Financial Disclosure Modernization Act
- Bill Number
- S. 3827
- Origin Chamber
- Senate
- Congress
- 119th Congress, Session 2
- Policy Area
- Government Operations and Politics
- Status
- Introduced
- Latest Action
- 2026-02-11: Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
- Last Updated
- 2026-02-27T21:31:09Z
AI-Generated Summary
Purpose
The Financial Disclosure Modernization Act (S. 3827) aims to update the financial reporting requirements for certain federal government officials and employees by expanding the value categories used in their disclosure forms. This promotes greater transparency about high-value financial interests, such as investments and assets, under the Ethics in Government Act (chapter 131 of title 5, United States Code).
Key Provisions
- Short Title (Section 1): The bill is named the "Financial Disclosure Modernization Act."
- Updates to Income Reporting Categories (Section 2): Amends the reporting thresholds for dividends, rents, interest, and capital gains (under 5 U.S.C. § 13104(a)(1)(B)). It replaces the existing highest category with new, more granular brackets:
- Greater than $5,000,000 but not more than $25,000,000.
- Greater than $25,000,000 but not more than $100,000,000.
- Greater than $100,000,000 but not more than $500,000,000.
- Greater than $500,000,000 but not more than $1,000,000,000.
- Greater than $1,000,000,000.
- Updates to Asset Value Categories (Section 3): Amends the general categories for reporting asset values or amounts (under 5 U.S.C. § 13104(d)(1)). It replaces the existing highest category with new brackets:
- Greater than $50,000,000 but not more than $100,000,000.
- Greater than $100,000,000 but not more than $250,000,000.
- Greater than $250,000,000 but not more than $500,000,000.
- Greater than $500,000,000 but not more than $1,000,000,000.
- Greater than $1,000,000,000.
- Effective Date (Section 4): The changes apply to financial disclosure reports filed on or after the date the Act is enacted.
Significant Changes to Existing Law
The bill modifies the Ethics in Government Act by introducing finer value ranges for reporting large financial holdings. Previously, disclosures for amounts over $1,000,000 (for income) or $50,000,000 (for assets) were lumped into broad "over" categories without further breakdown. This Act requires filers to specify values in narrower intervals up to over $1 billion, increasing the precision of disclosures for substantial wealth without altering who must file or the overall filing process.
Potential Impacts
- On Government Agencies: Agencies like the Office of Government Ethics and congressional ethics committees will need to update forms, guidance, and review processes to accommodate the new categories, potentially increasing administrative workload for verifying high-value reports.
- On Citizens: Enhances public access to more detailed information about officials' finances via public databases, fostering greater accountability and trust in government without directly affecting individual citizens' obligations.
- On International Relations: No direct impact, as the bill focuses on domestic financial transparency for U.S. officials.
Main Stakeholders Affected
- Federal Officials and Employees: Primarily members of Congress, high-ranking executive branch employees, and certain judicial officers required to file annual financial disclosure reports (e.g., those in policymaking roles earning over specific thresholds).
- Ethics Oversight Bodies: Entities such as the Senate Committee on Homeland Security and Governmental Affairs (where the bill was referred), the Office of Government Ethics, and judicial ethics offices, which enforce and review disclosures.
- Public and Watchdog Groups: Citizens, journalists, and non-profits monitoring government ethics, who gain more granular data for oversight.
Notable Legal, Constitutional, or Political Implications
- Legal: Strengthens enforcement of conflict-of-interest rules by providing more accurate data for identifying potential ethical issues, without imposing new penalties or expanding filing requirements.
- Constitutional: Aligns with the U.S. Constitution's emoluments clause and broader anti-corruption principles by promoting transparency, but does not raise free speech or privacy concerns as disclosures are already mandated for public officials.
- Political: Could influence perceptions of wealth in government by requiring detailed reporting from high-net-worth filers, potentially aiding efforts to address concerns about undue influence from large financial interests, though it applies equally to all covered individuals regardless of party.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (3)
Sen. Gillibrand, Kirsten E. [D-NY], Sen. Blumenthal, Richard [D-CT], Sen. Merkley, Jeff [D-OR]
Recent Actions
- 2026-02-11: Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
- 2026-02-11: Introduced in Senate
Bill Versions
- Financial Disclosure Modernization Act — issued 2026-02-11 — PDF (3 pages)