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. Jim Himes | 4 | Democrat | Yes | ||
Rep. Joe Courtney | 2 | Democrat | No | ||
Rep. Rosa DeLauro | 3 | Democrat | No | ||
Rep. Elizabeth Esty | 5 | Democrat | Yes | ||
Rep. John B. Larson | 1 | Democrat | No | ||
Rep. Lisa Blunt Rochester | At Large | Democrat | Yes | ||
Rep. Dennis Ross | 15 | Republican | Yes | ||
Rep. Mario Diaz-Balart | 26 | Republican | Yes | ||
Rep. Ted Deutch | 22 | Democrat | No | ||
Rep. Stephanie Murphy | 7 | Democrat | Yes | ||
Rep. Ileana Ros-Lehtinen | 27 | Republican | Yes | ||
Rep. Tom Rooney | 17 | Republican | Not Voting | ||
Rep. Matt Gaetz | 1 | Republican | Yes | ||
Rep. Ron DeSantis | 6 | Republican | Yes | ||
Rep. Francis Rooney | 19 | Republican | Yes | ||
Rep. Alcee L. Hastings | 20 | Democrat | No | ||
Rep. Val Demings | 10 | Democrat | No | ||
Rep. Lois Frankel | 22 | Democrat | Not Voting | ||
Rep. Vern Buchanan | 16 | Republican | Yes | ||
Rep. Ted Yoho | 3 | Republican | Yes |