Financial Disclosure Modernization Act
Financial Disclosures: New Reporting Categories for Wealthy Officials
A bill to modify reporting value categories for financial disclosure reports required under chapter 131 of title 5, United States Code.
Legislative Progress
Key Points
- A group of Senators introduced a bill to update the rules for how high-ranking government officials report their personal wealth and the money they earn from investments.
- Right now, financial disclosure forms often group all very large assets into one broad category. This bill creates new, more specific tiers for assets and income worth $25 million, $100 million, $500 million, and over $1 billion.
- By requiring more detail on large fortunes, the bill aims to make it easier for the public to see if an official's private money might influence their decisions or create a conflict of interest.
- These changes would apply to future financial reports filed by top leaders in the government, including those in Congress and the federal courts, once the bill is signed into law.
Impact Analysis
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Milestones
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
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Source Information
Document Type
Congressional Bill
Official Title
A bill to modify reporting value categories for financial disclosure reports required under chapter 131 of title 5, United States Code.
Data Sources
Sponsor
Cosponsors
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