Financial Disclosure Modernization Act

New reporting tiers for federal filers

This bill would change the value buckets on public financial disclosure forms that federal executive-branch employees file. For dividends, rents, interest, and capital gains it would add finer brackets: over $5 million up to $25 million; over $25 million up to $100 million; over $100 million up to $500 million; over $500 million up to $1 billion; and over $1 billion. For general holdings it would add higher brackets: over $50 million up to $100 million; over $100 million up to $250 million; over $250 million up to $500 million; over $500 million up to $1 billion; and over $1 billion. These changes would apply to disclosure reports required to be filed on or after the date of enactment. The bill would mainly change which box very high-value filers check and could increase reporting detail or compliance work; it would not itself change taxes or benefits.