WASHINGTON (12/8/10)--Rep. Spencer Bachus (R-Ala.) was selected Tuesday to serve as chairman of the House Financial Services Committee in the 112th Congress. Serving as ranking Republican on the committee the past four years, Bachus overcame a challenge from Rep. Ed Royce (R-Calif.) and was chosen by the Republican Steering Committee. The position traditionally goes to the most senior member of the majority party who does not lead another committee. Bachus is supportive of credit unions and is attuned to the regulatory burden of financial institutions. In earlier press reports he has indicated he will put review of government-sponsored enterprises (GSEs) and the Dodd-Frank regulatory reform bill among the issues at the top of his agenda. "We want to congratulate Rep. Bachus on his selection as committee chairman," said Credit Union National Association President/CEO Bill Cheney. "We look forward to working closely with him and certainly with Rep. Royce as well in the new Congress."