Bachus Picked to Lead House Financial Services Committee

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Dec. 8, 2010.

The House Republican Conference has chosen Rep. Spencer Bachus, R-Ala., as the new chairman of the House Financial Services Committee. Bachus will succeed Rep. Barney Frank, D-Mass., when Congress reconvenes in January.

Bachus said the committee will “act on the priorities the American people delivered us last November.” These include ending “too big to fail,” and the administration’s “unlimited bailout” of Fannie Mae and Freddie Mac. In addition, “we are committed to going title by title through the 2,300 page Dodd Frank Act to correct, replace or repeal the job killing provisions that unnecessarily punish small businesses and community banks that did nothing to cause the financial crisis,” Bachus said.

The incoming chairman also pledged to reinvigorate the committee’s oversight role, “holding the President and his economic team accountable for their policies and demanding greater efficiency and savings in government programs that fall within our jurisdiction.”

Bachus has served as ranking committee member since 2007. Under current Republican term-limit rules, members are only allowed to serve a total of six years as chairman or ranking member of a committee, unless they receive a waiver.