Dodd-Frank in sight, Bachus picks Miller for International Monetary Policy chair
[Update 1: includes appointments of Capito and Garrett] Rep. Spencer Bachus (R-Ala.) named Rep. Gary Miller (R-Calif.) as the chairman of the International Monetary Policy Subcommittee in a sign of Republican discord toward the passage of the Dodd-Frank Act. It is the first appointment by Bachus since he was named as the next House Financial Services Committee Chairman in the 112th Congress. Bachus replaces current chairman Barney Frank (D-Mass.). Miller's subcommittee holds jurisdiction over international monetary policy and international finance and banking and related institutions. This includes the promotion of the U.S. financial services trade to the International Monetary Fund and World Bank. Chairman-elect Bachus said Miller was picked in order to push the Republican party agenda in his capacity as chairman of the International Monetary Policy Subcommittee. "The U.S. and the global economy have faced historic and unprecedented challenges in recent years and the American family is at the center of this crisis," Rep. Gary Miller said of his appointment. "In this moment of history, it is imperative that the United States continue to lead the way to stabilize, reform and strengthen the financial markets," he added. "With responsible reform and oversight, I believe our financial systems can adapt to the realities of the 21st century marketplace and eventually generate even greater prosperity for Americans." An e-mail from the House of Representatives states that Miller will advocate for taxpayer-friendly and fiscally responsible solutions to unfreeze credit and restore confidence to the financial markets. Miller and Bachus look poised to become a reputed Dodd-Frank challenger, in reference to financial reform co-created by the outgoing House Financial Service Committee chairman. Together the pair is "committed to going through the overreaching Dodd-Frank Act to correct, replace or repeal the job killing provisions that unnecessarily punish small businesses and community banks that did nothing to cause the financial crisis," the email states. Miller is currently serving his sixth term serving California’s 42nd District. He has been a member of the Committee on Financial Services for nine years, most recently as the ranking member for the Subcommittee on International Monetary Policy. According to the American Banker, Miller will be joined by other key appointments. Rep. Shelley Moore Capito (R-W.V.) is set serve as chairman of the financial institutions subcommittee, while covered bond proponent Rep. Scott Garrett (R-N.J.) will chair the capital markets and government-sponsored enterprises subcommittee. Write to Jacob Gaffney.