Rep. Ed Royce, a strong supporter of credit union causes such as raising the cap on member business lending, announced last night that he will seek the chairmanship of the House Financial Services Committee.
"This is a critical time for our capital markets and our economy," Royce (R-Calif.) said in a statement. "The passage of the Dodd-Frank bill fundamentally altered the structure of the U.S. financial services sector. As the Financial Services Committee addresses the implications for taxpayers and our capital markets there is no question that now is the time for a determined and effective Financial Services Committee chairman.''
Royce is challenging Rep. Spencer Bachus (R-Ala.), the panel's ranking Republican.
Royce cited his experience in business-he was a tax and projects manager for a cement company before entering politics -and his longtime support for strong reform of Fannie Mae and Freddie Mac as key credentials.
The GOP leadership chooses committee chairs, though they have to be approved by a vote of the full Republican caucus.