Financial Services chairman under probe for possible insider trading

House Financial Services Committee Chairman Spencer BachusSpencer Thomas BachusManufacturing group leads coalition to urge Congress to reauthorize Ex-Im Bank Biz groups take victory lap on Ex-Im Bank On The Money: White House files notice of China tariff hikes | Dems cite NYT report in push for Trump tax returns | Trump hits Iran with new sanctions | Trump praises GM for selling shuttered Ohio factory | Ex-Im Bank back at full strength MORE (R-Ala.) is under investigation for possible insider-trading violations. 

In a statement provided to The Hill, Bachus confirmed the ethics investigation, maintained his innocence, and vowed to cooperate completely.

“I welcome the opportunity to set the record straight. I respect the congressional ethics process," he said. "I have fully abided by the rules governing members of Congress and look forward to the full exoneration this process will provide.”

The Office of Congressional Ethics is looking into the Republican lawmaker's stock purchases, The Washington Post first reported Thursday night.

Bachus was one of several lawmakers at the center of a CBS "60 Minutes" report in November that accused top lawmakers — including Speaker John BoehnerJohn Andrew BoehnerRift widens between business groups and House GOP Juan Williams: Pelosi shows her power Debt ceiling games endanger US fiscal credibility — again MORE (R-Ohio) and Minority Leader Nancy Pelosi (D-Calif.) — of using information from their dealings on Capitol Hill to shape their stock portfolios. 


All have denied wrongdoing. 

The Office of Congressional Ethics, an independent, nonpartisan agency that investigates those working within the House, has been looking into Bachus's stock dealings, specifically several questionable trades included on his annual financial disclosure forms, since the end of last year, according to the Post's story.

The ethics agency is looking into whether Bachus violated Securities and Exchange Commission rules that disallow lawmakers from buying or trading stock based on information they glean from their jobs, as well as whether he broke any House rules that bar members from using their office for private gain. 

The news comes just after the House, spurred by the "60 Minutes" report, approved legislation intended to tighten rules on insider trading by lawmakers.

This post updated at 11:01 am.