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Bachus to succeed Frank as House Financial Services Committee chair

Mark A. Hofmann

December 08, 2010 Reprints

P/C Legislation & Regulation P/C Insurers More + Less -

WASHINGTON—Rep. Spencer Bachus, R-Ala., will serve as chairman of the House Financial Services Committee when the new Congress convenes next month.

Rep. Bachus succeeds Rep. Barney Frank, D-Mass., who will be the committee's ranking member. As the panel's top Republican, Rep. Bachus was critical of the federal government's actions in its rescue of American International Group Inc., and sought investigations of how smaller AIG counterparties compared with national and international financial institutions.

Rep. Ed Royce, R-Calif.—a proponent of an optional federal charter for insurers—challenged Rep. Bachus for the chairmanship but lost when the House Republican Steering Committee recommended Rep. Bachus on Tuesday. The full House GOP Conference approved the steering committee's recommendations for all chairmanships Wednesday.

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Bachus to succeed Frank as House Financial Services Committee chair

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