The Birmingham News is reporting today that Congressman Spencer Bachus (AL-06) has been cleared of insider trading allegations. The allegation and ensuing investigation stemmed from the book “Throw Them All Out” in which Bachus was accused of using knowledge learned through his position as Chairman of the House Financial Services Committee to enrich himself. The Office of Congressional Ethics voted unanimously to clear him of all charges.
Congressman Bachus released the following statement:
“It has been a long, painful, and frustrating experience to have a reputation built over many years sullied by untrue accusations. I also appreciate former SEC Chairmen Harvey Pitt and Roderick Hills and Federal Judge Stanley Sporkin for reviewing the allegations, determining they were false and meritless, and publicly coming to my defense. Perhaps the most gratifying aspect is that my constituents who know me best recently reaffirmed their faith in my character and my ability to serve their interests, and my personal commitment to them is to continue to serve with the highest level of effectiveness and accountability. Finally, I want to thank the OCE staff for their professionalism and the OCE Board for unanimously coming to the right conclusion. While their review and report should never have been necessary, I am pleased that they have helped clear my name.”