118 HR 3534 IH: Justice is Beneficial Limitation on Investments and Necessary Disclosure Act of 2023
U.S. House of Representatives
2023-05-18
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I
118th CONGRESS
1st Session
H. R. 3534
IN THE HOUSE OF REPRESENTATIVES
May 18, 2023
Mr. Schiff (for himself, Ms. Spanberger, Mr. Johnson of Georgia, Ms. Norton, Ms. Jackson Lee, Mrs. Watson Coleman, Mr. Mullin, Mr. Lieu, Ms. Lee of California, Ms. Tlaib, Mr. Nickel, Mrs. Torres of California, Mr. Sablan, Mr. Davis of Illinois, Mr. García of Illinois, Mr. Thompson of Mississippi, Ms. Scanlon, and Mr. Garamendi) introduced the following bill; which was referred to the Committee on the Judiciary
A BILL
To require justices, judges, magistrate judges, or bankruptcy judges and their spouses and dependent children to place certain assets into qualified blind trusts, and for other purposes.
1.

Short title
This Act may be cited as the “Justice is Beneficial Limitation on Investments and Necessary Disclosure Act of 2023” or as the “Justice is BLIND Act of 2023”.
2.

Placement of certain assets of justices, judges, magistrate judges, or bankruptcy judges and their spouses and dependent children in blind trust
Section 455 of title 28, United States Code, is amended—
(1)
in subsection (c), by inserting the following: “though such efforts should not include seeking information about the identity of the financial instruments contained in any qualified blind trust other than the initial assets of the qualified blind trust established by a justice, judge, magistrate judge or bankruptcy judge, or the spouse or dependent child of such justice, judge, magistrate judge, or bankruptcy judge, to comply with subsection (g)” before the period at the end; and
(2)
by adding at the end the following:
“(g)

Placement of certain assets of justices, judges, magistrate judges, or bankruptcy judges and their spouses and dependent children in qualified blind trust
(1)

In general
(A)

Justice, judge, magistrate judge, or bankruptcy judge occupying office on date of enactment
Not later than 90 days after the effective date of this subsection, a justice, judge, magistrate judge, or bankruptcy judge and any spouse or dependent child of such justice, judge, magistrate judge, or bankruptcy judge shall place any covered financial interest of such justice, judge, magistrate judge, or bankruptcy judge or by any spouse or dependent child of such justice, judge, magistrate judge, or bankruptcy judge, into a qualified blind trust.
(B)

Justice, judge, magistrate judge, or bankruptcy judge assuming office after date of enactment
Not later than 90 days after the date an individual becomes a justice, judge, magistrate judge, or bankruptcy judge, such individual and any spouse or dependent child of such individual shall place any covered financial interest of such individual, spouse, or dependent child into a qualified blind trust.
(C)

Mingling of assets
A spouse or dependent child of a justice, judge, magistrate judge, or bankruptcy judge may place a covered financial interest in a qualified blind trust established by such justice, judge, magistrate judge, or bankruptcy judge under subparagraph (A) or (B). A justice, judge, magistrate judge, or bankruptcy judge may place a covered financial interest in a qualified blind trust established by the spouse of such justice, judge, magistrate judge, or bankruptcy judge under subparagraph (A) or (B).
(D)

Assets upon separation
A justice, judge, magistrate judge, or bankruptcy judge and any spouse or dependent child of such justice, judge, magistrate judge, or bankruptcy judge may not dissolve any qualified blind trust in which a covered financial interest has been placed pursuant to subparagraph (A) or (B), or otherwise control such a financial interest, until the date that is 180 days after the date such justice, judge, magistrate judge, or bankruptcy judge ceases to be a justice, judge, magistrate judge, or bankruptcy judge.
(2)

Accountability
(A)

In general
A justice, judge, magistrate judge, or bankruptcy judge shall—
(i)
not later than 15 days after the date a qualified blind trust is established under paragraph (1), attest in writing that such trust has been established and that any covered financial interest of such justice, judge, magistrate judge, or bankruptcy judge or a spouse or dependent child of such justice, judge, magistrate judge, or bankruptcy judge has been placed in such trust; or
(ii)
attest in writing that neither such justice, judge, magistrate judge, or bankruptcy judge nor a spouse or dependent child of such justice, judge, magistrate judge, or bankruptcy judge have any financial interests.
(B)

Report
The Administrative Office of the United States Courts shall make available on the searchable internet database established under section 105(c) of the Ethics in Government Act of 1978 (5 U.S.C. 13107(c)) any attestation made under subparagraph (A).
(3)

Exception
A spouse or dependent child who receives compensation from their primary occupation through any covered financial interest shall not be required to place such covered financial interest in a qualified blind trust under this subsection.
(4)

Definitions
In this subsection:
(A)

Commodity
The term commodity has the meaning given the term in section 1a of the Commodity Exchange Act (7 U.S.C. 1a).
(B)

Covered financial interest
The term covered financial interest—
(i)
means a financial interest in a security, a commodity, or a future, or any comparable economic interest acquired through synthetic means such as the use of a derivative; and
(ii)
does not include—
(I)
a widely held investment fund described in section 13104(f)(8) of title 5 that is diversified and registered as a management company under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.); or
(II)
a United States Treasury bill, note, or bond.
(C)

Dependent child
The term dependent child has the meaning given that term in section 13101 of title 5.
(D)

Qualified blind trust
The term qualified blind trust has the meaning given that term in section 13104(f)(3) of title 5.
(5)

Severability
If any provision of this subsection or the application of such provision to any person or circumstance is held to be unconstitutional, the remainder of this subsection and the application of the remaining provisions of this subsection to any person or circumstance, shall not be affected.”.