Bachus stepping down at end of 2014
Oct. 1, 2013 – Rep. Spencer Bachus, R-Ala., announced Monday that he will not seek reelection to a new term in 2014.
Bachus, who serves Alabama’s sixth district, will complete his 11th House term at the end of next year. He is currently chairman emeritus of the House Financial Services Committee and chairman of the Judiciary Subcommittee on Regulatory Reform, Commercial and Antitrust Law.
As House Financial Services Committee chairman, Bachus, who has also spoken before credit unions during NAFCU’s Congressional Caucus, sought to roll back or limit the growth of regulatory burden on financial institutions, including credit unions. He opposed creation of the Consumer Financial Protection Bureau under the Dodd-Frank Act, pointing to the new agency as another unwelcome layer of bureaucratic red tape.
Bachus, in Monday’s statement, said he wants to step aside so someone else may serve. For the rest of his term, he said he will keep working to promote a “spending reduction plan that will put the federal government on a sensible and sustainable financial path going forward.”