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. Tom Graves | 14 | Republican | Yes | ||
Rep. Kenny Marchant | 24 | Republican | Yes | ||
Sen. Kevin Cramer | Republican | Not Voting | |||
Rep. Darin M. LaHood | 16 | Republican | Yes | ||
Rep. Duncan D. Hunter | 50 | Republican | Yes | ||
Rep. Robert J. Wittman | 1 | Republican | Yes | ||
Rep. Dan Newhouse | 4 | Republican | Yes | ||
Rep. Kay Granger | 12 | Republican | Yes | ||
Rep. Jack Bergman | 1 | Republican | Yes | ||
Rep. Tom Emmer | 6 | Republican | Yes | ||
Rep. Raúl Labrador | 1 | Republican | Yes | ||
Rep. Jim Renacci | 16 | Republican | Yes | ||
Rep. Randy Hultgren | 14 | Republican | Yes | ||
Rep. Joe Wilson | 2 | Republican | Yes | ||
Rep. Claudia Tenney | 24 | Republican | Yes | ||
Rep. Trey Gowdy | 4 | Republican | Yes | ||
Rep. Ryan Costello | 6 | Republican | Yes | ||
Rep. David Kustoff | 8 | Republican | Yes | ||
Rep. Dave Reichert | 8 | Republican | Yes | ||
Rep. Bill Huizenga | 4 | Republican | Yes |