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. Gus Bilirakis | 12 | Republican | Yes | ||
Rep. Charlie Crist | 13 | Democrat | Yes | ||
Rep. Daniel Webster | 11 | Republican | Yes | ||
Rep. Dennis Ross | 15 | Republican | Yes | ||
Rep. Debbie Wasserman Schultz | 25 | Democrat | No | ||
Rep. Mario Diaz-Balart | 26 | Republican | Yes | ||
Rep. Stephanie Murphy | 7 | Democrat | Yes | ||
Rep. Ted Deutch | 22 | Democrat | No | ||
Rep. Ileana Ros-Lehtinen | 27 | Republican | Yes | ||
Rep. Tom Rooney | 17 | Republican | Not Voting | ||
Rep. Matt Gaetz | 1 | Republican | Yes | ||
Rep. Francis Rooney | 19 | Republican | Yes | ||
Rep. Ron DeSantis | 6 | Republican | Yes | ||
Rep. Doug Collins | 9 | Republican | Yes | ||
Rep. Barry Loudermilk | 11 | Republican | Yes | ||
Rep. David Scott | 13 | Democrat | Yes | ||
Rep. Karen Handel | 6 | Republican | Yes | ||
Rep. Austin Scott | 8 | Republican | Yes | ||
Rep. Rick Allen | 12 | Republican | Yes | ||
Rep. Hank Johnson | 4 | Democrat | No |