U.S. Representative Ed Royce

39th District of California
 
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  • Bipartisan Repeatedly Flooded Properties Insurance Reform Introduced
    Posted in Press Releases on March 16, 2017 | Preview rr
    Tags: Financial Services

    Today, U.S. Representatives Ed Royce (R-Calif.) and Earl Blumenauer (D-Ore.) introduced H.R. 1558, the Repeatedly Flooded Communities Preparation Act. The bill aims to limit the financial resources expended by the National Flood Insurance Program (NFIP) on claims for properties flooded multiple times: “A tiny number of properties that are flooded and rebuilt over-and-over again are responsible for a massive chunk of the indebted NFIP's spending. Any serious effort by Congress to reform the Progr... Read more

  • Royce Pushes for Better Flood Risk Mitigation and Transparency
    Posted in Press Releases on March 16, 2017 | Preview rr
    Tags: Financial Services

    Today, U.S. Representative Ed Royce (R-Calif.) questioned expert witnesses about his proposal to help local communities mitigate flood risk and ways to increase transparency in flood insurance coverage for homeowners during a Housing and Insurance Subcommittee hearing entitled “Flood Insurance Reform: A Community Perspective." “Mr. Hecht, you testified that, ‘Of course, no private market provider will choose to write FEMA’s severe repetitive loss properties.’ And really that’s no surprise, becau... Read more

  • Royce Highlights Need for More Mitigation and Transparency in National Flood Insurance Program
    Posted in Press Releases on March 9, 2017 | Preview rr
    Tags: Financial Services

    Today, U.S. Representative Ed Royce (R-Calif.) questioned a witness from the Federal Emergency Management Agency (FEMA) about the need for greater flood risk mitigation and transparency during a Housing and Insurance Subcommittee hearing entitled “Flood Insurance Reform: FEMA’s Perspective.” “My question is sort of a follow up on the Chairman’s question concerning repetitive loss properties. I actually have bipartisan legislation with Mr. Blumenauer from Oregon on this. One of the things we seek... Read more

  • Royce Highlights Benefits of Covered Agreement
    Posted in Press Releases on February 16, 2017 | Preview rr
    Tags: Financial Services

    U.S. Representative Ed Royce (R-Calif.), Chairman of the House Foreign Affairs Committee and a senior member of the House Financial Services Committee, highlighted the benefits of enacting a U.S.-EU covered agreement during a Housing and Insurance Subcommittee hearing entitled “Assessing the U.S.-EU Covered Agreement.” “In my committees, there is a practical limitation, I usually only have three or four witnesses. But in this particular case, if we’re going to have a full conversation about this... Read more

  • Royce Questions Chair Yellen on Financial System Safety and Soundness
    Posted in Press Releases on February 15, 2017 | Preview rr
    Tags: Financial Services

    Today, U.S. Representative Ed Royce (R-CA) questioned Chair of the Federal Reserve Board of Governors Janet Yellen on bolstering the safety and soundness of the U.S. financial system through the CHOICE Act and housing finance reform during a House Financial Services Committee hearing entitled "Monetary Policy and the State of the Economy." “We know on the one hand, that overleveraged institutions are vulnerable to market shocks. We remember the consequences. If you look back at the overleveragin... Read more

  • Reps. Royce, Sinema, and Sewell Push for Credit Score Competition
    Posted in Press Releases on February 7, 2017 | Preview rr
    Tags: Financial Services, Homeowner Assistance

    Today, U.S. Representatives Ed Royce (R-CA), Kyrsten Sinema (D-AZ), and Terri Sewell (D-AL) introduced H.R. 898, the Credit Score Competition Act. The bill enables Fannie Mae and Freddie Mac to consider alternative credit scoring models when making mortgage purchasing decisions. “Alternative credit score consideration by the GSEs is a win-win: it opens up the market in a responsible manner for those qualified to buy a home and eliminates the government-backed monopoly in credit scoring. That's w... Read more

  • Royce Assigned to Subcommittees on Financial Institutions, Consumer Credit, GSEs, and Insurance
    Posted in Press Releases on January 26, 2017 | Preview rr
    Tags: Financial Services

    U.S. Representative Ed Royce (R-Calif.) released the following statement after being assigned to the Financial Institutions and Consumer Credit Subcommittee and the Housing and Insurance Subcommittee by House Financial Services Committee Chairman Jeb Hensarling (R-Texas) for the 115th Congress: "Despite being almost a decade removed from the financial crisis, we still grapple with the same moral hazard that wreaked havoc on our economy. As a member of the Housing and Insurance Subcommittee, I'll... Read more

  • Royce: Covered Agreement Levels the Insurance Playing Field
    Posted in Press Releases on January 13, 2017 | Preview rr
    Tags: Financial Services

    U.S. Representative Ed Royce (R-Calif.), Chairman of the House Foreign Affairs Committee and a senior member of the House Financial Services Committee, released the following statement in reaction to the Office of the United States Trade Representative (USTR) and Treasury Department finalizing terms of a U.S.-E.U. covered agreement: "After the implementation of Solvency II which disadvantaged U.S. companies, this historic agreement gives American reinsurers the opportunity to compete on a level ... Read more

  • Rep. Royce Pushes for Accountability in SEC Rulemaking
    Posted in Press Releases on January 13, 2017 | Preview rr
    Tags: Financial Services

    U.S. Representative Ed Royce (R-Calif.) spoke on the House floor yesterday in support of H.R. 78, the SEC Regulatory Accountability Act. The bill calls for the Commission to measure rules and regulations against the economic cost of enforcement and eliminate redundant past rules. “What is the attempt in the [SEC Regulatory Accountability Act]? It is to make sure that the U.S. capital markets are unmatched in terms of their size, their depth, their resiliency, and their transparency. This SEC Reg... Read more

  • Reps. Royce and Sewell Urge Alternative Credit Score Consideration by GSEs
    Posted in Press Releases on December 15, 2016 | Preview rr
    Tags: Financial Services

    U.S. Representatives Ed Royce (R-Calif.) and Terri Sewell (D-Ala.), members of the House Financial Services Committee, released the following joint statement in reaction to today's release of the Federal Housing Finance Agency (FHFA) 2017 Scorecard: “Alternative credit score consideration by the GSEs is a win-win: it opens up the market to those looking to buy a home in a responsible manner and fosters healthy competition in the credit scoring field. That's why there is strong bipartisan support... Read more