By Brandon Moseley
Alabama Political Reporter
Alabama State Senator and Alabama Congressional candidate Scott Beason from Gardendale issued a press release attacking incumbent Congressman Spencer Bachus (R) from Vestavia on the issue of whether Rep. Bachus had acted ethically by using information obtained from his position as the Chairman of the House Financial Services Committee to profit personally in the stock market.
After the United States Senate passed legislation banning insider trading by members of Congress Sen. Beason said, “It’s about time! The U.S. Senate passing the STOCK Act, or the ‘Cover your Bachus’ Act, is long overdue.” “It is disgraceful that it took this long for Congress to prevent its members from participating in insider trading.”
Sen. Beason’s Press Release claims that “Insider trading by members of Congress became a hot button issue after Peter Schweizer’s book, ‘Throw Them All Out’, was released. In his book, Schweizer detailed how Bachus profited by insider trading during his tenure in Congress. In fact, virtually the entire second chapter entitled “Crisis for All, Opportunity for Some” dealt with Bachus’s deals. 60 Minutes ran a segment on Bachus’s insider trading in November of 2011.”
Peter Schweizer alleges, in his book, that Rep. Bachus used information gleaned from meetings with then Secretary of the Treasury Hank Paulson and Federal Reserve Chairman Ben Bernanke to gain advantage over regular investors. Schweizer alleges that because of this information Representative Bachus shorted the market during the financial collapse of 2008 making thousands of dollars. If all of these accusations are true, no U.S. laws were violated because Congressmen are exempt from insider trading laws. The Stock Act will hold Congressmen to similar standards to what CEOs and corporate officers are held to.
“It is no wonder the public trust has eroded when there are career politicians that continually abuse the privileges of their office. If we want to change Washington, we must elect leaders that will serve their constituents, not themselves,” Sen. Beason added.
Thus far in the campaign Congressman Bachus has largely ignored Senator Beason’s attacks. While Rep. Bachus attends firefighter banquets, local chamber of commerce meetings, and the anniversary of Shelby County, his numerous reelection commercials are flooding TV and radio airwaves touting his conservative credentials. The ads say that Rep. Bachus champions Alabama values and talks about how Congressman Bachus is standing up against President Obama and blame unnamed “liberal special interests in Washington and Montgomery” for running the campaign against him.
Congressman Spencer Bachus is running for his eleventh term in the United States Congress and is the Chairman of the powerful House Financial Services Committee.
Sen. Scott Beason is challenging Spencer Bachus for the Republican nomination in Alabama’s Congressional District 6. Tea Party activist Al Mickle and Blount County Probate Judge David Standridge are also running for the Republican Party’s place on the fall ballot. The winner of the Republican Primary will face Alabama Democratic Party opposition in November from either retired U.S. Air Force Colonel Penny Huggins Bailey from Leeds or Birmingham Attorney William “Bill” Barnes. Leeds resident Terry Reagin is collecting signatures to attempt to make the ballot as an independent. Alabama Congressional District 6 includes all or parts of Bibb, Blount, Coosa, Chilton, Jefferson and Shelby Counties.
To see Beason’s press release
To learn more about Congressman Bachus’s campaign: