Washington (CNN) – The chairman of the House Financial Services Committee has been cleared of allegations that he used his position to engage in insider trading and improperly profit from the 2008 market meltdown.
The Office of Congressional Ethics unanimously dismissed all of the potential charges against 10-term Alabama GOP Rep. Spencer Bachus, according to a statement released late Monday by the congressman's office.FULL STORY
(CNN) - Republican Rep. Spencer Bachus told a local Chamber of Commerce group last week that the candidates backed by the Tea Party and former Alaska Gov. Sarah Palin may be to blame for the Republican Party's failure to take back control of the Senate in last week's midterm elections.
"The Senate would be Republican today except for states (in which Palin endorsed candidates) like Christine O'Donnell in Delaware," Bachus said, according to the Shelby County Reporter. "Sarah Palin cost us control of the Senate."
New York (CNNMoney.com) - The congressman likely to supplant Rep. Barney Frank as chairman of the House Financial Services Committee is asking regulators to carefully consider the implications of a new rule designed to limit risky trading.
Rep. Spencer Bachus, a Republican from Alabama, warns in a letter sent to Treasury Secretary Tim Geithner and the Financial Stability Oversight Council that an overly-strict implementation of the Volcker Rule will spark a "mass exodus" of clients from U.S. banks to their competitors abroad.