To amend title 28, United States Code, 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.

To amend title 28, United States Code, 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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

SEC. 2. Placement of certain assets of justices, judges, magistrate judges, or bankruptcy judges and their spouses and dependent children in blind trust.

(1) in subsection (c)—

(A) by striking “A” and inserting “(1) A”; and

(B) by adding at the end the following:

“(2) The reasonable effort described in paragraph (1) does 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).”; 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) 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.);

“(II) a United States Treasury bill, note, or bond;

“(III) any compensation received by the spouse or dependent child of a covered official from their employer.

“(C) DEPENDENT CHILD.—The term ‘dependent child’ has the meaning given the term in section 13101 of title 5.

“(D) QUALIFIED BLIND TRUST.—The term ‘qualified blind trust’ has the meaning given the term in section 13104(f)(3) of title 5.

“(2) PLACEMENT.—

“(A) JUSTICE, JUDGE, MAGISTRATE JUDGE, OR BANKRUPTCY JUDGE OCCUPYING OFFICE ON DATE OF ENACTMENT.—Not later than 90 days after the date of enactment 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 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 is sworn in as 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.

“(3) 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 (2), 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 such justice, judge, magistrate judge, or bankruptcy judge and a spouse or dependent child of such justice, judge, magistrate judge, or bankruptcy judge does not have any covered financial interest.

“(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 any attestation made under subparagraph (A).

“(4) 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.”.