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. Suzan K. DelBene 1 Democrat Yes
Rep. Val Demings
FL
10 Democrat No
Rep. Jeffrey Denham
CA
10 Republican Yes
Rep. Charlie Dent
PA
15 Republican Yes
Rep. Ron DeSantis
FL
6 Republican Yes
Rep. Mark DeSaulnier
CA
10 Democrat No
Rep. Scott DesJarlais
TN
4 Republican Yes
Rep. Ted Deutch
FL
22 Democrat No
Rep. Mario Diaz-Balart
FL
26 Republican Yes
Rep. Debbie Dingell
MI
6 Democrat Not Voting
Rep. Lloyd Doggett
TX
37 Democrat No
Rep. Daniel M. Donovan
NY
11 Republican Yes
Rep. Mike Doyle
PA
18 Democrat No
Rep. Sean Duffy
WI
7 Republican Yes
Rep. John J. Duncan Jr.
TN
2 Republican Yes
Rep. Jeffrey Duncan
SC
3 Republican Yes
Rep. Neal Dunn
FL
2 Republican Yes
Rep. Keith Ellison
MN
5 Democrat No
Rep. Tom Emmer
MN
6 Republican Yes
Rep. Eliot L. Engel
NY
16 Democrat No