Financial Disclosure Modernization Act

Key Points

• This bill changes how high-ranking government officials report their personal wealth. Currently, many forms stop counting at a certain high dollar amount, but this would add new categories for much larger sums of money.
• For income like dividends and capital gains, the new categories would go up to $1 billion. Previously, anything over $5 million was often lumped together, making it hard to see exactly how much very wealthy officials were making.
• The bill also creates new categories for the total value of assets. Instead of stopping at $50 million, officials would have to specify if their holdings are worth up to $100 million, $500 million, or even over $1 billion.
• The goal is to provide more transparency about the finances of the wealthiest people in government. By breaking down these large amounts, the public can better see potential conflicts of interest that might not be obvious with the current, broader categories.
• If passed, these new rules would apply to all financial disclosure reports filed after the bill becomes law. It affects members of Congress, the President, and other top-level federal employees.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.