Rep. Bachus Is Focus Of Ethics Investigation Into Possible Insider Trading
The Washington Post broke this story last evening:
"The Office of Congressional Ethics is investigating the chairman of the House Financial Services Committee over possible violations of insider-trading laws, according to individuals familiar with the case.
"Rep. Spencer Bachus, R-Ala., who holds one of the most influential positions in the House, has been a frequent trader on Capitol Hill, buying stock options while overseeing the nation's banking and financial services industries."
In a statement set to the newspaper, the congressman says he welcomes "the opportunity to present the facts and set the record straight," the Post adds.
Thursday, as we reported, the House passed the STOCK Act, which would ban insider trading by members of Congress and their staffs. The legislation was given a big push by a 60 Minutes report in mid-November concerning the trades made by Bachus, Democratic leader Rep. Nancy Pelosi, House Speaker John Boehner (R-Ohio) and others. The lawmakers, including Bachus, "denied wrongdoing and denounced the network's story," as The Associated Press has reported.