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 ascending | Vote | |
---|---|---|---|---|---|
Rep. John Shimkus | 15 | Republican | Yes | ||
Rep. Leonard Lance | 7 | Republican | Yes | ||
Rep. Jeff Fortenberry | 1 | Republican | Yes | ||
Rep. Tom Rooney | 17 | Republican | Not Voting | ||
Rep. Bill Johnson | 6 | Republican | Yes | ||
Rep. Michael R. Turner | 10 | Republican | Yes | ||
Sen. Roger Marshall | Republican | Yes | |||
Rep. Doug Lamborn | 5 | Republican | Yes | ||
Rep. Bill Flores | 17 | Republican | Yes | ||
Rep. Gus Bilirakis | 12 | Republican | Yes | ||
Rep. Rob Woodall | 7 | Republican | Yes | ||
Rep. Kristi Noem | At Large | Republican | Yes | ||
Rep. Francis Rooney | 19 | Republican | Yes | ||
Rep. Mike Johnson | 4 | Republican | Yes | ||
Rep. Rick Crawford | 1 | Republican | Yes | ||
Rep. Tom Marino | 12 | Republican | Yes | ||
Rep. Brett Guthrie | 2 | Republican | Yes | ||
Rep. Doug LaMalfa | 1 | Republican | Yes | ||
Rep. Chuck Fleischmann | 3 | Republican | Yes | ||
Rep. Andy Biggs | 5 | Republican | Yes |