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Rep. Spencer Bachus, chairman of the powerful Financial Services Committee, has been cleared by the Office of Congressional Ethics, which was looking into allegations that he violated insider trading rules.
The OCE voted 6-0 in favor of dismissing the allegations, according to a statement from the Alabama Republican’s office. The OCE doesn’t confirm or deny its votes. The news was first reported by the Washington Post.
“The OCE’s unanimous dismissal of these false allegations is a welcome conclusion to a destructive and disruptive, media generated assault,” Bachus said in the statement. “It has been a long, painful, and frustrating experience to have a reputation built over many years sullied by untrue accusations.”
Bachus came under significant scrutiny after a “60 Minutes” piece noted he had made money on trades during the 2008 financial crisis.
He faced a primary challenger earlier this year, whom he easily dispatched. However, Bachus spent hundreds of thousands of dollars on the race, in part because his opponent used the OCE investigation to hammer the 10-term lawmaker.
Bachus is expected to be easily be re-elected to an 11th term in November.
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