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 descending | State | District | Party | Vote | |
---|---|---|---|---|---|
Rep. Jared Huffman | 2 | Democrat | No | ||
Rep. Bill Huizenga | 4 | Republican | Yes | ||
Rep. Randy Hultgren | 14 | Republican | Yes | ||
Rep. Duncan D. Hunter | 50 | Republican | Yes | ||
Rep. Will Hurd | 23 | Republican | Yes | ||
Rep. Darrell Issa | 48 | Republican | Yes | ||
Rep. Sheila Jackson Lee | 18 | Democrat | No | ||
Rep. Pramila Jayapal | 7 | Democrat | No | ||
Rep. Hakeem Jeffries | 8 | Democrat | No | ||
Rep. Evan Jenkins | 3 | Republican | Yes | ||
Rep. Lynn Jenkins | 2 | Republican | Yes | ||
Rep. Sam Johnson | 3 | Republican | Yes | ||
Rep. Eddie Bernice Johnson | 30 | Democrat | No | ||
Rep. Bill Johnson | 6 | Republican | Yes | ||
Rep. Mike Johnson | 4 | Republican | Yes | ||
Rep. Hank Johnson | 4 | Democrat | No | ||
Rep. Walter B. Jones | 3 | Republican | No | ||
Rep. Jim Jordan | 4 | Republican | Yes | ||
Rep. Dave Joyce | 14 | Republican | Yes | ||
Rep. Marcy Kaptur | 9 | Democrat | No |