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. Frederica Wilson
FL
24 Democrat Yes
Rep. Robert J. Wittman
VA
1 Republican Yes
Rep. Steve Womack
AR
3 Republican Yes
Rep. Rob Woodall
GA
7 Republican Yes
Rep. John Yarmuth
KY
3 Democrat No
Rep. Kevin Yoder
KS
3 Republican Yes
Rep. Ted Yoho
FL
3 Republican Yes
Rep. David Young
IA
3 Republican Yes
Rep. Don Young
AK
At Large Republican Yes
Rep. Lee Zeldin
NY
1 Republican Yes