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.
The Financial Disclosure Modernization Act updates how federal officials report their financial holdings by expanding the categories used to disclose income and asset values. Currently, financial disclosure forms have limited top-end reporting brackets; this bill adds several new higher-value categories, allowing disclosure reports to capture assets and income exceeding $1 billion. The legislation affects members of Congress, federal judges, and other officials required to file annual financial disclosures under federal law, ensuring that extremely wealthy individuals provide more detailed information about their financial interests. The bill makes no appropriations and takes effect immediately upon enactment, applying to all financial disclosure reports filed after the law passes. By creating more granular reporting categories at higher wealth levels, the bill aims to modernize disclosure requirements to reflect the current wealth ranges of some federal officials.
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