WASHINGTON, D.C. — Today, Representative Ed Royce (R-CA) released the following statement after the House passed H.R. 1, the Tax Cuts and Jobs Act, legislation that will lead to new job-growth, more take-home pay, and a stronger American economy:
Impact of the Tax Cuts and Jobs Act on California:
Overview of the Tax Cuts and Jobs Act:
WASHINGTON, D.C. – Today, the House passed H.R. 2874, the 21st Century Flood Reform Act, which incorporates a number of reforms authored by Rep. Royce including language aimed at decreasing the number of repeatedly flooded properties and a provision mandating better disclosures to consumers about flood risk before the sale of a house.
Rep. Royce gave the following remarks (as prepared for delivery) in favor of the bill’s passage:
“I rise in strong support of the 21st Century Flood Reform Act. I would like to congratulate Chairman Hensarling and Chairman Duffy on putting forward a bill that has brought together the Montagues and Capulets. A bill supported by the environmental community, taxpayer advocates, conservative think tanks, affordable housing groups, reinsurers, and insurers.
“I set two priorities as we looked to reauthorize the National Flood Insurance Program: To provide better disclosure to consumers about flood risk and decrease the number of repeatedly flooded properties. This bill accomplishes both.
“Section 108 of the bill includes language I authored, which will provide information to homebuyers about past flood events, damage, insurance claims, and any obligation to carry flood insurance. The National Association of Realtors supports this common-sense approach.
“Section 402 of the bill includes the bipartisan Repeatedly Flooded Communities Preparation Act, sponsored by Rep. Earl Blumenauer and myself. Repeatedly flooded properties comprise less than two percent of NFIP policies, while accounting for one third of all claims. Responsible, community driven mitigation is a win-win proposal; one which will help make our neighborhoods stronger and address the fiscal footing of the overall program.
“Finally, Mr. Speaker, I would particularly like to thank the Pew Charitable Trusts’ flood-prepared communities initiative’ for their support of our reform efforts. I urge passage of the underlying bill, and I yield back.”
Repeatedly Flooded Communities Preparation Act: The bill requires communities participating in the NFIP with a significant number (50 or more) of repeatedly flooded properties to reduce flood risk rather than continually rebuilding. Communities would be required to map repeatedly flooded areas and create a unique plan to lower flood risk, including identifying areas that need drainage improvements, and areas that could be part of a voluntary buyout program or other mitigation efforts. The bill also sets deadlines for FEMA to develop criteria to govern these plans and determine any appropriate sanctions for failure to act.
The Homeowners’ Flood Risk Disclosure and Transparency Act: The bill requires those who sell or lease a property to disclose available information to consumers about past flood events, known flood risks, and obligations to carry flood insurance. This will provide current and potential homeowners with the information necessary to accurately assess flood hazards and history, foster interest in flood insurance, and promote investments in mitigation against future events.
In June of this year, the House Financial Services Committee passed legislation sponsored by Rep. Royce, H.R. 1558, the Repeatedly Flooded Communities Preparation Act. The original press release can be found HERE.
WASHINGTON, D.C. – Today, U.S. Representatives Ed Royce (R-CA) and Vicente Gonzalez (D-TX) introduced H.R. 4373, the bipartisan Anti-Money Laundering and Counter-Terrorism Financing Modernization Act or the AML and CTF Modernization Act which strengthens the United States anti-money laundering (AML) and counter-terrorism financing (CTF) system.
“Financial criminals and terrorists have evolved in the decades since our anti-money laundering regime was built but our regulatory structure hasn’t kept pace,” said Rep. Royce. “By some estimates, nearly 70 percent of spending on AML compliance is focused on inputs over outcomes. This does little to thwart criminal syndicates, rogue nations, and terrorist networks but it strips away resources that could be better spent on new technologies and other innovations to support national security. The AML and CTF Modernization Act will refocus our regime on quality over quantity, providing new tools to assist law enforcement.”
Rep. Royce also echoed previous calls for passage of legislation to combat anonymous shell companies involved in money laundering saying, “Tackling beneficial ownership is an essential part of comprehensive reform.” Specifically, he is a cosponsor of the bipartisan Corporate Transparency Act, sponsored by Reps. Carolyn Maloney (D-NY) and Peter King (R-NY).
“Money laundering poses a serious threat to the legitimacy and stability of our local, national, and international financial institutions,” said
Rep. Gonzalez. “The Anti-Money Laundering and Counter Terrorism Financing Modernization Act establishes a protocol that allows banks to share targeted information without liability; requires regulators to produce rulings that will advance financial institutions’ ability to abide by Anti-Money Laundering and Counter-Terrorism Financing regimes; and will require the U.S. Department of the Treasury to share helpful Anti-Money Laundering and Counter-Terrorism Financing intelligence that would empower our financial institutions to fight against money launderers. Enacting this important legislation will bolster the transparency and efficiency of our financial system while enhancing our ability to prevent money laundering schemes in a timely manner.”
In July, Representatives Royce and Nydia Velázquez (D-NY) sent a letter to the Treasury Secretary with several recommendations for improving the U.S. AML regime. Several of their recommendations are contained in the legislation introduced today, including adjusting for inflation the thresholds for filing suspicious activity reports (SARs) and currency transaction reports (CTRs) which haven’t been updated since 1996 and 1972, respectively. Doing so would reduce the number of filings which now total over 55,000 per day and allow FinCEN to prioritize those of the highest law enforcement and national security consequence.
H.R. 4373 would expand the ability of financial institutions to share suspicious activity reports within their organization to improve enterprise-wide risk management and require the Treasury Department to improve qualitative feedback for financial institutions and Federal financial regulators on their AML/CTF efforts. Lastly, the legislation would improve FinCEN’s administrative rulings process and require Treasury to explore the potential for artificial intelligence, machine learning, and other technologies to help detect and prevent money laundering and terrorist financing. Rep. Royce gave keynote remarks at the Bipartisan Policy Center in September about his efforts to curb money laundering and terrorism financing. You can watch his remarks HERE.
Last week, Rep. Royce questioned the Treasury Department’s Under Secretary for Terrorism and Financial Intelligence, Sigal Mandelker, at a Subcommittee hearing where he asked her about adjusting the threshold for SARs and CTRs, to which the Under Secretary responded by calling on Congress to go even further, saying “I think it’s time for us to revisit the [anti-money laundering] regime writ large. We have to get out of the 1970s and the 1990s and move way past 2017…” You can watch the video from that hearing HERE.
Rep. Royce is Chairman of the House Foreign Affairs Committee and both Rep. Royce and Rep. Gonzalez are members of the House Financial Services Committee. Full text of the bill can be viewed HERE and a section-by-section can be found HERE.Read More
“Military families throughout Orange County are very familiar with Bridget Blehm and the incredible work she has done serving as Executive Director of For Families of Active Military (FFAM). For more than a decade, Bridget has provided hope and support to active military and their families when they needed it the most. As a Civilian Aide to the Secretary of the Army, Bridget is the ideal candidate to support and advocate for U.S. Army soldiers, veterans, and families of Southern California.”
Rep. Royce endorsed Bridget Blehm’s nomination to serve as a Civilian Aide to the Secretary of the Army (CASA) and submitted a letter of support which can be found HERE.
(Courtesy of For Families of Active Military)
WASHINGTON, D.C. — This week, Representative Ed Royce (R-CA) participated in a Housing and Insurance Subcommittee Hearing Entitled “Sustainable Housing Finance: Private Sector Perspectives on Housing Finance Reform – Part II.” During the hearing, Rep. Royce advocated for two of his bills aimed at increasing private sector involvement in the secondary housing market and improving the structure and transparency of PACE loans.
“Housing finance reform remains the great undone work of the financial crisis. A nationalized mortgage market is an unsustainable status quo. Sadly, the situation we find ourselves in today was a predictable one. In 2003, I introduced legislation, and again in 2005, in the form of an amendment, which would have reigned in the GSEs, allowing them to be regulated for systemic risk.
“Alan Greenspan backed the amendment. But it was not enough to overcome the outsized political pressure brought by the GSEs themselves. While claiming that Fannie and Freddie posed no threat to the financial markets and the systemic risk was “a theoretical term,” the opponents of my amendment won that day.
“But they do not have to win today. We have a chance to learn from the past and put to rest the model of private gains and public losses once and for all. Increasing private sector involvement in the secondary housing market – through increased credit risk transfer and a truly common securitization platform – is the first step in preventing another bailout paid for by American taxpayers.”
Rep. Royce went on to question witnesses participating in Thursday’s hearing asking, “Mr. Stevens, as you know, along with Rep. Gwen Moore, I have put forward bipartisan legislation that would direct 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. When FHFA Director Watt appeared before this Committee, in early October, he told me that they are looking to encourage more front-end credit risk transfers at Fannie & Freddie. How do you think they intend to accomplish this goal? Do you think deeper mortgage insurance is part of the equation?”
David H. Stevens, President and Chief Executive Officer, Mortgage Bankers Association replied, “Credit risk transfers are critical to almost every model being presented going forward. To date, the credit risk transfer model has mostly been in the form of structured finance through CRT executions that have taken place. We believe in order to have a truly functioning deep first-loss credit enhancement market you need to utilize both institutional risk transfers via mortgage insurance and reinsurance markets as well as structured. FHFA should be directed to do this sooner rather than later because we believe ultimately proving that point will bring more capital into the markets—both good and bad—regardless of whether credit spreads are wide or narrow. It’s something we encourage FHFA to pursue and we appreciate your efforts to try and do the same.”
“Mr Goodwin, in your testimony you highlight the work SFIG has done around the revitalization of the PLS market. Outside of lowering conforming loan limits, can you highlight some of the recommendations you have that we, as legislators, can undertake to help?” asked Rep. Royce.
Dan Goodwin, Director of Mortgage Policy, Structured Finance Industry Group responded saying, “There are three broad areas that need focus. One is an industry focused area of providing alignment of interest. Defining clear roles and responsibilities is part of the undertaking that SFIG is doing under its RMBS 3.0 umbrella. That is an industry self-regulating piece. We should continue the work we have been doing over the last several years with prudential regulators and the CFPB to clarify liability around investors, and to tailor regulatory and capital rules to better suit the products we are working with. Finally, we should continue to work to reduce the GSE footprint.”
“Mr. Stevens, as you know, Rep. Sherman and I share some of your criticism of the PACE Loan program. On the face of it, helping homeowners improve energy efficiency is a good thing. But the structure of these loans and sales practices have raised some concerns - what role should the GSEs play in addressing these concerns?” asked Rep. Royce.
David H. Stevens replied, “The PACE program we view as a danger to the average home owner. One of the problems is that it’s not a loan, it’s a tax assessment which means it’s not subject to the traditional consumer disclosures and protections that have been established under the CFPB’s consumer disclosure requirements. As a result it creates an opportunity for a cottage industry of whoever can invent the next energy enhancement without oversight can go sell it to consumers who may have no idea whether the value is there. It also takes first lien rights after the fact. Our view is that the GSE’s should be forbidden from allowing the PACE loan in their portfolio as well as the FHA.”
Kevin Brown, Chair, Conventional Financing & Policy Committee, National Association of Realtors added, “I totally agree. There needs to be a consumer educational component. Most consumers that get PACE loans don’t understand what they are. It does take a first lien holder position. I very much agree with Mr. Stevens.”
|The office of U.S. Representative Ed Royce (R-CA) is hosting a wildfire assistance seminar for local residents living in the 39th Congressional District. This past year, Southern Californians have experienced some of the worst wildfires in recent history. In response, Rep. Royce has brought together organizations including FEMA, the California Governor's Office of Emergency Services, and the Small Business Administration to provide critical resources for homeowners and small businesses who want to learn more about financial assistance and fire preparedness.
The seminar will be held on Friday November 10, at 4:00 PM at the East Anaheim Community Center. General attendees can RSVP by clicking here.
Those interested in further details on the event may contact Alison Martin in Rep. Royce's office at (714) 255-0101 or Alison.Martin@mail.house.gov.
WHAT: Wildfire assistance seminar for local residents living in the 39th Congressional District.
WHO: Hosted by the office of Representative Ed Royce, FEMA, the California Governor's Office of Emergency Services, the Small Business Administration and other local organizations.
WHEN: Friday November 10, at 4:00 PM
WHERE: East Anaheim Community Center, 8201 E. Santa Ana Canyon Road, Anaheim, CA 92808
WASHINGTON, D.C. — Today, Representative Ed Royce (R-CA) released the following statement after the House passed H.R. 2936, the Resilient Federal Forests Act, bipartisan legislation aimed at streamlining resources for federal agencies to proactively prevent wildfires before they occur:
H.R. 2936 would implement a series of reforms to how the Forest Service manages and administers national forests and grasslands. The bill would reduce project planning times, the cost of implementing forest management projects, and would simplify environmental requirements. Additionally, this legislation would include “wildfire on federal lands” within the definition of a major disaster under the Stafford Act which provides assistance to states during declared emergencies. Click HERE to read the full text of the legislation.
Last year, Rep. Royce asked the leadership of the U.S. Senate to consider changes to how Congress funds the U.S. Forest Service and Department of Interior's wildfire fighting operations. In the letter, signed by 57 other members of the House, Rep. Royce highlighted the nearly $700 million federal land agencies borrowed from land management and other important activities to fight wildfires during 2015. That letter can be found HERE.
WASHINGTON, D.C. — Today, Representative Ed Royce (R-CA) released the following statement in response to a protest held outside his Brea office:
“I condemn in the strongest possible terms any and all violence. There is no room for physical confrontation or actions that put lives at risk. My staff and I remain committed to meeting with all constituents who wish to voice their opinions in a civil and respectful manner.”
Rep. Ed Royce met with Filipino veterans of World War II during Wednesday's Congressional Gold Medal Ceremony including Celestino Almeda pictured above.
|WASHINGTON, D.C. — Today, Representative Ed Royce (R-CA) joined House and Senate leadership at the U.S. Capitol to present a Congressional Gold Medal in honor of Filipino veterans of World War II for their service and sacrifice during the war.
Rep. Royce had the pleasure of hosting two Southern California families who attended today’s ceremony as surviving relatives of Filipino veterans of World War II. The family members included Clarita Prepuse Quinto—daughter of veteran Marcos Prepuse—and her husband Alfred Quinto, and Dalmacio B. Calas—son of veteran Pedro Calas—and his wife Celia L. Calas.
| Below are highlights of Rep. Royce’s remarks (as prepared for delivery):
“It is an honor to be a part of today’s ceremony recognizing the valor and sacrifice of the Filipino Veterans of World War II. This unsung group of heroes fought courageously for the defense of our country during one of the most important periods of American history. Their valor and patriotism is deserving of the highest civilian recognition from the U.S. Congress.
“Some of the most significant contributions made by these veterans came when our nation needed them most. In 1941, more than 250,000 Filipino soldiers responded to President Roosevelt’s call-to-arms to fight under the American flag. 16,000 Filipinos enlisted from in my home state of California, and subsequently the United States Army’s 1st and 2nd Filipino Infantry Regiments were organized in California.
“The contributions of the Filipino World War II veterans are an important part of our American military history, and their accomplishments deserve the foremost recognition, a Congressional Gold Medal of Honor.
“To these brave veterans of World War II and their surviving family members, thank you for your service and sacrifice. We honor your service by working towards a better world.”
On November 30, 2016, the House passed bipartisan legislation recognizing Filipino veterans of World War II and collectively awarding them the Congressional Gold Medal.
WASHINGTON, D.C. — Today, Representative Ed Royce (R-CA) released the following statement after the House passed S. 504, the Asia-Pacific Economic Cooperation Business Travel Cards Act, legislation to permanently reauthorize the U.S. Asia-Pacific Economic Cooperation (APEC) Business Travel Card Program:
“In order to keep California’s businesses competitive, it is critical to provide resources that improve access to growing markets. The APEC Business Travel Card program allows California businesses—which have deep ties with Asia-Pacific partners—to better compete in a 21st century global economy by allowing Travel Card holders expedited clearance at ports of entry in the 21 APEC member economies. Fast-track lanes allow American business travelers to reduce their cost of travel overseas while at the same time improves security at our ports of entry. The APEC Travel Card means increased opportunity and jobs right here in Southern California.”
The U.S. Asia-Pacific Economic Cooperation (APEC) Business Travel Card Program provides access to fast-track immigration lanes at airports for travelers who conduct verified business in the APEC region while maintaining the Department of Homeland Security’s authority to revoke an individual’s card if there is a sufficient security justification.
APEC, a forum of 21 Pacific Rim economies including the U.S., created the ABTC program in 1997, and the U.S. started issuing cards to eligible Americans in 2014 after Congress passed the APEC Business Travel Cards Act in 2011. This program does not use any taxpayer money and facilitates travel for verified individuals who have enrolled in a trusted traveler program.
The full text of the legislation is available here.
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 firstname.lastname@example.org 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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