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 District Sort descending Party Vote
Rep. Kathleen Rice
NY
4 Democrat Yes
Rep. Tom Cole
OK
4 Republican Yes
Rep. Todd Rokita
IN
4 Republican Yes
Rep. Peter A. DeFazio
OR
4 Democrat No
Rep. Scott DesJarlais
TN
4 Republican Yes
Rep. Christopher H. Smith
NJ
4 Republican Yes
Rep. Ron Estes
KS
4 Republican Yes
Rep. Mike Thompson
CA
4 Democrat Yes
Rep. Trey Gowdy
SC
4 Republican Yes
Rep. Bruce Westerman
AR
4 Republican Yes
Rep. Luis V. Gutiérrez
IL
4 Democrat No
Rep. Vicky Hartzler
MO
4 Republican Yes
Rep. Jim Himes
CT
4 Democrat Yes
Rep. Bill Huizenga
MI
4 Republican Yes
Rep. Hank Johnson
GA
4 Democrat No
Rep. Mike Johnson
LA
4 Republican Yes
Rep. Jim Jordan
OH
4 Republican Yes
Rep. Joseph P. Kennedy III
MA
4 Democrat Yes
Rep. Ruben Kihuen
NV
4 Democrat Yes
Rep. Steve King
IA
4 Republican Yes