The editorial board of the Wall Street Journal has endorsed Rep. Ed Royce, R-Calif., to become the next chairman of the House Financial Services Committee.
Although Rep. Spencer Bachus, R-Ala., is the ranking Republican member of the committee and would traditionally be next in line for the chairmanship, the Wall Street Journal faulted his job performance on the committee. In an editorial titled ‘The Fannie Mae Republicans,’ Bachus was criticized for being ‘on the wrong side of the debate’ surrounding the efforts to reform the government-sponsored enterprises. The editorial also stated that Bachus ‘was the single largest House recipient of campaign cash from Fannie and Freddie from 1989 to 2008.’
In praising Royce, the editorial claimed that he is ‘more likely than other Republicans to speak up for taxpayers and free markets, not merely for financial businesses that claim to represent markets but are really speaking for their own self-interest.’
The decision on the chairmanship will be decided next month by the Republican Party's steering committee. The new chairman will replace Rep. Barney Frank, D-Mass.
SOURCE: Wall Street Journal