Senate Reacts Following Spencer Bachus Insider Trading Allegations

Following a segment that aired on “60 Minutes” claiming Congressman Spencer Bachus (R-Ala.) engaged in insider trading during the height of the financial crisis, Senate Homeland Security and Governmental Affairs Chairman Joe Lieberman (I-Conn.) and panel ranking member Susan Collins (R-Maine) announced Wednesday they will hold a hearing on the issue, which has been stuck in Congress for more than five years.

From TheHill.com:

On Thursday, House Financial Services Committee Chairman Spencer Bachus (R-Ala.) announced that his panel would consider legislation introduced by Reps. Louise Slaughter (D-N.Y.) and Tim Walz (D-Minn.) at a Dec. 6 hearing. That bill would prohibit members and White House employees from investing based on private information or from passing that information along to others for investment purposes.

Bachus is an ardent supporter of online gambling prohibition. 

- Gilbert Horowitz, Gambling911.com