Washington (CNN) -- Rep. Spencer Bachus, chairman of the House Financial Services Committee, acknowledged Friday that he is under investigation for possible violations of insider trading laws, but insisted he will be cleared.
"I welcome the opportunity to set the record straight. I respect the congressional ethics process. I have fully abided by the rules governing members of Congress and look forward to the full exoneration this process will provide," Bachus said in a written statement provided to CNN.
According to a Washington Post report published Thursday evening, the Office of Congressional Ethics -- an independent entity that screens allegations of misconduct by members of Congress and their staff -- notified Bachus that it is reviewing his financial transactions because it believes he may have engaged in insider trading.
The Post reported that the office initiated the investigation last year after it began "focusing on numerous suspicious" stock trades on Bachus' annual financial disclosure forms.
The article cites sources it says are familiar with the probe who say the investigation centers on allegations that the Alabama Republican ran afoul of Securities Exchange Commission laws that bar individuals from engaging in financial transactions based on "material, non public" information.
House Republican insists he'll be cleared in insider trading probe - CNN.com
"I welcome the opportunity to set the record straight. I respect the congressional ethics process. I have fully abided by the rules governing members of Congress and look forward to the full exoneration this process will provide," Bachus said in a written statement provided to CNN.
According to a Washington Post report published Thursday evening, the Office of Congressional Ethics -- an independent entity that screens allegations of misconduct by members of Congress and their staff -- notified Bachus that it is reviewing his financial transactions because it believes he may have engaged in insider trading.
The Post reported that the office initiated the investigation last year after it began "focusing on numerous suspicious" stock trades on Bachus' annual financial disclosure forms.
The article cites sources it says are familiar with the probe who say the investigation centers on allegations that the Alabama Republican ran afoul of Securities Exchange Commission laws that bar individuals from engaging in financial transactions based on "material, non public" information.
House Republican insists he'll be cleared in insider trading probe - CNN.com
