U.S. Representative Ed Royce (R) is serving in his eighth term in Congress, representing Southern California's 40th district, based in Orange County. He serves as a senior member of the House Committee on Financial Services. For the 110th session of Congress, Royce serves on the Capital Markets, Insurance and Government Sponsored Enterprises; the Financial Institutions and Consumer Credit; and the Oversight and Investigations Subcommittees. Royce is an active member of the Financial Services Committee and has served on the conference committees for some of the most significant legislation in the financial services arena. He was a conferee for The Gramm-Leach-Bliley Act of 1999, which liberalized depression era-banking laws; and the Fair and Accurate Transactions Act of 2003, which reauthorized and made permanent key provisions of the Fair Credit Reporting Act. In addition to his role in shaping the aforementioned legislation, Royce was also the first member of Congress to write legislation calling for a single regulator under the Treasury Department for the three housing government sponsored enterprises: Fannie Mae, Freddie Mac, and the twelve Federal Home Loan Banks. In 2003, Royce authored legislation the Mortgage Servicing Clarification Act, which would modernize provisions in the Fair Debt Collections Practices Act pertaining to the secondary mortgage market. His bill unanimously passed the House. Since his time in the California State Senate, Royce has developed long history of working with credit unions. He has been the author and prime sponsor of the Credit Union Regulatory Improvements Act, which would apply risk-based capital requirements to credit unions; and the Faith-Based Lending Protection Act, which would allow credit unions to exclude loans made to nonprofit, religious organizations from their maximum amount of member business loans. Combining his work on both the Financial Services and the Foreign Affairs Committee, where he serves as Ranking Member on the Subcommittee on Terrorsim, Nonproliferation and Trade, Royce is a recognized leader in Congress on anti-terrorism finance issues. He is a founding member and the current Co-Chairman of the Congressional Ant-Terror Finance Task Force, which seeks to strengthen efforts to fight against the funding of terrorism.
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