Even if the Republicans keep control of the House next year, theHouse Financial Services Committee is likely to have a newchairman.
|Committee Chairman Spencer Bachus (R-Ala.) said this week thathe won't seek a waiver of the House Republican Conference's ruleswhich limit a member to a total of six years as a panel's chairmanor ranking member. He has been chairman of the panel sincelast year and was the ranking Republican from 2007-2010. He isplanning to seek reelection to Congress, where he has served since1993.
|Rep. Ed Royce (R-Calif.), the panel's third-ranking Republican,has run unsuccessfully for the top spot before and might run againbut hasn't announced plans. He is the sponsor of legislation thatwould raise the cap on member business loans from 12.25% of assets to27.5% of assets.
|As chairman, Bachus has at times praised credit unions butdidn't sign on as a cosponsor of the MBL legislation. He didcosponsor a bill aimed at providing regulatory and tax relief for community banks. Some of thosebenefits would also go to credit unions.
|Bachus' heavily Republican district includes parts of Birminghamand its suburbs.
|The House Financial Services Committee's top Democrat BarneyFrank (D-Mass.) has already announced he won't seek reelection to Congress this year. The panel's numbertwo Democrat, Rep. Maxine Waters (D-Calif.), has been lining upsupport to succeed Frank but other members may enter that contestas well.
|The parties will choose their committee leaders after thisNovember's elections.
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