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95TH CONGRESS

1st SESSION

H. R. 4183

IN THE HOUSE OF REPRESENTATIVES

March 1, 1977 Mr. FISHER introduced the following bill; which was referred to the Com

mittee on the Judiciary

A BILL To require candidates for Federal office, Members of the Con

gress, and officers and employees of the United States to file statements with the Comptroller General with respect to their income and financial transactions.

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Be it enacted by the Senate and House of Representa

2 tives of the United States of America in Congress assembled,

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SECTION 1. This Act may be cited as the "Financial

5 Disclosure Act".

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FINANCIAL DISCLOSURE REQUIREMENTS

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SEC. 2. (a) Any candidate for nomination for or elec

8 tion to Federal office who, at the time he becomes a candi

9 date, does not occupy any such office, shall file within one

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1 month after he becomes a candidate for such office, and each 2 Member of Congress, each officer or employee of the execu3 tive branch, judicial branch, or legislative branch of the 4 Federal Government who is compensated at or above the 5 rate of basic pay in effect for grade GS-16 of the General 6 Schedule, any member of a uniformed service who is com

7 pensated in an amount equal to or in excess of the amount

8 of pay for pay grade 0-7 or any higher grade of pay estab

9 lished under chapter 3 of title 37, United States Code, the

10 President, and the Vice President shall file annually, with

the Comptroller General, a report containing a full and

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12 complete statement of

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(1) the amount and source of each item of income,

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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 him and his spouse jointly, by his spouse, or by his dependents, during the preceding calendar year which exceeds $500 in amount or value, including any fee or other honorarium

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received by him for or in connection with the prepara

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tion or delivery of any speech or address, attendance at any convention or other assembly of individuals, or the preparation of any article or other composition for pub

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lication, and the monetary value of subsistence, enter

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tainment, travel, and other facilities received by bim in

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(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 $5,000, and the amount of each liability owned by him or by him and his spouse jointly, together with the amount of each liability which is owed with respect to any financial interest

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which is under his constructive control, which is in

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excess of $5,000 as of the close of the preceding calen

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(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

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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

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(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

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direction, during the preceding calendar year if the value

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of property involved in such purchase or sale exceeds

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$5,000.

4 (b) Reports required by this section (other than re5 ports so required by candidates for nomination for or election 6 to Federal office) shall be filed not later than May 15 of 7 cach year. A person who ceases, prior to such date in any 8 year, to occupy the office or position the occupancy of which 9 imposes upon him the reporting requirements contained in

10 subsection (a) shall file such report on the last day he oc

11 cupies such office or position, or on such later date, not more 12 than three months after such last day, as the Comptroller

13 General may prescribe.

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(c) Reports required by this section shall be in such

15 form and detail as the Comptroller General may prescribe. 16 The Comptroller General may provide for the grouping of 17 iterns of income, sources of income, assets, liabilities, dealings 18 in securities or commodities, and purchases and sales of real 19 property, when separate itemization is not feasible or is not 20 necessary for an accurate disclosure of the income, net worth, 21 dealing in securities and commodities, or purchases and sales

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(d) Any person who willfully fails to file a report re24. quired by this section or who knowingly and willfully files à

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1 false report under this section shall be fined not more than

2 $2,000, or imprisoned for not more than five years, or both. 3 (e) All reports filed under this section shall be main4 tained by the Comptroller General as public records, which, 5 under such reasonable rules as he shall prescribe, shall be 6 available for inspection by members of the public. 7 (f) For the purposes of any report required by this

section, an individual is considered to be President, V

9 President, a Member of Congress, an officer or employee of

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the United States, or a member of a uniformed service, dur

11 ing any calendar year if he serves in any such position for 12 more than six months during such calendar year. 13 (g) The first report required under this section shall 14 be due thirty days after the date of the enactment of this

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(1) the term "income” means gross income as de

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fined by section 61 of the Internal Revenue Code of

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(2) the term “security” means security as defined

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in section 2 of the Securities Act of 1933 (15 U.S.C.

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77b);

(3) the term "commodity” means commodity as

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