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Chairman Hensarling Statement on Rep. Spencer Bachus's Decision Not to Seek Re-election

Washington, Sep 30 -

Financial Services Committee Chairman Jeb Hensarling (R-TX) today issued the following statement on the announcement that Rep. Spencer Bachus (R-AL) will not seek re-election in 2014:

“It is with regret that I learned this morning that Spencer Bachus, our Chairman Emeritus, announced he will not run for re-election. Spencer is a true original. Spencer has always been a tough fighter for the causes and principles he believes in. But no matter how heated the debate gets, Spencer remains a gentleman and respectful of all, something that we don’t find often enough in Washington – just a truly nice person.

“His achievements during 11 terms are notable and many. As ranking member of the Financial Services Committee, Spencer provided outstanding leadership during the debate on the Dodd-Frank Act and fought against its job-killing overregulation. As chairman of the committee, his work to pass the bipartisan JOBS Act was essential. Other important accomplishments include his authorship of strong identity theft protections in the FACT Act; legislation that modernized the check clearing process; and a law that helps protect Americans from illegal offshore online gambling.

“It has been my great privilege to work with Spencer over the past decade on the Financial Services Committee. He is my friend and he has led the committee well. I look forward to continuing our work together as he concludes his service in the House over the next year, and we will miss him when he departs.”