Tags: Bachus | Royce | Frank | Banking

Bachus, Royce Seek to Nix Frank as Bank Chair

Friday, 05 Nov 2010 10:37 AM

When a big prize is ripe for the taking in Congress, you can bet there will be more than one representative that reaches for it. So it is with the chairmanship of the House Financial Services Committee, occupied in this Congress by Democrat Barney Frank, The Hill reports.

franks, banking, committeeTwo Republicans hope to take his place. That’s Rep. Spencer Bachus of Alabama, the panel's ranking member, and Rep. Ed Royce of California. The winner will be chosen by the GOP Steering Committee early next month.

In a statement, Royce says the “passage of the Dodd-Frank bill fundamentally altered the structure of the U.S. financial services sector. … There is no question that now is the time for a determined and effective Financial Services Committee Chairman.”

But Bachus says, “I’ve spoken to my colleagues on the steering committee and in leadership and am grateful for their expression of support and fully expect to serve as Chairman.”

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