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 Sort ascending | State | District | Party | Vote | |
---|---|---|---|---|---|
Rep. Mark Meadows | 11 | Republican | Yes | ||
Sen. Martha McSally | Republican | Yes | |||
Rep. Jerry McNerney | 9 | Democrat | No | ||
Rep. Cathy McMorris Rodgers | 5 | Republican | Yes | ||
Rep. David McKinley | 1 | Republican | Yes | ||
Rep. Patrick T. McHenry | 10 | Republican | Yes | ||
Rep. Jim McGovern | 2 | Democrat | No | ||
Rep. A. Donald McEachin | 4 | Democrat | Yes | ||
Rep. Betty McCollum | 4 | Democrat | No | ||
Rep. Tom McClintock | 5 | Republican | Yes | ||
Rep. Michael McCaul | 10 | Republican | Yes | ||
Rep. Kevin McCarthy | 20 | Republican | Yes | ||
Rep. Doris Matsui | 7 | Democrat | No | ||
Rep. Brian Mast | 21 | Republican | Yes | ||
Rep. Thomas Massie | 4 | Republican | Yes | ||
Sen. Roger Marshall | Republican | Yes | |||
Rep. Tom Marino | 12 | Republican | Yes | ||
Rep. Kenny Marchant | 24 | Republican | Yes | ||
Rep. Sean Patrick Maloney | 18 | Democrat | Yes | ||
Rep. Carolyn B. Maloney | 12 | Democrat | No |