Cook bacon in large saucepan on medium heat until crisp. Remove bacon and drain on paper towels. Crumble bacon. Set aside. Reserve 2 tablespoons of the bacon drippings in pan. Add potatoes, onion, celery, bell pepper, Old Bay Seasoning and bay leaf to pan; cook and stir 8 minutes or until potatoes are tender.
Stir in milk and clams with juice. Bring to boil. Reduce heat to low; simmer 5 minutes. Remove and discard bay leaf.
Ladle chowder into soup bowls. Sprinkle with bacon.