Monthly Archives: September 2016

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 highest costs of living in the country — access to credit is really vital in our communities to the well-being of a family. The difference between good credit and bad credit is the ability to purchase a home out in California, or it’s the ability to actually own your car, or pay for a college education. This legislation that we are looking at here, H.R. 347, the Facilitating Access to Credit Act, would ensure that consumers access to credit education services isn’t choked off by lumping them in with credit repair scam artists. In the digital age, the American people should have more tools at their disposal, not less. H.R. 4211, the Credit Score Competition Act, my other bill here, opens up the GSEs to alternative …read more

Source:: U.S. Rep. Ed Royce

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 trend is particularly alarming for a Californian, like myself, because the startup capital of the world is out in our neck of the woods. Firms that would otherwise go public have been deterred, and arguably if you listen to the firms they say they are deterred by unnecessary hurdles on compliance… which are unbalanced. The consequences of that are unrealized economic growth that otherwise might occur in job creation. Governor Engler, the stockholder proposal resubmission thresholds have not been changed since President Eisenhower’s term here. Clearly, they’re outdated. But rule 14A-8 also allows shareholders who have held $2,000 of a company’s stock for one year to submit a proposal to be included in a company’s proxy statement,” stated Rep. Royce.

“So looking at that in its totality, what are …read more

Source:: U.S. Rep. Ed Royce

U.S. Representative Ed Royce (R-Fullerton), Chairman of the House Foreign Affairs Committee, recently launched the Asian Pacific Congressional Advisory Council (APCAC). The working group made up of local leaders of Chinese, Filipino, Indonesian, Korean, Taiwanese, and Vietnamese descent will meet with Chairman Royce on a regular basis to discuss federal issues of concern to the Asian American community in Southern California.

“As a representative of a vibrant Asian American community, meeting the needs of my constituents of Asian descent is a top priority. I’ve taken a leading role in the fight against educational discrimination towards Asian Americans and will further coordinate my efforts with APCAC. As Chairman of the House Foreign Affairs Committee, I will continue to build stronger economic and cultural ties between the United States and Asian nations,” said Chairman Royce.

APCAC’s inaugural members include:

Tony Cartegena of Walnut, CA
Dr. Simon Chen of Placentia, CA
Stan Kwak of Fullerton, CA
Derrick Nguyen of Santa Ana, CA
Tam Nguyen of Fountain Valley, CA
Ho-El Park of Brea, CA
Lucia Tam of San Marino, CA
Jane Wibowo of West Covina, CA

In recognition of his work fighting …read more

Source:: U.S. Rep. Ed Royce

U.S. Representative Ed Royce (R-Calif.) recently questioned witnesses on how to increase efficiency and local control in public housing spending during a Housing and Insurance Subcommittee hearing entitled “The Future of Housing In America: A Better Way to Increase Efficiencies For Housing Vouchers and Create Upward Economic Mobility.”

“The cost of the Housing Choice Voucher program consists of two parts: payments to owners to cover the difference between a tenant’s contribution and rent; and administrative fees paid to participating housing authorities. Logic would dictate that reducing the resources expended on one would free up resources for the other. But the pool to draw these resources from is not infinite. The housing authorities in my district are unable to accept applicants to Section 8 waitlists, they tell me because administrative costs are rising. I’d like to ask Ms. Sard – you pointed to housing authority consolidation and also HUD shuttering poorly performing housing authorities as a way to increase efficiency. How will that alleviate the wait for families in need?” asked Rep. Royce.

“I want the Committee to be clear, today’s consortia rules don’t create the kinds of efficiencies that they potentially could. That makes them less attractive to PHAs …read more

Source:: U.S. Rep. Ed Royce