Volcker Rule Regulatory Harmonization Act

Apr. 13, 2018 | H.R. 4790

This bill would undermine the implementation of the Volcker Rule by giving sole rulemaking authority to the Federal Reserve and allowing banks with less than $10 billion in assets to engage in proprietary trading with publicly insured deposits. A core component of the Volcker Rule is to prevent banks from using deposited money to finance speculative trading. Yet, the bill would cut the Federal Deposit Insurance Corporation (FDIC), the custodian and institutional protector of the deposit insurance fund, entirely out of the implementation of the Volcker Rule. H.R. 4790 would eliminate the FDIC’s role in writing and interpreting the rule and weaken the interpretation of the rule and its enforcement. 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 the House on April 11, 2018, and referred to the Senate Banking Committee.

This is Bad for working people.

Vote result: Passed

YEAs: 300
NAYs: 104

Legislator Sort descending State District Party Vote
Rep. Ralph Abraham
LA
5 Republican Yes
Rep. Alma Adams
NC
12 Democrat Yes
Rep. Robert B. Aderholt
AL
4 Republican Yes
Rep. Pete Aguilar
CA
31 Democrat Yes
Rep. Rick Allen
GA
12 Republican Yes
Rep. Justin Amash
MI
3 Republican Yes
Rep. Mark Amodei
NV
2 Republican Yes
Rep. Jodey Arrington
TX
19 Republican Yes
Rep. Brian Babin
TX
36 Republican Yes
Rep. Don Bacon
NE
2 Republican Yes
Rep. Jim Banks
IN
3 Republican Yes
Rep. Lou Barletta
PA
11 Republican Yes
Rep. Andy Barr
KY
6 Republican Yes
Rep. Nanette Barragán
CA
44 Democrat Yes
Rep. Joe L. Barton
TX
6 Republican Yes
Rep. Karen Bass
CA
37 Democrat Not Voting
Rep. Joyce Beatty
OH
3 Democrat Yes
Rep. Ami Bera
CA
7 Democrat Yes
Rep. Jack Bergman
MI
1 Republican Yes
Rep. Donald Beyer
VA
8 Democrat Yes