Delays in the posting of stock transactions and other financial disclosures by US judges are creating bottlenecks in a recently-developed database. This is unfortunately detracting from its intended purpose: to improve and promote public transparency within the court system. This observation has been voiced by several watchdogs closely scrutinizing the system.
A report from Bloomberg highlights that the most current mandatory securities transaction report that is publicly viewable was submitted by a judge in April, as per an analysis conducted by nonpartisan judicial watchdog group Fix the Court in conjunction with the review of postings processed through Oct. 9 by Bloomberg Law.
A transparency law enacted in 2022 mandated the creation of this database. According to its stipulations, annual disclosures are required to be published within 90 days of submission and interim reports must be filed within 45 days of the transaction. Few judges appear to have adhered to these deadlines, creating a months-long backlog in the new disclosure site.
While the disclosure site represents a significant step forward in providing transparency regarding judges’ financial dealings, its effectiveness is muted by these delays. Legal professionals, scholars, and the public at large are still waiting on the promise of open and timely information.