U.S. Rep. Spencer Bachus (R-Ala.) has decided not to seek another term as chairman of the House Financial Services Committee, according to a conservative website.

BigGovernment.com, operated by conservative provacateur Andrew Breitbart, reported Saturday night that Bachus will not ask for a waiver from the Republican Caucus’ self-imposed rule that members may not serve more than six years as chairman of a committee, or as its ranking minority member. Bachus was elected chairman of the powerful committee last year, after the GOP claimed a majority in the House in the 2010 elections. Bachus had been ranking minority member for two terms beforehand, while the Democrats held the gavel under chairman Barney Frank (D-Mass.).

Bachus, who faces challenges in the March 13 GOP primary from State Sen. Scott Beason of Gardendale, Blount County Probate Judge/Commision President David Standridge of Hayden and developer Stan Pate of Tuscaloosa, came under fire from charges that he improperly used inside information gained from his position for stock and option trading. The charges, which Bachus strenuously denies, came in the book “Throw Them All Out” by Peter Schweizer. Breitbart has heavily promoted the book, and also publicly called for Bachus to resign from Congress altogether. The charges were also the subject of an investgaiton by the CBS program “60 Minutes,” which also focused on similar allegations against House Speaker John Boehner (R-Ohio) and his predcessor, now Minority Leader Nancy Pelosi (D-Calif.)