Bachus gets endorsement from subcommittee leaders

Leading Republicans urged party leaders Friday to tap Rep. Spencer Bachus (R-Ala.) to head up the House Financial Services Committee. 

All six of the panel's subcommittee ranking members endorsed Bachus to lead the committee, portraying him as a strong leader and "invaluable in helping Republicans win the majority," in a letter to soon-to-be Speaker John Boehner (Ohio) and presumptive House Majority Whip Eric Cantor (Va.) obtained by The Hill.

"The committee will benefit from his inclusive leadership style that will empower the subcommittee chairmen to aggressively monitor the implementation of financial regulatory reform and conduct oversight of the administration," the letter said. "His ability to pull together an effective and diverse group of Members to guide us, united, through tough legislative fights is a testament to his strong character and willingness to work as a team player."

Even if Bachus becomes chairman, under party rules he'd be forced to step aside in two years, most likely making way for Rep. Ed Royce R-Calif.), who is challenging Bachus, to take the helm. Republican rules allow for six years or three two-year terms for lawmakers to serve as chairmen or ranking members.  

"It is our belief that Spencer is the best person to continue leading our team as we build on the successes of the last Congress and implement our agenda of GSA reform, rigorous oversight of the Administration and monitoring implementation of the Dodd-Frank Act," the letter said. 

The letter tried to squash doubts that Bachus can't match wits with current Chairman Barney Frank (D-Mass.). 

"In debating Chairman Barney Frank, ranking member Bachus has been an effective and insightful opponent. His command of the issues is apparent in committee deliberations and on the floor, and his strong arguments and principled positions have made him a worthy adversary on the issues before our committee," the letter said.

They argued that Bachus rallied Republicans around a "no more bailouts" message that convinced 23 Democrats to vote against the financial regulatory reform bill. 

The letter was signed from Reps. Randy Neugebauer (Texas); and subcommittee ranking members Scott Garrett (N.J.)Capital Markets, Insurance and Government-Sponsored Enterprises; Jeb Hensarling, (Texas) Financial Institutions and Consumer  Credit; Shelley  Moore Capito (W.Va.) Housing and Community Opportunity; Ron Paul (Texas) Domestic Monetary Policy and Technology; Gary Miller, International Monetary Policy and Trade and Judy Biggert, (Ill.), Oversight and Investigations.