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.... Read more

U.S. Representative Ed Royce (R-Calif.), Chairman of the House Foreign Affairs Committee, questioned witnesses about the importance of a U.S.-E.U. covered agreement to protect American insurance firms and consumers during a Housing and Insurance Subcommittee hearing entitled “The Impact of the U.S.-E.U. Dialogues on U.S. Insurance Markets.” “I agree with the Chairman’s previous statement of support for a narrow covered agreement to be concluded as quickly as possible because I think it serves as... Read more

U.S. Representative Ed Royce (R-Calif.), a senior member of the House Financial Services Committee, questioned Wells Fargo Chairman and CEO John Stumpf during a hearing entitled “Holding Wall Street Accountable: Investigating Wells Fargo’s Opening of Unauthorized Customer Accounts.” “The idea of a cross-selling target of at least eight products clearly is part of a long-term practice at Wells Fargo going back at least to your predecessor because in 1998 Fortune Magazine quotes 'doubling the aver... Read more

Stumpf’s Bad Day: A Summary of Lawmakers’ Withering Attacks John Stumpf walked into a firing line Thursday when he appeared before lawmakers who were furious over revelations that Wells Fargo & Co. may have opened 2 million customer accounts that were fictitious or unauthorized. Attacks from members of the House Financial Services Committee ranged from implying that he sold shares in 2013 because he knew the scandal would tank the stock to assertions that he should be imprisoned and that the ent... Read more

Today, U.S. Representatives Ed Royce (R-Calif.) and Earl Blumenauer (D-Ore.) introduced H.R. 6196, the Repeatedly Flooded Communities Preparation Act. The bill aims to mitigate the financial resources expended by the National Flood Insurance Program (NFIP) and taxpayers on claims for properties flooded multiple times: “It’s said that insanity is doing the same thing over and over again and expecting different results, yet when it comes to the NFIP and properties that flood repeatedly, that's wha... Read more

U.S. Representative Ed Royce (R-Calif.) questioned Chair of the Federal Reserve Board of Governors Janet Yellen about increased community bank consolidation at the House Financial Services Committee hearing entitled “Semi-Annual Testimony on the Federal Reserve’s Supervision and Regulation of the Financial System.” “I had a question... about the unprecedented consolidation that we have seen in community financial institutions where there are fewer and fewer of them. Smaller institutions have few... Read more

U.S. Representative Ed Royce (R-Calif.) questioned witnesses on two of his legislative proposals to protect and bolster consumer access to credit during a Financial Institutions and Consumer Credit Subcommittee hearing entitled "Examining Legislative Proposals to Address Consumer Access to Mainstream Banking Services." The Subcommittee considered H.R. 347, the Facilitating Access to Credit Act, and H.R. 4211, the Credit Score Competition Act. “I'm in Southern California and we have one of the hi... Read more

U.S. Representative Ed Royce (R-Calif.) recently questioned witnesses on the negative impact of rising corporate governance compliance costs on consumers during a Capital Markets and Government Sponsored Enterprises Subcommittee hearing entitled “Corporate Governance: Fostering a System that Promotes Capital Formation and Maximizes Shareholder Value.” "The U.S. has half as many publicly listed companies trading on its exchanges today as it did in 1996. That’s a pretty precipitous drop, and that ... Read more

U.S. Representative Ed Royce (R-Calif.) questioned U.S. Secretary of the Treasury Jack Lew at a House Financial Services Committee hearing entitled "The Annual Report of the Financial Stability Oversight Council” on tax reform and the influence of the Financial Stability Board (FSB) on the Financial Stability Oversight Council (FSOC). "I know back in 1986, you sat next to Tip O’Neil back when he and Ronald Reagan were working on the ’86 Tax Act and I was wondering what advice you might give mayb... Read more

U.S. Representative Ed Royce (R-Calif.), a senior member of the House Financial Services Committee, spoke on the House Floor in support of legislation to reduce compliance costs for small firms seeking capital. The Micro Offering Safe Harbor Act (H.R. 4850), cosponsored by Rep. Royce, reduces the barrier for market entry to firms seeking an investment of less than $500,000 from a small group of investors. “California is the innovation capital of the world. From Silicon Valley to Orange County, t... Read more