S. 3827: Financial Disclosure Modernization Act

This bill, known as the Financial Disclosure Modernization Act, aims to update the financial disclosure requirements for certain public officials in the United States. Below is a summary of the main components of the bill:

1. Purpose of the Bill

The primary goal of the bill is to modify how amounts of financial interests are reported in financial disclosure reports that public officials are required to file. This is part of an effort to modernize the financial disclosure process to ensure that it remains relevant and effective.

2. Changes to Reporting Value Categories

The bill proposes amendments to the reporting categories for various types of financial interests, including dividends, rents, interest, and capital gains. The key changes include:

• Eliminating certain clauses that previously described lower reporting thresholds.
• Introducing new categories with higher thresholds for reporting financial interests:
• Greater than $5 million but not more than $25 million.
• Greater than $25 million but not more than $100 million.
• Greater than $100 million but not more than $500 million.
• Greater than $500 million but not more than $1 billion.
• Greater than $1 billion.

3. Reporting Amounts or Values

The bill also revises how different amounts or values are categorized in the reporting process. Changes include:

• New subcategories for reporting larger values:
• Greater than $50 million but not more than $100 million.
• Greater than $100 million but not more than $250 million.
• Greater than $250 million but not more than $500 million.
• Greater than $500 million but not more than $1 billion.
• Greater than $1 billion.

4. Implementation Date

The changes proposed in this Act will take effect for financial disclosure reports that are required to be filed on or after the date the Act is enacted.

Relevant Companies

None found