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Dear Friends,
Last week the House passed, with my support, H.R. 3581, the Budget and Accounting Transparency Act. The legislation is the latest effort in a series to repair Washington's broken budget process and to ensure taxpayer dollars are spent wisely, or not at all.
Specifically, the bill brings federal budgeting practices in line with the private-sector, in order to paint a more accurate picture of federal finances. The legislation requires federal credit programs to be accounted for on a fair value accounting basis. This means that federal accounting would have to consider not just the borrowing costs to the federal government, but also the cost of the market risk the federal government is incurring. Additionally, it recognizes the budgetary impact of the Government Sponsored Enterprises (GSEs) by formally bringing the entities on-budget.
It is no secret that our nation's debt is out-of-control but a lack of transparency in our budgeting process hasn't given us an honest picture of this debt crisis. Remember, the American taxpayers have forked over nearly $200 billion, and counting, to the failed GSEs. The cost of which (until now) has been left off the books.
In order to tackle this debt crisis we need honest accounting of our finances, as the Speaker said, "Taxpayers deserve an unvarnished picture of the state of the federal government’s books."
Sincerely,
Representative Ed Royce
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Small Businesses Push for Increased Lending on the Hill |
Last week, Rep. Royce joined credit unions and small business owners at a press conference to discuss his legislation, the Small Business Lending Enhancement Act (H.R. 1418). This unique jobs proposal would free up capital, currently sitting on the sidelines, for small businesses without saddling the U.S. taxpayers with more debt. Specifically, the legislation raises the current credit union member business lending (MBL) cap from 12.25% to 27.5%. Economists say it will allow up to $13 billion to be lent to small businesses, which in turn could create 140,000 jobs. Learn more about Royce's legislation here.
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Royce Votes for STOCK Act
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The Stop Trading on Congressional Knowledge Act of 2012 (STOCK) passed the House with overwhelming bipartisan support by a vote of 417 to 2. Mr. Royce voted for the STOCK Act which prohibits Members of Congress, Congressional employees, and executive and judicial branch employees from using nonpublic information for private profit. This legislation strengthens the laws regarding insider trading; it bolsters transparency among Members of Congress and ensures that the public’s trust isn’t being violated. As Royce said during a recent Financial Services Committee hearing on the issue, “Washington must be held to a higher standard." For more information on this issue, please click here.
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| TAKE THE SURVEY |
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A new survey released on Friday says that two thirds of Americans support the Keystone pipeline energy project. What about you? Do you support Keystone?
Vote Now!
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| EVENTS |
March 26: Royce will host an informational meeting for students to learn more about West Point, Annapolis, Merchant Marine, Air Force and Coast Guard.
Click here for more details.
March 31: Royce will host his 4th annual Women's Conference at CSUF's Titan Student Union Center. Nancy Pfotenhauer, a mother, wife, economist, national spokesperson and successful businesswoman, will provide the keynote address. Her television appearances have included ABC, NBC, CNN, MSNBC, FOX and PBS.
Click here for more details. |
| In Case You Missed It |
Special Olympics athletes and advocates were on Capitol Hill recently to meet with their Representatives. Rep. Royce had an opportunity to meet with Nicole Nelson, a Special Olympics athlete from Anaheim. Nicole has been a Special Olympics athlete in gymnastics, floor hockey and bocce for 15 years and she is a global messenger for the Special Olympics, Southern California. See the photo here.
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| CONNECT |
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