Ethics Office Clears Bachus Of Insider Trading

Law360, New York (May 1, 2012, 2:38 PM EDT) -- The Office of Congressional Ethics has dropped its investigation into allegations Rep. Spencer Bachus, R-Ala., traded on inside information he learned through his powerful position as chairman of the House Financial Services Committee, the congressman said Monday.

The ethics office's board voted 9-0 Friday to recommend dismissal of the probe into Bachus' trading activity, saying it had found no evidence to support allegations that the 10-term congressman profited from information he learned during closed-door meetings with financial regulators, according to Bachus.

"The OCE's unanimous dismissal of...
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