Congress·In Committee·H.R. 7508

Financial Disclosure Modernization Act

Financial Disclosures: New Reporting Categories for Wealthy Officials

about 2 months ago·View on Congress.gov·Read full text

Part of: Congress Proposes Raising Financial Disclosure Caps to $1 Billion

Legislative Progress

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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

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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.

Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.

Feb 11, 2026

Introduced in House

The bill was officially filed and given a number. It now enters the legislative queue.

Votes

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News

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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.