | Yes | ||
Rep. Steve Russell | 5 | Republican | Yes | ||
Rep. Bobby L. Rush | 1 | Democrat | No | ||
Rep. C.A. Dutch Ruppersberger | 2 | Democrat | Yes | ||
Rep. Raul Ruiz | 25 | Democrat | Yes | ||
Rep. Edward Royce | 39 | Republican | Yes | ||
Rep. Lucille Roybal-Allard | 40 | Democrat | No | ||
Rep. David Rouzer | 7 | Republican | Yes | ||
Rep. Keith Rothfus | 12 | Republican | Yes | ||
Rep. Dennis Ross | 15 | Republican | Yes | ||
Rep. Peter Roskam | 6 | Republican | Yes | ||
Sen. Jacky Rosen | Democrat | No | |||
Rep. Ileana Ros-Lehtinen | 27 | Republican | Yes | ||
Rep. Tom Rooney | 17 | Republican | Not Voting |