FACTBOX-Top players on U.S. Congress banking committees

Nov 4 (BestGrowthStock) – A contest for committee chairmanships is
under way after Republicans took control of the U.S. House of
Representatives on Tuesday.

Chairmanships bring with them the power to set the
legislative agenda and raise copious amounts of campaign
donations, making them prized positions on Capitol Hill.

The following are snapshots of the key players involved in
the struggle to head panels overseeing the financial markets,
Wall Street, insurers and the banking industry (Read more about the banking industry recovery.):

SPENCER BACHUS, NO. 1 HOUSE FINANCIAL SERVICES COMMITTEE
REPUBLICAN

Bachus — a 62-year-old Alabama lawyer — is in line to
take over the chairmanship of the House Financial Services
Committee, which oversees banks and Wall Street. His claim to
the job is being challenged, but aides said he will prevail.

Top issues:

— Bachus wants a thorough reform of the troubled U.S.
housing finance system and the mortgage giants Fannie Mae
(FNMA.OB: ) and Freddie Mac (FMCC.OB: ).

He told Reuters on Wednesday the two companies should be
liquidated and the government removed as much as possible from
the housing market. Analysts doubt that a comprehensive reform
will occur before 2012.

— Bachus wants to roll back portions of the huge Wall
Street reform package enacted by Democrats in July.

Provisions on derivatives, credit rating agencies and the
structure of a new consumer watchdog are high on his list.

ED ROYCE, HOUSE FINANCIAL SERVICES COMMITTEE REPUBLICAN
MEMBER

Royce — a 59-year-old California businessman — is
challenging Bachus for the financial services chair, but aides
said he probably will not prevail.

Top issues:

— Like Bachus and other lawmakers, Royce wants big changes
at Fannie Mae and Freddie Mac, known as government-sponsored
enterprises, or GSEs.

— Royce also lists reviewing the Wall Street reforms among
his top concerns.

— He has been a strong advocate for years of giving
insurance companies the option of answering to a federal
regulator. If he were chairman, this controversial issue would
likely move to the forefront, aides said.

TIM JOHNSON, NO. 2 SENATE BANKING COMMITTEE DEMOCRAT

Johnson, 63, will become chairman of the banking committee
early next year. A South Dakota lawyer, he underwent brain
surgery in 2006 and came away healthy, but with impeded speech.
He has recovered and was present through the all-night talks
leading to passage of the Wall Street reforms bill.

Top issues:

— Oversight of the implementation of the reforms,
including some “fine tuning,” will be his top priority, Johnson
told Reuters last week in an interview.

— GSE restructuring is also important, he said.

RICHARD SHELBY, NO. 1 SENATE BANKING COMMITTEE REPUBLICAN

The cool-headed senior senator from Alabama, Shelby, 76,
will remain top Republican on the banking committee since his
party did not capture Senate control.

BARNEY FRANK, HOUSE FINANCIAL SERVICES COMMITTEE CHAIRMAN

Frank, 70, was the chief architect of Wall Street reform in
the House and is a key ally of President Barack Obama.

A Democrat, Frank won reelection on Tuesday, but lost the
financial services committee chairmanship because Republicans
won a majority of seats in the House.

CHRISTOPHER DODD, SENATE BANKING COMMITTEE CHAIRMAN

Co-author of July’s reform bill with Frank, Dodd, 66, is
retiring from Congress at the end of the year after more than
35 years as a lawmaker from Connecticut.
(Reporting by Kevin Drawbaugh; Editing by Andrew Hay)

FACTBOX-Top players on U.S. Congress banking committees