NU Online News Service, Dec. 8, 3:54 p.m.EST

The House Republican Conference has confirmed Rep. SpencerBachus, R-Ala., as chairman of the House Financial ServicesCommittee in the next Congress.

Rep. Bachus has been a member of the committee since 1993 andhas served as ranking minority member since 2007.

Rep. Bachus said he is "committed to going title by title"through the 2,300-page Dodd-Frank Act "to correct, replace, orrepeal the job-killing provisions that unnecessarily punish smallbusinesses and community banks that did nothing to cause thefinancial crisis."

He added that the new leadership "will reinvigorate" thecommittee's oversight role and plans to hold President Obama andhis economic team "accountable for their policies."

Rep. Bachus said the committee "will demand greater efficiencyand savings in government programs that fall within ourjurisdiction."

He added, "Now is the time to get government out of the way sobusinesses can create jobs and grow the economy, and our team isprepared to hit the ground running."

He will replace Rep. Barney Frank, D-Mass., who has run thecommittee since Democrats took over Congress in 2007.

The American Insurance Association (AIA) voiced support for Rep.Bachus in his new role and his focus on implementation ofDodd-Frank.

Leigh Ann Pusey, AIA president and CEO, said, "With theenactment of the Dodd-Frank financial reform bill earlier thisyear, and with the committee's likely focus on the implementationand oversight of these sweeping reforms, AIA will continue toreinforce the distinctions between insurance and other financialservices."

Ms. Pusey said, "It will be especially important in the monthsahead to work closely with the new chairman, the committee and theother federal agencies and regulators to ensure implementation ofthe new regulations and related rule-making are consistent with thelegislative intent of the act.

"We look forward to working with the committee to enhance andstreamline the regulatory environment for the property and casualtycompanies doing business domestically and abroad so they remaincompetitive and provide the best possible products and services totheir customers," Ms. Pusey added.