01/03/2011 05:12 am ET Updated May 25, 2011

Kanjorski Loses House Race - And Obama Loses Key Financial Reform Ally

Mr. Kanjorski is the second-ranking Democrat on the House Financial Services Committee and stood to inherit the top seat if panel chairman Rep. Barney Frank (D., Mass.) ever stepped aside. Mr. Kanjorski chairs a subcommittee that oversees Fannie Mae and Freddie Mac, the mortgage finance companies that have been run by the government since 2008.

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