U.S. Representative Ed Royce

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

Thursday, two bills were introduced by a bipartisan group of members on the House Financial Services Committee to lay the groundwork for housing finance reform next Congress -- H.R. 6500, the Moving Housing Forward Act, introduced by Congressmen John K. Delaney (D-MD), John Carney (D-DE), and Jim Himes (D-CT) and H.R. 6487, the Taxpayer Protections and Market Access for Mortgage Finance Act introduced by Congressman Ed Royce (R-CA) and Congresswoman Gwen Moore (D-WI). Both proposals seek to addr... Read more

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... 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... Read more

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