Financial Stability Oversight Council Improvement Act

Apr. 11, 2018 | H.R. 4061

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.

This is Bad for working people.

Vote result: Passed

YEAs: 297
NAYs: 121

Legislator State Sort ascending District Party Vote
Rep. Marcia L. Fudge
OH
11 Democrat No
Rep. Marcy Kaptur
OH
9 Democrat No
Rep. Jim Renacci
OH
16 Republican Yes
Rep. Robert E. Latta
OH
5 Republican Yes
Rep. Dave Joyce
OH
14 Republican Yes
Rep. Jim Jordan
OH
4 Republican Yes
Rep. Brad Wenstrup
OH
2 Republican Yes
Rep. Steve Stivers
OH
15 Republican Yes
Rep. Bill Johnson
OH
6 Republican Yes
Rep. Tim Ryan
OH
13 Democrat No
Rep. Joyce Beatty
OH
3 Democrat Yes
Rep. Michael R. Turner
OH
10 Republican Yes
Rep. Bob Gibbs
OH
7 Republican Yes
Rep. Warren Davidson
OH
8 Republican Yes
Rep. Kathleen Rice
NY
4 Democrat Yes
Rep. Claudia Tenney
NY
24 Republican Yes
Rep. Tom Reed
NY
23 Republican Yes
Rep. Thomas Suozzi
NY
3 Democrat Yes
Rep. Joseph Crowley
NY
14 Democrat No
Rep. Elise Stefanik
NY
21 Republican Yes