U.S. Representative Ed Royce (R-Calif.) questioned witnesses about the ramifications of recent rules and regulations on short-term access to capital during a Subcommittee on Capital Markets and Government Sponsored Enterprises hearing entitled “The Impact of Regulations on Short-Term Financing.”
“The United States is home to capital markets that are unmatched in terms of the size of our markets, the transparency, the depth, and the resiliency as we have seen. They provide the fuel that keeps the largest economy in the world moving, and allow for investment, development and ultimately allow for job growth. At the end of the day, wages per worker are dependent upon productivity per worker, that’s dependent upon investment per worker, and that’s dependent upon the capital markets and getting everybody into the capital markets. The European Commission recently engaged in what they called a ‘Call for Evidence’. That was a request to the public for feedback on 'interactions, inconsistencies, and gaps' and 'unintended consequences' created by Europe’s regulatory framework, created by their bureaucracy. Mr. Toomey, should U.S. regulators engage in a similar project as the EU’s 'Call for Evidence', and what would the benefits be of such an undertaking?” asked Chairman Royce.
“The European Commission effort in the 'Call for Evidence'… provides a framework for doing this cumulative analysis on the effects of all these different and overlapping regulations. The parameters that the European Commission outlined, the impact on economic growth, we think is key. Obviously the interactions and the inconsistencies [are] key to understand… The ultimate output from a domestic standpoint is understanding how all of these disparate rules are attacking and addressing different types of risk, and whether they’re overshooting their policy goals to the detriment of ultimately the economy. I think when we look at the European Commission effort, the parameters they outlined are very similar to what we believe should be done, and now is a good time to do it given the rules have been in place for some time or at least some of them have,” replied Mr. Robert Toomey, Managing Director and Associate General Counsel at SIFMA.
“Mr. Deas, the testimony that you submitted which focused on the impact of bank capital and liquidity rules on end users and corporate treasures, there was this argument: less liquidity can mean production comes to a halt. Less liquidity means often that the inventories run low, that the payroll isn’t made on time. All of which of course harms the people that rely on these businesses and harms the economy, and I would ask what could we do in Congress to address these concerns?” inquired Rep. Royce.
“I would [advise] … for you to mandate that the banking regulators undertake an analysis of both the individual effects but, equally as important, the cumulative effects based on their interactions of these different rules as they affect Main Street companies. The banking regulators have taken steps [which] put that capital burden instead on the banks… without fully appreciating that in the end [the banks] are intermediaries, and we, the end users and the manufacturing companies in this country, bear those costs,” responded Mr. Thomas C. Deas, Jr., Chairman of the National Association of Corporate Treasurers.
Watch Rep. Royce's questioning of the witnesses here or by clicking the image below.Read More
Today, U.S. Representatives Ed Royce (R-Calif.) and Gwen Moore (D-Wisc.), introduced H.R. 6487, the Taxpayer Protections and Market Access for Mortgage Finance Act, legislation requiring the GSEs to increase credit risk transfers (CRT) with the private sector.
“Growing private sector participation in the secondary housing market reduces taxpayer exposure to future losses. Congress should encourage Fannie and Freddie to increase the amount and the types of credit risk transfer transactions to the maximum level that is economically and commercially viable. Doing so is not only compatible with housing finance reform, it eases the way for future action," said Rep. Royce.
"I think this bipartisan legislation builds on the good work the FHFA has done in housing finance. Together, I am confident we will collectively pave the way for a stronger, more stable housing market for all Americans,” said Rep. Moore.
The underlying purposes of the bill are to require the Federal Housing Finance Agency (FHFA) to establish guidelines for Fannie Mae and Freddie Mac to engage in significant and increasing credit risk transfer transactions. The bill includes changes to commodities rules which allow the use of credit-linked notes to transfer risk from the GSEs to the private sector. It also amends existing securities and tax laws to allow real estate investment trusts (REITs) to invest in GSE credit risk bonds. Finally, the bill establishes two pilot programs to increase risk sharing transactions with small lenders and mortgage insurers.
Both authors of the legislation are senior members of the House Financial Services Committee. Full text of the bill can be viewed here.
Today, U.S. Representative Ed Royce (R-Fullerton) voted for S. 612, the Water Infrastructure Improvements for the Nation (WIIN) Act, legislation to alleviate water shortages in California. The landmark compromise is the result of negotiations between California House Republicans and U.S. Senator Dianne Feinstein (D-Calif.) and will now be considered in the U.S. Senate.
"Delivering relief from water shortages to California's families and farms isn't about politics. I'm glad that both sides of the negotiating table were able to come together and strike a good faith agreement. While this is only the first step in ensuring California's water distribution is sensible and fair, it is a positive one," said Rep. Royce.
It's estimated that this legislation will provide for an additional 200,000 acre-feet of water for Southern California and the Central Valley annually, enough to meet the needs of 446,000 average California households.
Specifically, the legislation:
- Directs federal agencies (Bureau of Reclamation, U.S. Fish and Wildlife Service, and the National Marine Fisheries Service) to pump water at the high end of the Delta smelt and salmonid biological opinions (i.e. -5,000 cfs OMR). This is within current law and regulation. Only under certain conditions and if listed species are adversely impacted can pumping be reduced.
- Authorizes federal agencies to increase pumping rates under certain conditions to capture water from storm events provided listed species are not adversely impacted.
- Eliminates the water “payback” provision, which typically results in significant pumping reductions after storm events.
- Requires that the Delta Cross Channel Gates remain open as much as possible, consistent with Federal and state law, to allow more fresh water to flow into the central Delta to be pumped south or to reduce salinity.
- Expands the window for water transfers through the Delta to April 1 through November 30, which enables more water to flow from willing sellers in Northern California to willing buyers south-of-the-Delta. This will help reduce capacity limitation issues during certain times of the year.
- Requires the Federal government to consult with local and state public water agencies on the re-consultation of the Delta smelt and salmonid biological opinions, which the Bureau of Reclamation initiated earlier this year.
- Directs the Interior and Commerce Departments, using new science, real-time monitoring, and other information, to maximize water supplies through operational or management measures.
U.S. Representative Ed Royce (R-Fullerton) released the following statement after voting for the 21st Century Cures Act, landmark legislation to strengthen the government's search for cures to diseases like cancer, Alzheimer's, and cystic fibrosis, reform the nation's mental health care system, and bolster the fight against opioid abuse:
"Today's effort is the culmination of years of feedback from doctors, nurses, scientists, and, most importantly, patients. I was glad to be a part of this victory for millions of Americans fighting diseases without a cure, mental illness, or an addiction to opioids, and look forward to the President signing this bipartisan compromise into law."
Specifically, the 21st Century Cures Act:
• Streamlines and improves the Federal Drug Administration's (FDA) review of life-saving drugs for patients with breast cancer and muscular dystrophy
• Modernizes clinical trials and removes regulatory uncertainty for the development of new medical apps
• Supporting greater investments in fostering the next generation of medial researchers
•Provides $4.8 billion over 10 years to the National Institutes of Health (NIH) for cancer prevention research and regenerative medicine using adult stem cells
•Provides $500 million to the FDA over 10 years to move drugs and medical devices to patients more quickly
•Provides $1 billion over 2 years for grants to states to supplement opioid abuse prevention and treatment activities, such as improving prescription drug monitoring programs and implementing prevention
• Establishes an Assistant Secretary for Mental Health and Substance Use (Assistant Secretary) to head the Substance Abuse and Mental Health Services Administration (SAMHSA)
• Creates a coordinating committee to evaluate federal programs related to Serious Mental Illness (SMI) and provide recommendations to better coordinate mental health services for people with SMI
• Reauthorizes and makes technical updates to develop and implement programs to divert individuals with a mental illness from the criminal justice system to community-based services
• Reauthorizes and makes updates to grants for states to provide services to homeless individuals who are potentially suffering from serious mental illness
• Reauthorizes grants to institutions of higher education or accredited professional training programs to support the recruitment and education of mental health care providers
U.S. Representative Ed Royce (R-Calif.), Chairman of the House Foreign Affairs Committee, released the following statement regarding the nomination of Elaine Chao for United States Secretary of Transportation:
“Elaine Chao is a friend, and I've always been impressed with her leadership ability and grasp on the challenges facing our country. She will make an excellent Transportation Secretary and I look forward to working with her to address Southern California's infrastructure needs, such as funding to relieve congestion on the 57/60,” said Chairman Royce.
Chairman Royce, who represents the Congressional district that encompasses the 57/60 confluence, has been a longtime advocate for fixing the freeways. Both the current Transportation Secretary Anthony Foxx and his colleague Chairman Bill Shuster of the House Transportation and Infrastructure Committee have visited the confluence at Chairman Royce's invitation to observe the gridlock. Chairman Royce has also wrote letters to the Department of Transportation in support of the 57/60 being included in the Primary Freight Network, which assisted Diamond Bar during its successful TIGER grant bid.
Elaine Chao, the former United States Secretary of Labor, is the first Asian American woman to serve as a Cabinet secretary. Her nomination is expected to be confirmed by the U.S. Senate early next year.
“Bonus payments made in good faith to CalGuard members shouldn't be touched. These soldiers shouldn't be punished for serving their country,” said Rep. Royce.
On October 22, 2016, the Los Angeles Times reported that nearly 10,000 soldiers in the California National Guard had been ordered to repay enlistment bonuses of $15,000 or more by DoD. Shortly thereafter, Rep. Royce wrote Defense Secretary Ash Carter to request a suspension of his Department's attempts to clawback such bonuses.
The VET Bonus Act, authored by U.S. Representative Jeff Denham (R-Modesto), dictates that:
• Bonuses paid between 2004 and 2010 in good faith shall not be subject to repayment to DoD unless the recipient committed fraud or did not satisfy corresponding service requirements
• Bonus payments reclaimed by DoD shall be paid back with interest to veterans who accepted them in good faith
• For veterans who are reimbursed by the U.S. Army, the Secretary of the Army must notify credit agencies that any debt previously reported is invalid
• The Secretary of the Army shall provide financial assistance to veterans who suffered severe financial hardships after having bonus payments reclaimed
Today, U.S. Representative Ed Royce (R-Calif.) questioned U.S. Securities and Exchange Commission (SEC) Chair Mary Jo White about the cumulative impact of Commission regulations during a House Financial Services Committee hearing entitled “Examining the SEC’s Agenda, Operations, and FY 2018 Budget Request.”
“The focus of the SEC originally was, and I think should continue to be, the strength and resilience of our markets. That is critical to economic growth, to the jobs that are created thereby. When it comes to capital markets lending, I've got a question about the last few years... because we've had a lot of major regulatory changes, such as risk retention, accounting changes, prudential changes with new capital and liquidity rules, new disclosure regimes, and automated trading platforms. And all of this is occurring at the same time," said Rep. Royce
"European regulators have raised concerns about how these new regulations fit together. Specifically, on his way out the door, E.U. financial-services chief Jonathan Hill concluded that, "whereas after 2008 the greatest threat to financial stability had been the financial crisis, over time the greater threat had become the lack of growth itself. In other words, too little risk itself became a stability risk.' Then [Hill] went on to say that, 'the crisis may have made the scale and the pace of regulatory change inevitable. But the various layers of regulation could have been better aligned.'
That was his reflection. I was going to ask you yours, whether you agree with that sentiment. If we stepped back and reflected on the cumulative impact of all these regulations and carefully understand what this means for growth and lending before we move forward with major changes, what would your observations be?" said Rep. Royce.
“The capital markets are an innovation built on taking prudent risk with factors fully disclosed. That's obviously a very important driver of growth of the economy and everything else that is positive. One has to worry about, and we do, system risk that could destabilize the system and obviously cause tremendous harm to investors. I think in terms of the impact of the regulations mentioned a little earlier, our economists at the SEC are studying, and will be reporting to Congress next year, on the cumulative impact of regulations on capital formation as well as corporate bond liquidity. It's something we study all the time. When we do our rules, by the way, our economists do study the economic impacts and they do look at not just the particular four corners of one rule and what your're changing there. Look you've got these other nine rules out there, so when you add this one, what is going to be the cumulative effect on all sorts of economic impacts. There may be a benefit for investors, there might not be, but what are the costs of it?" answered Chair White.
“I think [Hill] is just in retrospect looking at this at a time, as you know, when there is still more coming down the pipeline. We have discussions continuing on Basel 4. We have the proposals on the ‘Fundamental Review of the Trading Book’. I assume you share that overarching goal which I think [Hill] speaks to, that we need to balance the goals of market stability and safety and soundness with the needs of market liquidity, end-users, and overall economic growth,” concluded Rep. Royce.
“That’s part of the cost-benefit analysis we do. You have to think more broadly as I said before when you do that, and that’s very much a part of it,” replied Chair White.
Watch Rep. Royce's questioning of Chair White here or by clicking on the image below:
House passes two sanctions bills, sending foreign policy message on Iran and Syria
The House laid down markers Tuesday as to how it will try to shape foreign policy going into the new administration by passing two sanctions bills: one targeting Iran, the other Syria.
The House overwhelmingly passed a 10-year extension of the Iran Sanctions Act (ISA) by a vote of 419 to 1. The ISA forms the basis for energy, banking and defense sanctions against Iran’s nuclear and missile activities, and was set to expire at the end of the year.
The House also passed by voice vote a measure imposing new sanctions on anyone who provides the Syrian government with financial, material or technological support — a category that includes Russia and Iran — in an effort to “halt the wholesale slaughter of the Syrian people.”
The Obama administration had sought to delay both measures, though the president never threatened a veto, and President-elect Donald Trump has yet to weigh in on either bill. But the bills are a message from the House that it favors a strict approach to dealing with Tehran and international powers helping Syria’s government target civilians in that country’s civil war — even if the White House would rather be left to its own devices.
Though the United States and other parties agreed last year to eventually lift certain sanctions on Iran in exchange for Tehran scrapping its nuclear program, lawmakers on both sides of the aisle have long argued that an extension of the ISA is necessary to ensure that there are punitive measures to “snap back” to if Iran violates its obligations under the nuclear deal.
Since then, the Obama White House has indicated that it thinks the ISA is unnecessary, asserting that the president already has the authority to sanction Tehran over any violations of the deal, as well as over recent ballistic missile activity and other aggressive moves. Congressional leaders don’t accept this argument.
“The original understanding was that we would extend it so we would have snapback sanctions if we needed them,” House Foreign Affairs Committee Chairman Edward R. Royce (R-Calif.) said Monday. “That was the agreement, that we would have these in abeyance, we would have these in place and thus be able to assure enforcement.”
The ISA renewal does not change its terms — a choice that is expected to influence debate in the Senate, where there are three competing proposals to extend the law. In addition to a clean ISA renewal, there is a proposal from Senate Foreign Relations Committee Chairman Bob Corker (R-Tenn.) to supplement the extension with new sanctions related to ballistic missile tests, cyberthreats and espionage, and the activities of Iran’s Revolutionary Guard Corps, and another from Sen. Lindsey O. Graham (R-S.C.) to tie the ISA extension to $1.5 billion in aid for Israel. But it will probably be difficult for either to gain a filibuster-proof majority in the Senate, where most Democrats favor an unchanged ISA renewal akin to the House’s measure.
The House vote is also a signal to Trump, who campaigned on a promise that he would rip up the Iran deal when he took office, at one point even calling that his No. 1 priority as president. But in the week since his election, he has been backing away from that threat. Last week, Trump foreign policy adviser Walid Phares indicated that Trump would demand changes to the deal but would not scrap it entirely.
President Obama, who recently met with Trump about the transition, said Monday that he doubted that Trump would make changes to the deal, calling Iran “a good example of the gap, I think, between some of the rhetoric in this town — not unique to the president-elect — and the reality.”
“My suspicion is, is that when the president-elect comes in, and he’s consulting with his Republican colleagues on the Hill, that they will look at the facts,” Obama told reporters Monday. “When you are responsible for the deal and preventing Iran from getting a nuclear weapon, you’re more likely to look at the facts.”
Despite the GOP’s criticism of the Iran deal, which not a single Republican in Congress supported, Republicans don’t sound too eager for Trump to keep his promise to rip up the agreement. Instead, leaders are hoping that Trump takes cues from Congress about how to further squeeze Tehran.
“An alternative way is to ratchet up this pressure outside of the agreement … it doesn’t allow the world to say the United States ripped up this deal,” said one Republican congressional aide, who added that the GOP hoped Trump would lean into Iran with more sanctions and efforts to clamp down on cash payments. The GOP has argued that a payment of about $1.7 billion that the Obama administration sent Iran to settle an outstanding tribunal judgment was “ransom” because it was timed to coincide with the release of American prisoners being held in Tehran.
The House has already passed measures to restrain Iran in all of those areas, and on Wednesday, it will probably add one more to the mix when it votes on a bill to prevent Boeing from sending planes to Iran. Obama has already promised to veto that measure.
But first, House lawmakers voted on a measure to impose new sanctions on Syrian President Bashar al-Assad and anyone, including Iran and Russia, who supports his government’s efforts to acquire weapons to be used in Syria’s civil war.
The purpose of the measure is to compel an international response to the targeting of civilians, documented by a defector who took tens of thousands of pictures depicting the mass murder of civilians and torture practices.
But by looping Russia into the category of regimes that would be targeted by the new sanctions, the House risks running afoul of the incoming Trump administration, which has advanced a friendlier posture toward Russia and espoused a more hands-off strategy vis-à-vis Syria.
Trump has not weighed in on the bill. House GOP leaders were adamant this week that any differences between them and their president-elect over their approach to Russia would not create discord over this bill.
“Regardless of people’s perception about a given regime, or how we approach the conundrum of Syria, there’s going to be consensus on the books to call to account those who committed the war crimes of this magnitude,” Royce said Monday. “Regardless of perspectives on Syria, there’s some unanimity of opinion in sending a message on this kind of conduct.”House Speaker Paul D. Ryan (R-Wis.) added in a statement Tuesday that he was “glad the White House has stopped blocking these critical sanctions, which are a necessary response to Assad’s crimes against humanity.” Read More
"As national Co-Chair of the Congressional App Challenge, Congressman Royce has led the charge in promoting STEM and computer coding education in our schools. Over 2100 students creating 650 apps participated in this year's Challenge, a 20% jump from last year," said Melissa Medina, Congressional Affairs Director for the Congressional App Challenge.
Second place was awarded to Troy High School's Neil Prajapati for his app "AntiStipulator" and Ayala High School's Noah Allen, Justin Harsono, Jeffrey Hsu, and Ramakrishna Senthil for their app "TuteeMe."
Third place was awarded to Los Altos High School's Aum Brahmbhatt, Tiffany Liao, and Breeze Hernandez for their app "BrainTrain."
A panel of independent judges determined the winning team of the competition that featured mobile applications created by students from California's 39th Congressional District. Judging was based on factors such as quality of the application's operations, implementation of the application's concept, and demonstrated excellence of coding and programming skills.
The winning student developers and Los Altos High School will have Election Connection displayed in the United States Capitol alongside winning submissions from around the nation.
Free Grant Seminar For Nonprofit Organizations
Hosted by the Office of Representative Ed Royce (CA-39)
in conjunction with CSUF’s Gianneschi Nonprofit Summer School
Date: Wednesday, August 17, 2016
Time: 1:00 PM to 4:00 PM
Location: California State University, Fullerton Mihaylo College of Business and Economics, SGMH 1406
2550 Nutwood Ave. Fullerton, CA 92831
Parking and Directions here.
R.S.V.P. required here.
Programs for Nonprofit Organizations
Grant Assistance from Representative Ed Royce
U.S. Representative Ed Royce (CA-39) invites you to attend the:
Congressional App Challenge STEM Competition
2016 Exhibit and Awards Ceremony
Date: Wednesday, February 17, 2016
Time: 7 PM PST
Location: Richard Nixon Presidential Library and Museum
Address: 18001 Yorba Linda Blvd., Yorba Linda, CA 92886
- Discover the winners of the 2016 STEM Competition
- View innovative mobile apps created by CA-39's brightest minds
Featured speakers include:
Marc Fischer, CEO and Co-Founder of Dogtown Media
LTC Dennis Sugrue, L.A. Deputy Commander of the U.S. Army Corps of Engineers
Tom Ward, CTO of MEDL Mobile
Competition judges include:
Nanxi Liu, CEO and co-founder of Enplug, Inc.
Simon Evans, professional civil engineer and certified floodplain manager
Dr. Keun-Hang Susan Yang, Ph.D, Director of International Science Programs and Professor of Computational Biology/Neuroscience and Bioscience at Chapman University
Laurie Smith, Program Manager at Science@OC
Chi Ni, Founder of Straight A, Inc.
RSVP to Stephanie Hu at Stephanie.Hu@mail.house.gov or (626) 964-5123. More event details can be found here.
Webinar participants will learn how MIT App Inventor can help you design, build, and submit an Android app just in time for the April 30th STEM Competition deadline!Students entering the competition must submit their app’s source code online during the Competition Submission Period between 12 PM Eastern Standard Time on FEBRUARY 1ST, 2014, and 11:59 PM Eastern Daylight Time on APRIL 30TH, 2014, as well as provide a YouTube or VIMEO video demo explaining their app and what they learned through this competition process. Learn more about Rep. Royce's 2014 STEM Competition here or by following #2014RoyceSTEM on Facebook and Twitter. You can also download the Rep. Royce STEM Competition mobile app, available for free in the iTunes store (Android version coming soon).
On Monday, November 4th, Rep. Ed Royce, Chairman of the House Foreign Affairs Committee, will hold the Committee’s first field hearing to examine international human trafficking and to assess efforts to combat trafficking at the international, Federal, State and local levels. The hearing, entitled “Regional Perspectives in the Global Fight Against Human Trafficking,” will begin at 10:00 a.m. PT will be held in the Titan Student Union building on the campus of California State University, Fullerton.
Note: Earlier this year, Chairman Royce launched a Human Trafficking Congressional Advisory Committee (HTCAC), which is comprised of victims’ rights groups, local and federal law enforcement agencies, and community advocates. HTCAC meets on a monthly basis to address human trafficking concerns, as well as offer policy recommendations. In May, Chairman Royce convened a Committee hearing to examine local and private sector initiatives to combat international human trafficking.
Hearing: “Regional Perspectives in the Global Fight Against Human Trafficking”
California State University, Fullerton
Titan Student Union
800 N. State College Blvd.
Fullerton, CA 92834
For a campus map and parking information click HERE.
Monday, November 4, 2013
10:00 a.m. PT
The Honorable Luis CdeBaca
Office to Monitor and Combat Trafficking in Persons
U.S. Department of State
The Honorable Tony Rackauckas
Office of the Orange County District Attorney
Ms. Kay Buck
Executive Director and Chief Executive Officer
Coalition to Abolish Slavery and Trafficking
*Witnesses may be added.
***Important planning note for press covering hearing:
The hearing will be webcast at www.foreignaffairs.house.gov.
Members of the media must RSVP by Friday, November 1 at 12 p.m. to Audra McGeorge at email@example.com to receive credentials to cover the hearing from the press viewing area.
Following the hearing, there will be a media availability to discuss human trafficking.Read More
The event will feature Keynote speaker Rebekah Bell whose opinion piece in the Wall Street Journal on how she graduated from college debt-free offered important advice to students on avoiding crushing student loan debt. Additionally, the seminar will provide information about the Free Application for Federal Student Aid (FAFSA) program as well as other federal and private student loans, grants, and other financing options.
A member of Rep. Ed Royce's staff will be available for mobile office hours on Thursday, October 3rd in the Red Tailed Hawk Room in the City Clerk’s Office at Chino Hills City Hall (14000 City Center Dr.). Mobile office hours provide an opportunity for constituents to meet with Rep. Royce and his staff members for assistance with a variety of services and issues. Office hours on Thursday, October 3rd will be held from 9:00am - 4:00pm. Please call (909) 420-0010 with any questions.Read More
2185 Rayburn HOB
Washington, DC 20515
U.S. Representative Ed Royce (R) is serving his eleventh term in Congress representing Southern California’s 39th District, based in Orange, Los Angeles, and San Bernardino Counties. He and his wife, Marie, are longtime residents of Fullerton, CA.
Royce’s priorities in Congress are: addressing our national debt, protecting our homeland, eliminating pork-barrel spending, fighting crime and supporting victims of crime, strengthening education for all students, spurring job creation and strengthening Social Security and Medicare.
Royce has a strong history of public service. In 1982, he was elected to the California State Senate where he began his fight for victims’ rights. He authored the nation’s first anti-stalker law and versions of his bill have been adopted in all 50 states. He was also the legislative author and campaign co-chairman of California’s Proposition 115, the Crime Victims/Speedy Trial Initiative, approved by the voters in 1990. In Congress, Royce continues his fight for victims’ rights. He wrote and passed the Interstate Stalking Punishment and Prevention Act in 1996. This law makes it a federal crime to pursue a victim across state lines and enables law enforcement to intervene before violence occurs. Royce was active in passing AMBER Alert legislation in 2003, and legislation in 2004 to enhance rights for victims of crime. He currently is a member of the Victim’s Rights Caucus.
For the 113th Congress, Royce was selected to be Chairman of the House Foreign Affairs Committee. Royce has served on the Committee since entering Congress in 1993. Immediately prior to becoming Chairman of the Committee, Royce served as Chairman of the Subcommittee on Terrorism, Nonproliferation, and Trade and a member of the Subcommittee on Asia and the Pacific.
As a senior member of the House Financial Services Committee, Royce sits on two Subcommittees: Capital Markets and Government Sponsored Enterprises, and Insurance and Housing. Royce has served on the conference committees for some of the most significant legislation in the financial services arena. For more than a decade Royce has called for a stronger federal regulator to limit Fannie Mae and Freddie Mac’s excessive risk taking at the expense of taxpayers. In 2003, he was the first member of Congress to write legislation calling for a single regulator under the Treasury Department for the three housing government sponsored enterprises: Fannie Mae, Freddie Mac, and the twelve Federal Home Loan Banks.
Royce has consistently earned honors and awards from the National Taxpayers Union, Citizens Against Government Waste, National Federation of Independent Businesses, Watchdogs of the Treasury, Americans for Tax Reform, U.S. Chamber of Commerce, United Seniors Association, 60 Plus, American Share Holders Association, Citizens for a Sound Economy and the Small Business Survival Committee.
A California native, Royce is a graduate of California State University, Fullerton, School of Business Administration. Prior to entering public service, his professional background includes experience as a small business owner, a controller, a capital projects manager, and a corporate tax manager for a Southern California company. Royce and his wife, Marie, have been married for 28 years.
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‼️➡️ Today, the House will vote on the most significant reforms to California water policy in 25 years.
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After months of negotiations between California House Republicans and Senator Dianne Feinstein, the House has passed landmark legislation to
Wrote and sent Christmas cards to our troops overseas today. Wished them all the best for the holiday season.
Both the House and Senate have passed my 10-year extension of sanctions on Iran. Next stop for the bill: the President's desk.
As a proud California State University, Fullerton alum, it was an honor to take to the floor of the House of Representatives to speak about Owen
Celebrating the holidays and a great milestone for the City of Chino Hills - its 25th Year Anniversary!