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 Committee on the Judiciary

A BILL

To require candidates for Federal office, Members of the Congress, 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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SHORT TITLE

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

5 Disclosure Act".

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FINANCIAL DISCLOSURE REQUIREMENTS

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 com7 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 estab9 lished under chapter 3 of title 37, United States Code, the 10 President, and the Vice President shall file annually, with 11 the Comptroller General, a report containing a full and 12 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 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

received by him for or in connection with the prepara

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 publication, and the monetary value of subsistence, enter

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tainment, 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 depend

ents, 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 which is under his constructive control, which is in excess of $5,000 as of the close of the preceding calen

dar 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 direc

tion 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 transaction 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

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direction, during the preceding calendar year if the value

of property involved in such purchase or sale exceeds $5,000.

(b) Reports required by this section (other than rc5 ports so required by candidates for nomination for or election 6 to Federal office) shall be filed not later than May 15 of 7 each 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 oc11 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.

14 (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 items 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 22 of real property of any individual.

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(d) Any person who willfully fails to file a report re

24 quired by this section or who knowingly and willfully files a

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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 8 section, an individual is considered to be President, Vice 9 President, a Member of Congress, an officer or employee of 10 the United States, or a member of a uniformed service, dur11 ing any calendar year if he serves in any such position for more than six months during such calendar year.

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(g) The first report required under this section shall 14 be due thirty days after the date of the enactment of this

DEFINITIONS

SEC. 3. For purposes of this Act

(1) the term "income" means gross income as defined by section 61 of the Internal Revenue Code of

1954;

(2) the term "security" means security as defined in section 2 of the Securities Act of 1933 (15 U.S.C.

77b);

(3) the term "commodity" means commodity as