WASHINGTON, D.C. -- U.S. Rep. Spencer Bachus was cleared in an ethics probe of his personal finances, but his new legal defense fund has yet to show any activity.????
Bachus, R-Vestavia Hills, created the fund Feb. 14, just days after it was revealed that he was under investigation for allegations of insider trading.??
The funds are a common option for members who are facing such charges, and they are used to raise money to pay legal bills associated with their roles as a member of Congress. A quarterly report that Bachus recently filed with the Clerk of the House of Representatives said the fund did not raise or spend any money through March 31. He was cleared by the Office of Congressional Ethics one month later.
Bachus already paid some legal bills affiliated with the probe by the Office of Congressional Ethics. Reports filed with the Federal Election Commission show Bachus used his campaign account to pay $22,000 in legal fees to a lawyer in December, and another $250,000 for work in February and March.
Bachus cooperated with the inquiry by the OCE and provided documents they requested about his stock trading and investing. A book and corresponding national news program in November suggested he was making trades based on private information he received as a high-ranking member of the House Financial Services Committee.
The board that oversees the OCE, an independent agency created by Congress, voted unanimously to recommend to the House Ethics Committee that the Bachus inquiry be dropped.
A spokesman for Bachus said the fund would stay open for now.
"The filing for the legal trust was done during the first quarter, but it takes time to set it up in proper working order and in full compliance with the regulations," spokesman Tim Johnson said.
Any donations or expenditures by the fund after March 31 won't be reported until the end of the second quarter in July.
According to the House Ethics Committee, the fund may not accept more than $5,000 in a calendar year from any individual or organization, and no contribution may be accepted from a registered lobbyist or foreign agent.
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