U.S. Rep. Ed Royce (R-CA) was appointed to the House Financial Institutions and Consumer Credit Subcommittee as well as the Housing and Insurance Subcommittee by House Financial Services Committee Chairman Jeb Hensarling (R-TX).
“As a member of the Housing and Insurance Subcommittee, I’ll fight the GSEs’ failed model of private gains and public losses and ensure that taxpayers do not foot the bill for insuring houses that are repeatedly flooded and rebuilt,” Royce said.
The Housing and Insurance Subcommittee oversees the Department of Housing and Urban Development, the Government Sponsored Enterprises (GSEs), the Federal Housing Finance Agency, the Federal Housing Administration, and the National Flood Insurance Program (NFIP).
Royce recently authored bipartisan legislation to increase credit risk transfers by the GSEs to the private sector and cap GSE chief executive officer pay. He also proposed changes to the NFIP that will assist local communities mitigate flood risk on repeatedly flooded properties.
“Southern Californians face one of the nation’s highest costs of living; access to credit is critical,” Royce said. “My work on the Financial Institutions and Consumer Credit Subcommittee will help my constituents responsibly finance homes, cars, and small businesses, and provide regulatory relief to community financial institutions struggling under Dodd-Frank.”
The Financial Institutions and Consumer Credit Subcommittee has jurisdiction over banks, credit unions, banking depository institutions, federal deposit insurance, consumer access to credit, financial data security, financial market safety and soundness, and the Consumer Financial Protection Bureau.
Royce has advanced regulatory relief for community financial institutions to the president’s desk and focused on protecting consumer access to credit education services.