Nicole Lappin

This law made it explicitly illegal for members of Congress to use non-public information they learned through their jobs to make personal financial gains, i.e. insider trading. Under the Stock Act, lawmakers must file a disclosure within 45 days of making a trade over $1,000, and that includes trades made by their spouses and their dependent children.

This law made it explicitly illegal for members of Congress to use non-public information they learned through their jobs to make personal financial gains, i.e. insider trading. Under the Stock Act, lawmakers must file a disclosure within 45 days of making a trade over $1,000, and that includes trades made by their spouses and their dependent children.

These disclosures are public and can be tracked pretty easily—I'll get to that in a bit— but here's the potential problem while the law requires disclosure it does not ban members of congress from owning or trading stocks i say potential problem because there are people out there who believe no one in public office should be able to own stocks while others believe disclosure should be good enough

These disclosures are public and can be tracked pretty easily—I'll get to that in a bit— but here's the potential problem while the law requires disclosure it does not ban members of congress from owning or trading stocks i say potential problem because there are people out there who believe no one in public office should be able to own stocks while others believe disclosure should be good enough

These disclosures are public and can be tracked pretty easily—I'll get to that in a bit— but here's the potential problem while the law requires disclosure it does not ban members of congress from owning or trading stocks i say potential problem because there are people out there who believe no one in public office should be able to own stocks while others believe disclosure should be good enough

But I think everyone can agree the penalty for not disclosing should be pretty severe. But it's not. It is basically a $200 fine. Pocket change for someone who just made a six-figure trade. Senator Gillibrand told me that disclosure isn't actually happening like it should.

But I think everyone can agree the penalty for not disclosing should be pretty severe. But it's not. It is basically a $200 fine. Pocket change for someone who just made a six-figure trade. Senator Gillibrand told me that disclosure isn't actually happening like it should.

But I think everyone can agree the penalty for not disclosing should be pretty severe. But it's not. It is basically a $200 fine. Pocket change for someone who just made a six-figure trade. Senator Gillibrand told me that disclosure isn't actually happening like it should.

So members of Congress are not great at following the rules. Interestingly, neither are judges. Federal judges are also required to file annual financial disclosures and are barred from ruling on cases where they have a financial interest.

So members of Congress are not great at following the rules. Interestingly, neither are judges. Federal judges are also required to file annual financial disclosures and are barred from ruling on cases where they have a financial interest.

So members of Congress are not great at following the rules. Interestingly, neither are judges. Federal judges are also required to file annual financial disclosures and are barred from ruling on cases where they have a financial interest.

But a bombshell Wall Street Journal investigation in 2021 found that 131 federal judges violated this rule by hearing cases involving companies in which they or their families own stock. So that's a little under 10 percent of all federal judges. That triggered a pretty significant response.

But a bombshell Wall Street Journal investigation in 2021 found that 131 federal judges violated this rule by hearing cases involving companies in which they or their families own stock. So that's a little under 10 percent of all federal judges. That triggered a pretty significant response.

But a bombshell Wall Street Journal investigation in 2021 found that 131 federal judges violated this rule by hearing cases involving companies in which they or their families own stock. So that's a little under 10 percent of all federal judges. That triggered a pretty significant response.

In 2022, Congress passed the Courtroom Ethics and Transparency Act, which requires judges to file trade disclosures within 45 days after just like Congress. And then, surprisingly, it gets actually a little more lax for the most important judges in the country, the Supreme Court justices. Until recently, SCOTUS didn't have to follow the same code of conduct as other federal judges.

In 2022, Congress passed the Courtroom Ethics and Transparency Act, which requires judges to file trade disclosures within 45 days after just like Congress. And then, surprisingly, it gets actually a little more lax for the most important judges in the country, the Supreme Court justices. Until recently, SCOTUS didn't have to follow the same code of conduct as other federal judges.

In 2022, Congress passed the Courtroom Ethics and Transparency Act, which requires judges to file trade disclosures within 45 days after just like Congress. And then, surprisingly, it gets actually a little more lax for the most important judges in the country, the Supreme Court justices. Until recently, SCOTUS didn't have to follow the same code of conduct as other federal judges.

They're now technically bound by a code of ethics adopted in late 2023, but it's toothless. There's no enforcement mechanism, and it's mostly voluntary. And in terms of financial disclosures, they do have to file annual reports, but there's no real-time trade disclosure requirement like there is for Congress or lower court judges.

They're now technically bound by a code of ethics adopted in late 2023, but it's toothless. There's no enforcement mechanism, and it's mostly voluntary. And in terms of financial disclosures, they do have to file annual reports, but there's no real-time trade disclosure requirement like there is for Congress or lower court judges.

They're now technically bound by a code of ethics adopted in late 2023, but it's toothless. There's no enforcement mechanism, and it's mostly voluntary. And in terms of financial disclosures, they do have to file annual reports, but there's no real-time trade disclosure requirement like there is for Congress or lower court judges.