Washington–Rep. Mike Oxley, R-Ohio, announced today that he would retire when his current term ends in January 2007.
His retirement coincides with the time when he would have had to step down as chair of the House Financial Services Committee under House Republican leadership policies limiting committee chairmen to three terms.
The consensus of industry lobbyists is that Rep. Spencer Bachus, R-Ala., who has been in Congress since 1993, has the votes in the Republican caucus to succeed him. Rep. Bachus heads the Financial Institutions and Consumer Credit Subcommittee of the Financial Services panel.
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