Rep. Bachus says ethics panel cleared him

May 1, 2012

By LARRY MARGASAK, Associated Press

WASHINGTON, (AP) –The chairman of the House Financial Services Committee says he’s been cleared by an ethics panel in an investigation of his investment activities leading up to and surrounding Congress’ $700 billion bailout of Wall Street.

Alabama Republican Spencer Bachus said Monday that the Office of Congressional Ethics voted 6-0 on Friday to dismiss allegations that he profited from nonpublic information learned on the job.

Congress in March passed legislation explicitly banning lawmakers, the president and thousands of other federal workers from profiting from nonpublic information learned from their official duties. The bill, which is now law, also will let the public see more of government officials’ financial dealings, and view them online more frequently.

The 10-term House member easily won his March primary.

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