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.
On January 3, Sen. Kirsten Gillibrand, D-N.Y., raises her right hand as her son Henry messes up her hair while Vice President Joseph R. Biden Jr., delivers the ceremonial swearing-in in the Old Senate Chamber. Gillibrand's other son Theodore, lower right, looks on.
Each year since 1990, CQ Roll Call has reviewed the financial disclosures of all 541 senators, representatives and delegates to determine the 50 richest members of Congress. This year's report, derived from forms covering the calendar year 2012, shows it took a net worth of $6.67 million to crack the exclusive club.