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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.”

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