Top Alabama lawmaker Spencer Bachus to retire

Catalina Camia | USA TODAY

A former chairman of the House committee that oversees the financial industry won't be on the ballot again in 2014.

Rep. Spencer Bachus, a Republican and the senior member of Alabama's congressional delegation, announced his decision to retire on Monday.

"It has been the greatest privilege imaginable to serve as the representative of the people of Alabama in the U.S. House of Representatives," Bachus said in a statement. "It is an honor that I never dreamed could have been possible for me and the words 'thank you' are far from adequate."

Bachus was chairman of the House Financial Services Committee from 2011 until the beginning of the year. Last year, he was cleared of allegations that he traded stocks using insider information he received while serving on the committee.

Bachus survived his toughest election challenge in 2012 when he defeated state Sen. Scott Beason in a GOP primary. He easily went on to win an 11th term in Congress last November.

Follow @ccamia on Twitter.