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Bachus to Replace Barney Frank as House Financial Services Chair

Rep. Spencer Bachus (R-Ala.) has won his bid to chair the House Financial Services Committee next year, according to several reports.

Bachus, the Alabama lawmaker who has been the panel’s top minority member since 2007, was picked to become chairman by the Republican Steering Committee in a closed-door vote yesterday. Selections by the panel — made up of House leaders, incoming committee chairmen and members representing different parts of the country — are traditionally accepted by the full Republican conference, which is scheduled to vote Wednesday.Bachus will replace Barney Frank (D-Mass.), who will become the committee’s ranking minority member.

Aides to the lawmaker said he will also conduct rigorous oversight of the Obama administration as officials implement the sweeping financial regulatory law.