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. John Katko
NY
24 Republican Yes
Rep. Bill Keating
MA
9 Democrat No
Rep. Mike Kelly
PA
16 Republican Yes
Rep. Trent Kelly
MS
1 Republican Yes
Rep. Robin Kelly
IL
2 Democrat Yes
Rep. Joseph P. Kennedy III
MA
4 Democrat No
Rep. Ro Khanna
CA
17 Democrat No
Rep. Ruben Kihuen
NV
4 Democrat No
Rep. Dan Kildee
MI
8 Democrat No
Rep. Derek Kilmer 6 Democrat Yes
Rep. Ron Kind
WI
3 Democrat Yes
Rep. Peter T. King
NY
2 Republican Yes
Rep. Steve King
IA
4 Republican Yes
Rep. Adam Kinzinger
IL
16 Republican Yes
Rep. Steve Knight
CA
25 Republican Yes
Rep. Raja Krishnamoorthi
IL
8 Democrat No
Rep. Ann McLane Kuster
NH
2 Democrat Yes
Rep. David Kustoff
TN
8 Republican Yes
Rep. Raúl Labrador
ID
1 Republican Yes
Rep. Darin M. LaHood
IL
16 Republican Yes