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. Francis Rooney | 19 | Republican | Yes | ||
Rep. Todd Rokita | 4 | Republican | Yes | ||
Rep. Dana Rohrabacher | 48 | Republican | Yes | ||
Rep. Harold Rogers | 5 | Republican | Yes | ||
Rep. Mike D. Rogers | 3 | Republican | Yes | ||
Rep. Phil Roe | 1 | Republican | Yes | ||
Rep. Martha Roby | 2 | Republican | Yes | ||
Rep. Cedric Richmond | 2 | Democrat | No | ||
Rep. Tom Rice | 7 | Republican | Yes | ||
Rep. Kathleen Rice | 4 | Democrat | Yes | ||
Rep. Jim Renacci | 16 | Republican | Yes | ||
Rep. Dave Reichert | 8 | Republican | Yes | ||
Rep. Tom Reed | 23 | Republican | Yes | ||
Rep. John Ratcliffe | 4 | Republican | Yes | ||
Rep. Jamie Raskin | 8 | Democrat | No | ||
Rep. Mike Quigley | 5 | Democrat | Yes | ||
Rep. David E. Price | 4 | Democrat | No | ||
Rep. Bill Posey | 8 | Republican | Yes | ||
Rep. Jared Polis | 2 | Democrat | No | ||
Rep. Bruce Poliquin | 2 | Republican | Yes |