Rep. Richard Baker of Louisiana, the top Republican on the House Financial Services Committee’s capital markets panel, announced yesterday that he plans to resign from Congress “no later than” Feb. 6 to become president and chief executive officer of the Managed Funds Association, which represents the $1.8 trillion hedge fund industry.

Baker told a Baton Rouge radio station that he was approached by the association because of his financial background. He has served for years as a senior member on the House Financial Services Committee, which oversees hedge funds.

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