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 descending | Vote | |
---|---|---|---|---|---|
Rep. Sean Patrick Maloney | 18 | Democrat | Yes | ||
Rep. Brian Higgins | 26 | Democrat | No | ||
Rep. Grace F. Napolitano | 31 | Democrat | No | ||
Rep. Paul Tonko | 20 | Democrat | No | ||
Rep. Carolyn B. Maloney | 12 | Democrat | No | ||
Rep. José E. Serrano | 15 | Democrat | No | ||
Rep. Debbie Dingell | 6 | Democrat | No | ||
Rep. Ann McLane Kuster | 2 | Democrat | Yes | ||
Rep. Julia Brownley | 26 | Democrat | Yes | ||
Rep. Jerrold Nadler | 12 | Democrat | No | ||
Rep. Dina Titus | 1 | Democrat | No | ||
Rep. John Garamendi | 8 | Democrat | No | ||
Rep. Peter J. Visclosky | 1 | Democrat | No | ||
Rep. Raja Krishnamoorthi | 8 | Democrat | No | ||
Rep. Anthony Brown | 4 | Democrat | Yes | ||
Rep. Stephanie Murphy | 7 | Democrat | Yes | ||
Rep. Ruben Gallego | 3 | Democrat | No | ||
Rep. Stephen F. Lynch | 8 | Democrat | No | ||
Rep. David Scott | 13 | Democrat | Yes | ||
Rep. Ted Deutch | 22 | Democrat | No |