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119-s-3827119th CongressWALLET

Financial Disclosure Modernization Act

Sponsored By: Senator Schiff, Adam B. [D-CA]

Introduced

Summary

Creates tiered reporting bands for large financial interests on federal ethics disclosure forms.

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This bill would replace single top thresholds for dividends, rents, interest, and capital gains with multiple value bands and add new bands for reported amounts or values up to and above $1 billion.

  • Federal filers would report dividends, rents, interest, and capital gains using new value bands starting at $5 million and stretching to over $1 billion.
  • The bill would also add new bands for reported amounts or values that begin at $50 million and go up to over $1 billion.
  • The new categories would apply to disclosure reports required to be filed on or after enactment and the bill includes no phase-in, sunset, or funding provisions.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

New disclosure bands for federal filers

This bill would change the dollar bands used on chapter 131 public financial disclosure reports. For dividends, rents, interest, and capital gains it would create tiers: more than $5 million to $25 million; more than $25 million to $100 million; more than $100 million to $500 million; more than $500 million to $1 billion; and over $1 billion. For asset and other high-value holdings it would add bands: more than $50 million to $100 million; more than $100 million to $250 million; more than $250 million to $500 million; more than $500 million to $1 billion; and over $1 billion. These bands would replace the prior single high-value threshold and would apply to chapter 131 reports required to be filed on or after the date of enactment. The bill would not add new enforcement rules, phase-ins, or funding.

Sponsors & CoSponsors

Sponsor

Schiff, Adam B. [D-CA]

CA • D

Cosponsors

  • Sen. Gillibrand, Kirsten E. [D-NY]

    NY • D

    Sponsored 2/11/2026

  • Sen. Blumenthal, Richard [D-CT]

    CT • D

    Sponsored 2/11/2026

  • Sen. Merkley, Jeff [D-OR]

    OR • D

    Sponsored 2/11/2026

Roll Call Votes

No roll call votes available for this bill.

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