Disclosure
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Purpose
Financial Disclosures are often required of public officials when they take office, periodically while in office and even after leaving office. These disclosures exist to keep a check on possible ethical breaches, such as conflicts of interests.
Who Must file
Although all states have different laws, most states require anyone in an elected office to file financial disclosures. For example, "The Ohio Ethics Commission" requires that All elected officials at the state, county and city level, School Board members, all candidates for those positions, Superintendents, treasurers, and business managers of school districts, and upper level state employees must file financial disclosures.[1]
Included Information
Most Financial Disclosures must meet rigorous standards put forth by the local, state, or federal government in which the person serves. These disclosures normally contain the following information:
Net Worth Assets Liabilities Outside Income Investments Sale, purchase, exchange of stocks, bond, commodities over $1,000 Outside Positions held.
The value of these items is usually classified in groups, for example, Federal Government positions, such as Congressmen, must classify the value of their assets and liabilities in the following groups:
- A: None
- B: $1 - $1,000
- C: $1,001 - $15,000
- D: $15,001 - $50,000
- E: $50,001 - $100,000
- F: $100,001 - $250,000
- G: $250,001 - $500,000
- H: $500,001 - $1,000,000
- I.$1,000,001 - $5,000,000
- J.$5,000,001 - $25,000,000
- K.$25,000,001 - $50,000,000
- L.$50,000,000 +
In Louisiana, the financial ranges are more open, for Louisiana Financial Disclosures, the ranges are:
- 1. Category I, less than five thousand dollars.
- 2. Category II, $5,000-$24,999.
- 3. Category III, $25,000-$49,999.
- 4. Category IV, $50,000- $99,999.
- 5. Category V, $100,000-$199,999.
- 6. Category VI, $200,000 or more.[2]
All states have different levels of disclosure required for different positions, and can also vary by when the reports are due.
Announcing Candidacy
Some positions require individuals to file financial disclosure forms before seeking office. All candidates for Congress, President, or Vice President, must file a financial disclosure form within thirty days of becoming a candidate[3] This started with the "Federal Campaign Act of 1971."
Entering Office
According to "The Department of Justice", most Federal officials must file Financial Disclosures within 30 days of entering office. Extensions may be granted to this time frame by the Component Head, however there must be good cause. There is a $200 fine for reports filed later. [4]
Periodically
Most offices require yearly reports. All federal officials who must file financial disclosure reports, must renew them yearly while in office, for example, "Speaker of the House, Nancy Pelosi's" Disclosures are available on "opensecrets.org" for every year back to 1995.
After Leaving Office
Financial Disclosures after leaving office are extremely important. It keeps an eye on politicians to ensure than after leaving office they do not immediately receive gifts from lobbyists, or other interests for the work they did for them while in office. Some governing entities require 30 days, 60 days or even a period of years for reporting after leaving office. Here is an example of a Florida form for filing 60 days after leaving office.
External links
- Compiled Federal Ethics Laws
- Search Federal Financial Disclosures
- Office of Government Ethics Forms
- Judicial Financial Disclosure Forms
- Supreme Court Justices Biography and Financial Disclosure Reports
