RJ and Makay

On Wednesday Rep. Spencer Bachus (R – Alabama) was elected by the House Republican Conference to serve as chairman of the House Financial Services Committee (HFSC) for the 112 Congress. He will be replacing Rep. Barney Frank (D-Masschussetts) as chairman when Congress meets in January.

Bachus says the new leadership plans to reinvigorate the committee’s oversight activities. “As Chairman of the Committee, I will honor our pledge to America and act on the priorities the American people delivered us last November,” he said in a statement. “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.”