Financial Disclosure Act

Financial Disclosure Act - Requires candidates for Federal office, Members of the Congress, each officer and employee of the Federal Government who is compensated at a rate in excess of $25,000 per year, Federal employees performing the duties of a GS-16 or higher, members of the Uniformed Services in the grade 0-6 or higher, the President, and the Vice President to file annually with the Comptroller General, a report containing a full and complete statement of: (1) the amount and source of each item of income, each gift or aggregate of gifts from one source (other than gifts received from his spouse or any member of his immediate family) received by him, by and his spouse jointly, by his spouse, or by his dependents, during the preceding calendar year which exceeds $100 in amount or value, including any fee or other honorarium received by him for or in connection with the preparation or delivery of any speech or address, attendance at any convention or other assembly of individuals, or the preparation of any article or other compensation for publication, and the monetary value of subsistence, entertainment, travel, and other facilities received by him in kind; (2) the identity of each asset held by him, by him and his spouse jointly, by his spouse, or by his dependents, which has a value in excess of $1,000, and the amount of each liability owed by him or by him and his spouse jointl, together with the amount of each liability which is owned with respect to any financial interest which is under his constructive control, which is in excess of $1,000 as of the close of the preceding calendar year; (3) any transactions in securities of any business entity by him or by him and his spouse jointly, or by any person acting on his behalf or pursuant to his direction during the preceding calendar year if the aggregate amount involved in transactions in the securities of such business entity exceeds $1,000 during such year; (4) all transactions in commodities by him, or by him and his spouse jointly, or by any person acting on his behalf or pursuant to his direction during the preceding calendar year if the aggregate amount involved in such transactions exceeds $1,000; and (5) any purchase or sale of real property or any interest therein by him, or by him and his spouse jointly, or by any person acting on his behalf or pursuant to his direction, during the preceding calendar year if the value of property involved in such purchase or sale exceeds $1,000. Defines the terms used in this Act. Sets forth penalties for violations of the provisions of this Act.

Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on March 12, 1975. It describes the bill, it is not the legal text.

Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.