WASHINGTON — Rep. Spencer Bachus, former chairman of the House Financial Services Committee, said Monday that he will not seek reelection in 2014.

The Alabama Republican has served in the House for more than 20 years. He said in a statement that his retirement was "a family decision, because my wife Linda, our five children, and our seven grandchildren have always been my biggest source of support, strength, and joy," adding that he hopes Congress can pass a spending reduction plan before he leaves office next year.

Bachus stepped down as head of the banking panel at the end of 2012, following a House GOP rule that limits a lawmaker to six years as chairman or ranking member on a committee. He was also a key figure in the reform debates surrounding the Dodd-Frank reform law.

"As ranking member of the Financial Services Committee, Spencer provided outstanding leadership during the debate on the Dodd-Frank Act and fought against its job-killing overregulation," said Chairman Jeb Hensarling in a statement Monday, following the announcement. "As chairman of the committee, his work to pass the bipartisan JOBS Act was essential. Other important accomplishments include his authorship of strong identity theft protections in the FACT Act; legislation that modernized the check clearing process; and a law that helps protect Americans from illegal offshore online gambling."

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