- U.S. judges face tougher stock trading rules under proposed legislation in Washington, the Wall Street Journal reported on Monday.
- The proposals include a requirement for judges to report stock transactions over $ 1,000 within 45 days.
- The bills follow a WSJ investigation showing judges violated stock ownership laws during court cases.
A bipartisan group of lawmakers will introduce legislation to tighten the rules on stock trading for federal judges, according to the Wall Street Journal.
Two bills drafted by Senate and House of Representatives lawmakers would require U.S. judges to report stock transactions over $ 1,000 within 45 days and post their financial disclosure forms online, the newspaper told the newspaper of Congress staff.
The proposed laws follow a Wall Street Journal investigation that found more than 130 federal judges violated the law and judicial ethics by overseeing court cases involving businesses in which they or their family actions.
The report published at the end of September indicates that the judges have not recused themselves in 685 cases since 2010.
“This legislation would subject federal judges to the same disclosure requirements as other federal officials so that we can be sure that litigants are protected from conflicts of interest and that cases are decided fairly,” said Senator John Cornyn, a Republican from Texas, about the Senate version of the stock trading reporting bill called the Courthouse Ethics and Transparency Act.
Lawmakers are also looking to increase reporting requirements for judges who frequently negotiate stocks.
The bill comes after the Federal Reserve said last week it would ban policymakers from buying individual stocks, making the move following the holding of controversial stocks by two regional presidents who have already resigned .