Alabama's Bachus subject of ethics probe

Rep. Spencer Bachus, R-Ala., is the subject of an ethics investigation into possible insider-trading violations, The Washington Post reported Friday. The newspaper said individuals it identified only as familiar with the case said Bachus is being investigated by the Office of Congressional Ethics, an independent investigative agency. Bachus, chairman of the House Financial Services Committee, has frequently bought and sold stock options while overseeing the nation's banking and financial services industries, the Post said. The ethics office's investigators have told Bachus he is under investigation and that there is probable cause to believe insider-trading violations occurred, the Post said. Word of the probe came as the House passed legislation Thursday to tighten rules against insider trading by lawmakers. The Senate passed its version last week. "The Office of Congressional Ethics has requested information and I welcome this opportunity to present the facts and set the record straight," Bachus said in a statement issued through his spokesman, Tim Johnson. The Post said attorneys for the office and the House Ethics Committee declined comment.