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Rep. Spencer Bachus Elected Chairman of Financial Services Committee

On Wednesday the ""House Republican Conference"":http://www.gop.gov/ elected Rep. Spencer Bachus, (R- Alabama), to serve as chairman of the ""House Financial Services Committee"":http://financialservices.house.gov/ (HFSC) for the 112th Congress.

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Bachus will replace Rep. Barney Frank (D-Massachusetts) as chairman when Congress convenes in January.

Bachus, who has served as a member of the HFSC since 1993, ran against Rep. Ed Royce (R- California). This is Bachus' third year serving as a ranking member within the committee.

""As Chairman of the Committee, I will honor our pledge to America and act on the priorities the American people delivered us last November,"" said Bachus in a statement.

He continued, ""We are going to protect taxpayers by ending ‘too big to fail' and the Administration's unlimited bailout of Fannie Mae and Freddie Mac. 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.""

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