Louisiana Republican Richard Baker is likely to announce his departure from Congress shortly, Roll Call (subs. req'd) reports today. The eleven term congressman has agreed to take the helm of the Managed Funds Association, with whom he had begun negotiating just two weeks ago.

Baker, who has long served on the House Financial Services Committee, ran for chair of the panel in 2006 before Republicans lost their majority, losing to Alabama Republican Spencer Bachus. His Baton Rouge-based district, along with three rural parishes, and while about a third of the population is made up of African Americans, still went for President Bush by twelve points in 2000 and nineteen points in 2004.

Baker has not faced a serious challenge since 1998, when he fended off a well-funded and well-known Democratic challenger by just over one percent of the vote. Initially seen as a potential challenger to Democratic Senator Mary Landrieu, Baker said last year that he would not make a Senate bid.

Republicans were left scrambling at the news that Baker would retire, though national party leaders and local officials told Roll Call to watch former Baker chief of staff Paul Sawyer, State Rep. Hunter Green and former State Rep. Woody Jenkins, who lost to Landrieu in 1996. Democratic Congressional Campaign Committee strategists have been pushing State Rep. Don Cazayoux as a strong candidate, though he had initially planned a run against Baker.

Baker will be the third member of Congress from Louisiana to leave this year. Rep. Jim McCrery has already announced his retirement, and Gov. Bobby Jindal was inaugurated as the nation's first Indian-American governor yesterday. Both are Republicans. Democratic Rep. Bill Jefferson remains a retirement or resignation threat as investigations into his conduct continue to loom.