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Congress·In Committee·H.R. 7508

Financial Disclosures: New Reporting Categories for Wealthy Officials

Financial Disclosure Modernization Act

about 1 month ago·View on Congress.gov
Part of: Congress Proposes Raising Financial Disclosure Caps to $1 Billion

Legislative Progress

House
Senate
President
Law

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.

Milestones

2 milestones2 actions
Feb 11, 2026House

Referred to the Committee on Oversight and Government Reform, and in addition to the Committees on House Administration, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Feb 11, 2026

Introduced in House

Source Information

Document Type

Congressional Bill

Official Title

Financial Disclosure Modernization Act

Bill NumberHR 7508
Congress119th Congress
ChamberHouse of Representatives
Latest ActionReferred to the Committee on Oversight and Government Reform, and in addition to the Committees on House Administration, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Sponsor

Cosponsors

(3)
D: 3

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