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 State District Party Sort descending Vote
Rep. Jim Jordan
OH
4 Republican Yes
Rep. F. James Sensenbrenner
WI
5 Republican Yes
Rep. Don Bacon
NE
2 Republican Yes
Rep. David Kustoff
TN
8 Republican Yes
Rep. Andy Harris
MD
1 Republican Yes
Rep. James Comer
KY
1 Republican Yes
Rep. Roger Williams
TX
25 Republican Yes
Rep. Mike D. Rogers
AL
3 Republican Yes
Rep. Vern Buchanan
FL
16 Republican Not Voting
Rep. Walter B. Jones
NC
3 Republican No
Rep. Brian Babin
TX
36 Republican Yes
Rep. Gregg Harper
MS
3 Republican Yes
Rep. Chris Collins
NY
27 Republican Yes
Rep. Bruce Westerman
AR
4 Republican Yes
Rep. Phil Roe
TN
1 Republican Yes
Rep. Virginia Foxx
NC
5 Republican Yes
Rep. Scott Tipton
CO
3 Republican Not Voting
Rep. Sam Johnson
TX
3 Republican Yes
Rep. Austin Scott
GA
8 Republican Yes
Rep. Jodey Arrington
TX
19 Republican Yes