Rep. Spencer Bachus, R-Ala., who just a few months ago was seen as unlikely to assume the top spot on the House Financial Services Committee if Republicans won control of the House, is now the odds-on favorite to become chairman.

With the GOP's sweeping victory late Tuesday, the party will take a few months before they formally name leadership posts, including committee chairs. But Bachus, who has served as the panel's ranking member for the last four years, now appears to have the upper hand on any potential challengers.

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