Financial Services Committee Chairman Jeb Hensarling announced today that outgoing Chairman Spencer Bachus will serve as the committee's Chairman Emeritus in the 113th Congress.
"Members on both sides of the aisle have tremendous respect and admiration for Chairman Bachus. Conferring the status of Chairman Emeritus is a recognition of Spencer's many contributions and the fact that he has so much more to contribute to the committee," said Hensarling.
As Chairman Emeritus, Bachus will continue in a senior role on a panel where he has served as chairman for the past two years and as ranking member for the previous four. Bachus, the first Alabamian to chair the committee in more than 70 years, completed his six-year leadership term at the end of the 112th Congress.
During his chairmanship, Bachus guided major bipartisan bills through Congress, including the Jumpstart Our Business Startups (JOBS) Act and flood insurance reform, and led the committee's vigorous oversight of the Dodd-Frank Act.
"Members of the Financial Services Committee will continue to benefit from Spencer's wisdom, counsel and leadership," said Hensarling. "I look forward to continuing our strong working relationship in this new Congress."