New Bill: Federal Judges to Disclose Stock Trading Financial Information

Under the new legislation, stock trades exceeding $1000 must be reported by Federal judges along with financial disclosure forms. This legislation was proposed by bipartisan lawmakers’ form the Senate and the House Representatives after 131 federal judges were reported to have violated federal trading law.

A meeting has been scheduled for Tuesday which will aim to determine breaches conducted by Federal Judges in the Wall Street Journal’s Report regarding ownership of stocks. The House and Senate are working on creating accountability rules and bills which will focus on trade stocks held by judged and their families.

According to the courthouse ethics and transparency act, judges must comply with same trade stock laws which also apply to the senators, presidents and vice presidents for reporting financial transactions. Senator John Cornyn said in a statement, “This legislation would subject federal judges to the same disclosure requirements of other federal officials so we can be sure litigants are protected from conflicts of interest and cases are decided fairly.”

An online database will entail all disclosures made by judges which will then be posted online by the Administrative of the U.S Courts for public access. The bill is expected to be concluded and passed within the next six months. The bill has received support from the Senate Judiciary Committee from both democrats and republicans. The previous Ethics in Government Act of 1978 will amend to become the new version for disclosure of financial information.

©Photo: Reuters