Royce loses bid to head financial services panel

by Martin Wisckol
Politics Reporter, Orange County Register
(re-posted here without permission)

 Rep. Ed Royce, R-Fullerton, has lost his bid to become chairman of the House’s high-profile Financial Services Committee, as the House Republican Conference today confirmed the steering committee’s choice of Rep. Spencer Bachus, R-AL.

Bachus has been the ranking Republican on the committee since 2007 and was first in line for the job, but Royce had gained support for taking a harder line against federal stimulus and bailout packages. Bachus also ruffled some Republicans’ feathers with comments critical of Sarah Palin.

Another Orange County Republican hoping to win a chairmanship, Rep. Dana Rohrabacher, R-Costa Mesa, lost his bid to head the Science and Technology Committee. Ralph Hall from Texas got the nod.
Bachus indicated he’ll be taking a firm position in pulling in the reins on bailouts while at the same time helping small businesses.

“We are going to protect taxpayers by ending ‘too big to fail’ and the Administration’s unlimited bailout of Fannie Mae and Freddie Mac,” he said in a prepared statement. “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.”

Royce issued a brief statement congratulating Bachus and vowing to work with him.

Bachus will replace Democrat Barney Frank as head of the committee, thanks to Republicans winning the House.