WASHINGTON — The House Republican Steering Committee officially endorsed Rep. Jeb Hensarling for chair of the House Financial Services Committee on Tuesday.

The Texas lawmaker, known for his strong free market views, had been considered the presumptive candidate to replace outgoing chairman Rep. Spencer Bachus, R-Ala., who has reached a term limit for the position. Bachus has said he intends to remain on the committee after he steps down as chairman.

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