U.S. Rep. Spencer Bachus cleared of insider trading

Alabama U.S.{} Rep. Spencer Bachus has been cleared on allegations of insider trading by the board of the Office of Congressional Ethics. The vote on Friday by the independent investigative agency was unanimous.{}

In a statement released Monday, Bachus said, "It has been a long, painful, and frustrating experience to have a reputation built over many years sullied by untrue accusations.{}"

The vote by the Office of Congressional Ethics means the case against Bachus will not move forward to the House Ethics Committee.