Bachus is a long-time member of the House Financial Services Committee and served as the ranking Republican on the panel during the markup for the Dodd-Frank Act of 2010.
When the Republicans won control of the House in 2010 elections, Bachus became the committee chairman for one term (2011-2012).
During that term, the committee passes a flood insurance reform bill.
“His achievements during 11 terms are notable and many,” said Rep. Jeb Hensarling, R-Texas, the current committee chairman.
“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,” Hensarling said.