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 | District | Party Sort ascending | Vote | |
---|---|---|---|---|---|
Rep. Luke Messer | 6 | Republican | Yes | ||
Rep. Lloyd Smucker | 11 | Republican | Yes | ||
Rep. Virginia Foxx | 5 | Republican | Yes | ||
Rep. Ted Yoho | 3 | Republican | Yes | ||
Rep. Mia Love | 4 | Republican | Yes | ||
Rep. Walter B. Jones | 3 | Republican | No | ||
Rep. Karen Handel | 6 | Republican | Yes | ||
Rep. Kevin Yoder | 3 | Republican | Yes | ||
Rep. Barry Loudermilk | 11 | Republican | Yes | ||
Rep. Sam Johnson | 3 | Republican | Yes | ||
Rep. Robert Pittenger | 9 | Republican | Yes | ||
Rep. Joe L. Barton | 6 | Republican | Yes | ||
Rep. Lamar Smith | 21 | Republican | Yes | ||
Rep. Jeff Fortenberry | 1 | Republican | Yes | ||
Rep. Billy Long | 7 | Republican | Yes | ||
Rep. Pat Meehan | 7 | Republican | Yes | ||
Rep. Christopher H. Smith | 4 | Republican | Yes | ||
Rep. Paul Cook | 8 | Republican | Yes | ||
Rep. Bill Flores | 17 | Republican | Yes | ||
Rep. Rob Woodall | 7 | Republican | Yes |