Washington, D.C. – Today, U.S. Representative Ed Royce (R-CA), circulated draft legislation, the Anti-Money Laundering Modernization Act, which strengthens the United States anti-money laundering (AML) and countering terrorism financing (CTF) system. Rep. Royce is seeking comments from stakeholders and bipartisan support to move this bill forward.
“Our nation’s anti-money laundering and countering terrorism financing regime has been a 40-year work in progress and there is increasing recognition that it needs to be modernized,” said Rep. Royce. “The guiding principle of our anti-money laundering regime must be to protect the national security of the United States and our allies, as well as the integrity of the international financial system. In order to accomplish this end, our regulatory infrastructure must keep pace with the times. Criminal syndicates, rogue nations and terrorist networks are not sitting idly by, and neither can we.”
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 this draft legislation, 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. The draft bill furthermore 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 is a senior member of the House Financial Services Committee. Full text of the draft bill can be viewed HERE and a section-by-section HERE. Rep. Royce gave keynote remarks at the Bipartisan Policy Center this week about his efforts to curb money laundering and terrorist financing. You can watch his remarks HERE.
WASHINGTON, D.C. — Today, Representative Ed Royce (R-CA) questioned witnesses on his legislative proposal to protect and bolster consumer access to credit during a Financial Institutions and Consumer Credit Subcommittee Hearing entitled “Legislative Proposals for a More Efficient Federal Financial Regulatory Regime.”
“Thank you Ms. Fortney, I think Congresswoman Maloney made a point there. Perhaps I could ask on my time. Ms. Fortney, would you respond to the Congresswoman’s question?” said Rep. Royce.
“I would be glad to. The Consumer Financial Protection Bureau has brought action under its authority to deal with unfair or deceptive acts or practices. There is nothing in the Royce bill that addresses that at all that would interfere in any way. What the bill would do would simply let the FTC and consumers pursue the rights and protections of consumers under the credit repair organization act it does not in any way interfere with the ability of the CFPB to enforce the law,” answered Anne Fortney, Partner Emerita, Hudson Cook LLP.
“Thank you and I’ll continue with another point here. CROA is a law that protects consumers from the predatory practices of credit repair organizations. It does this by requiring written contracts, statutory disclosures, a cooling-off periods, a prohibition on prepayment under what we’re doing here with the Credit Service Protection Act, what we propose is leaving CROA in place for credit repair while changing the regulatory regime, for what? For credit education. That’s the point. We’ve tried to strike the right balance. On one hand offering a clear path to better financial literacy for consumers, while maintain the strong consumer protection by the FTC, by the CFPB, and by the state Attorneys General. So, how would consumers continue to be protected under this provision? Can the bad actors that offer predatory forms of credit repair simply use this law to escape CROA liability? No, but I will ask Mrs. Forte if she wanted to reply?” asked Rep. Royce.
“I would be glad to because that’s one of the misconceptions about this bill, that somehow companies that actually engage in credit repair could use this regulatory framework within the Federal Trade Commission to evade compliance with CROA. Actually in order to be certified and registered as an authorized credit services provider, there has to be a determination by the Federal Trade commission that you don’t engage in credit repair. I can say that there is no agency or entity in America that is better qualified to determine whether somebody’s engaging in credit repair or not. The FTC has successfully and vigorously enforced CROA for the last 20 years. What this bill does is create a separate regime, a separate framework, under the supervision of the FTC. One of the objections was that somehow credit repair organizations would apply in mass--I think it would take the FTC five minutes to determine if somebody is in fact a credit repair organization, or if somebody is an entity that actually wants to provide individualized consumer education; products and services; and identity theft protection services. The FTC would very carefully review the qualifications and the business of each of these entities. It would require a three day cancellation period. It would require a notice. I think there is concern also about whether this notice would be clear and conspicuous. You know the FTC has developed the standards for what’s clear and conspicuous--they’re going to know if the notice is clear and conspicuous. These companies that want to be authorized service providers would in fact subject themselves to very close scrutiny by the FTC. I think this would enhance the protections for consumers with respect to credit education and identity theft protection products,” answered Ms. Fortney.
“I’ll throw another point out there for Mr. Quaadman because your members provide credit to millions of Americans who want to buy a house or a car or to finance education and so forth. In previous testimony, we heard from the Economic Research Council, personalized credit education materially benefits consumers, and 23% of consumers improved and moved up score bands such as from subprime to near prime or to prime, after receiving personalized credit education from a national credit bureaus. What then does access to credit education mean for consumers from your standpoint?” asked Rep. Royce.
“You know Mr. Royce I think you’re exactly along the right lines that consumers are much more savvy and understand they need to stay on top of their credit scores and be much more aware of what is impacting their financial situation. To the extent that we can help educate consumers to be better informed and to better use tools to protect their credit scores they’re going to be not only better consumers they’ll be better entrants into the financial system,” responded Thomas Quaadman, Executive Vice President, Center for Capital Markets Competitiveness, U.S. Chamber of Commerce.
“Mr. Chairman, I'd like to ask for unanimous consent to submit for the record, nine letters of support for my draft legislation, including from the Coalition to Improve Credit Education, the National Black Caucus of State Legislators, the National Bankers Association, the Policy and Economic Research Council, the U.S. Chamber of Commerce, and the U.S Hispanic Chamber of Commerce,” said Rep. Royce.
WASHINGTON, D.C. – U.S. Representative Ed Royce (R-CA) released the following statement on the DACA (Deferred Action for Childhood Arrivals) immigration policy:
“The status of eligible DACA recipients should not change from one administration to the next. Congress should act now to provide a permanent, legislative solution that gives certainty to these kids. We should not deny residence to children who have only known America as their home, positively contributed to this great country, and passed a background check.”
Rep. Royce meeting with Henry Cheng, Acting Chairman and CEO of 85℃USA Division.
TAIPEI, TAIWAN – This week, U.S. Representative Ed Royce (R-CA) met with several leaders from the Taiwanese government and local businesses, including 85°C Bakery, as part of a U.S. delegation trip to highlight the positive economic cooperation that exists between Taiwan and the United States. After the meeting, Rep. Royce released the following statement:
“The successful economic partnership between the United States and Taiwan continues to play a major role in bringing jobs to Southern California. Thriving businesses, like 85°C, have introduced Taiwanese-style bakery products to a mainstream audience while creating roughly 1,000 jobs in my home district. The success of 85°C is a phenomenon that has swept the country and I’m thrilled to learn that they plan to continue growing and providing more job opportunities in California. With our shared values of democracy and open markets, it is more critical than ever that we continue to cultivate this positive economic relationship.”
Note: Chairman Royce also met with CH Biotech, headquartered in Ontario, California, a Taiwanese company that is a leading producer of non-toxic agricultural products that help farmers grow more produce.Read More
TAIPEI, TAIWAN - Today, U.S. Representative Ed Royce (R-CA), Chairman of the House Foreign Affairs Committee, applauded China Airlines’ announcement that they will evaluate the launch of direct flights from Taoyuan, Taiwan to Ontario, California. After the announcement, Rep. Royce released the following statement:
“Since Taiwan was granted visa waiver status--something I championed--travel between our two countries has increased by 50 percent. The demand for these flights, not only for family and friends to visit one another but for business opportunities, is high. That is why I have been working to secure direct flights from Taoyuan to Ontario for some time.
“There is no question, Taiwanese entrepreneurs are contributing to jobs and economic growth in Southern California. Today’s announcement is welcome news, one that I hope will lead towards further increasing trade and investment opportunities for both the U.S. and Taiwan.”Note: Chairman Royce, currently in Taiwan, is leading his fifth delegation to Taiwan since becoming Chairman of the House Foreign Affairs Committee. Read More
|Rep. Royce and members of the U.S. delegation met with the Mayor of Taoyuan, Cheng Wen-tsan (pictured third from left), and China Airlines Chairman Ho Nuan-hsuan (pictured far right).
Rep. Royce and Mayor Cheng Wen-tsan seated in a China Airlines simulator.
TAOYUAN, TAIWAN – During his first day in Taiwan, U.S. Representative Ed Royce (R-CA) met with the Mayor of Taoyuan, Cheng Wen-tsan, to discuss expanding Taiwanese investment in the U.S. Rep. Royce was joined by China Airlines Chairman Ho Nuan-hsuan during the meetings to discuss China Airlines’ plans to expand direct flights from Taoyuan to Ontario Airport. After the meeting Rep. Royce released the following statement:
“I am grateful to Mayor Cheng for extending such a warm welcome to the U.S. delegation. As Taiwan’s gateway to the world, I know that Mayor Cheng understands the importance of the free flow of tourism, goods, and services. I look forward to strengthening the long-standing relationships between American businesses and Taiwan that serve as a win-win for our economies.”Read More
SEOUL, SOUTH KOREA – Today, U.S. Representative Ed Royce (R-CA) met with leaders from CJ Group and SPC Group to discuss expanding U.S. trade opportunities and establishing new partnerships in South Korea. After the meetings, Rep. Royce released the following statement applauding the announcement by both companies to expand investment in the United States—including facilities in Fullerton, California—over the next several years:
“I could not be more thrilled to see these thriving businesses invest resources, and most importantly, bringing jobs into the United States. The impact of CJ Group and SPC Group on the U.S. economy cannot be denied. As one of the first supporters of KORUS FTA, I’m proud of the positive impact that our economic alliance with these companies is having on the people of Southern California, and I know that success stories like these will continue to grow in local communities throughout the U.S.”
The announcement by CJ Group today included exploring the following investment opportunities through its U.S. subsidiaries over the next several years:
During the meeting with Rep. Royce, SPC Group Chairman Hur Young-in announced that the company is planning to increase the number of Paris Baguette stores in operation in the U.S. to 300 by 2020 creating up to 10,000 new jobs.Read More
Chairman Royce and delegation visit President Moon at the Blue House.
SEOUL, SOUTH KOREA –Today, House Foreign Affairs Committee Chairman Ed Royce (R-CA) and a bipartisan delegation met South Korean President Moon Jae-in at the Blue House. Over the coming days, the delegation will sit down with a number of key government and private sector officials for discussions on national security, trade, and business development.
After the meeting, Chairman Royce said: “It was good to meet with President Moon again at this important time. The United States has a great friend in South Korea, and our continued partnership is vital to the peace and stability of the Korean peninsula. As Kim Jong Un’s threats grow, we must strengthen the bonds between our two countries – including trade that provides good jobs for both Americans and South Koreans.”
Members of Chairman Royce’s bipartisan delegation:
Washington, D.C. – U.S. Representative Ed Royce (R-CA) issued the following statement welcoming Pastor Nguyen Cong Chinh – who was sentenced by a Vietnamese court to 11 years in prison for leading a Christian congregation in Vietnam – to his district office in Rowland Heights, California:
“Today is a great day for religious freedom. It is a blessing to greet Pastor Nguyen Cong Chinh in person after his release from prison and his family’s safe arrival in the United States. Despite the unthinkable harassment, torture, and imprisonment he suffered under Vietnam’s communist government, Pastor Chinh never lost faith in fighting for the rights of his congregation to worship freely. Pastor Chinh’s sacrifice shines as a beacon of hope and strength to millions around the world who still lack even the most basic of human rights.”
Nguyen Cong Chinh is an evangelical pastor originally from the Quang Nam province, and has lived in the Central Highland provinces of Kon Tum and Gia Lai since 1985. Over the past three decades Pastor Chinh has been subjected to beatings and his family was continually harassed for simply practicing their faith.
Following Pastor Nguyen's arrest in 2011, Representative Royce sent a letter to President Truong Tan Sang of Vietnam raising the case of Pastor Nguyen Cong Chinh and to Secretary of State John Kerry requesting that Vietnam be returned to the list of countries of particular concern. He also introduced legislation calling on the Department of State to re-list Vietnam as a country of particular concern and to sanction the communist government for its violations of human rights – as well as urging President Obama and President Trump to raise human rights concerns in meetings with leaders of the Vietnamese government.
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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