Bachus Selected by Republicans as Wall Street Overseer

U.S. Representative Spencer Bachus has been selected by House Republicans to become chairman of the House Financial Services Committee when his party takes power next month.

The Alabama lawmaker, who has been the panel’s top minority member since 2007, was chosen during a closed-door conference meeting in Washington today. He will replace Representative Barney Frank, the Massachusetts Democrat who led the committee during the worst financial crisis since the Great Depression and spearheaded the regulatory overhaul that bears his name.