Rep. Spencer Bachus (R-Ala.) said Wednesday that he will retain his ranking member post on the House Financial Services Committee in the 111th Congress, despite talk that his colleagues on the Steering Committee were planning to boot him from the perch. A source close to the decision confirmed that Bachus — under fire from his fellow GOP lawmakers for his mishandling of the $700 billion financial rescue plan — would stay on. Bachus made his case to remain the ranking member in a closed-door session with Steering panel members on Wednesday. “I have the full confidence of the Conference committee,” Bachus said, leaving the meeting. Minority Leader John Boehner (R-Ohio), who had been rumored to be behind Bachus’ ouster as the panel’s ranking member, privately apologized to his Conference about newspaper reports suggesting Bachus was out. “He’s my friend,” Boehner said. “And we’re going to work together to resolve what’s going on in the committee.”