Report: Bachus Targeted by Insider-Trading Inquiry
Originally published on Fox Business.
Rep. Spencer Bachus, who as chairman of the House Financial Services Committee is one of the most powerful lawmakers on Capitol Hill, is the subject of an insider-trading inquiry by a Washington ethics organization, according to a published report.
The report comes as congressional ethics involving securities trading is being debated and after the House signed off on a bill that would tighten rules against insider trading by lawmakers.
According to The Washington Post, the Office of Congressional Ethics is looking into whether or not Bachus, a Republican from Alabama, violated insider-trading laws.
The OCE, which is not to be confused with the official House Ethics Committee, began its inquiry late last year after zeroing in on a number of “suspicious” trades detailed on Bachus's annual financial disclosure forms, the Post reported.
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