Bachus selected to be the next chairman of Financial Services panel

The GOP Steering Committee chose Rep. Spencer BachusSpencer Thomas BachusTrump bank nominee gets rough reception at confirmation hearing Overnight Finance: Breaking - GOP delays release of tax bill | Changes to 401(k)s, state and local taxes hold up bill | Trump aims to sign tax legislation by Christmas | Hensarling to retire after term | Trump to repeal arbitration rule Senators, don't put Ex-Im Bank's fossil fuel financing back in business MORE (R-Ala.) to serve as House Financial Services Committee Chairman in the 112th Congress.

Bachus won the endorsement to keep his post as top-ranking Republican on the Financial Services Committee over Rep. Ed Royce (R-Calif.)

The full House GOP Conference is set to vote on the slate of committee chairmen selected by the Steering Committee on Wednesday morning.