By Robert Carter
North Jefferson News
— Rep. Spencer Bachus, R-Vestavia Hills, has been cleared of all ethics allegations against his conduct involving insider information used in stock trading.
Bachus, the chairman if the House Financial Service Committee, had been charged with using information gained as a result of his position to trade stocks and options. The allegations came mainly from the book "Throw Them All Out," which also made similar allegations against House Speaker John Boehner, R-Ohio, and Minority Leader Nancy Pelosi, D- Calif., who was Boehner's predecessor.
Bachus, whose Sixth District includes nearly all of north Jefferson County and the entirety of Blount County, had also appeared on the CBS program "60 Minutes" to answer charges made in the book.
The Office of Congressional Ethics voted 6-0 to dismiss the charges on Friday, according to Bachus spokesman Tim Johnson.
In a statement released Monday By Johnson, Bachus said, "The OCE's unanimous dismissal of these false allegations is a welcome conclusion to a destructive and disruptive, media generated assault. It has been a long, painful, and frustrating experience to have a reputation built over many years sullied by untrue accusations. I also appreciate former SEC Chairmen Harvey Pitt and Roderick Hills and Federal Judge Stanley Sporkin for reviewing the allegations, determining they were false and meritless, and publicly coming to my defense. Perhaps the most gratifying aspect is that my constituents who know me best recently reaffirmed their faith in my character and my ability to serve their interests, and my personal commitment to them is to continue to serve with the highest level of effectiveness and accountability. Finally, I want to thank the OCE staff for their professionalism and the OCE Board for unanimously coming to the right conclusion. While their review and report should never have been necessary, I am pleased that they have helped clear my name."
Bachus won the GOP primary in March, defeating State Sen. Scott Beason of Gardendale, Blount County Probate Judge David Standridge of Hayden and Al Mickle of Helena. He faces Democrat Penny Bailey in the general election this November.