House Financial Services Committee Chairman Spencer Bachus (R-Ala.) predicted that he would be cleared of charges that he violated insider trading laws.
"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,'' he said in statement.
Bachus, whose panel has jurisdiction over legislation that affects credit unions and banks, was responding to a report in The Washington Post that the Office of Congressional Ethics is opening an investigation of some of the lawmaker's stock trades of last year.
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