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 Sort descending | Party | Vote | |
---|---|---|---|---|---|
Rep. David E. Price | 4 | Democrat | No | ||
Rep. John Ratcliffe | 4 | Republican | Yes | ||
Rep. Kathleen Rice | 4 | Democrat | Yes | ||
Rep. Tom Cole | 4 | Republican | Yes | ||
Rep. Todd Rokita | 4 | Republican | Yes | ||
Rep. Peter A. DeFazio | 4 | Democrat | No | ||
Rep. Scott DesJarlais | 4 | Republican | Yes | ||
Rep. Keith Ellison | 5 | Democrat | No | ||
Rep. Elizabeth Esty | 5 | Democrat | Yes | ||
Rep. Virginia Foxx | 5 | Republican | Yes | ||
Rep. Thomas Garrett | 5 | Republican | Yes | ||
Rep. Tim Walberg | 5 | Republican | Yes | ||
Rep. Josh Gottheimer | 5 | Democrat | Yes | ||
Rep. Jeb Hensarling | 5 | Republican | Yes | ||
Rep. Steny H. Hoyer | 5 | Democrat | No | ||
Rep. Doug Lamborn | 5 | Republican | Yes | ||
Rep. Robert E. Latta | 5 | Republican | Yes | ||
Rep. Al Lawson | 5 | Democrat | Yes | ||
Rep. John Lewis | 5 | Democrat | No | ||
Rep. Ralph Abraham | 5 | Republican | Yes |