95TH CONGRESS 1ST SESSION

H. R. 517

IN THE HOUSE OF REPRESENTATIVES

JANUARY 4, 1977

Mrs. LLOYD of Tennessee introduced the following bill; which was referred to the Committee on the Judiciary

A BILL

To require candidates for Federal office, Members of the Con

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

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

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1. date, does not occupy any such office, shall file within one 2 month after he becomes a candidate for such office, and each 3 Member of Congress, each officer or employee of the ju4 dicial branch or legislative branch of the Federal Govern5 ment who is compensated at a rate in excess of $32,000 6 per annum, any individual occupying the position of an 7 officer or employee of the United States who performs duties 8 of the type generally performed by an individual occupying 9 grade GS-16 of the General Schedule or any higher grade or 10 position (as determined by the Comptroller General regard11 less of the rate of compensation of such individual), any 12 member of a uniformed service who is compensated in an 13 amount equal to or in excess of the amount of pay for pay 14 grade 0-7 or any higher grade of pay established under 15 chapter 3 of title 37, United States Code, the President, and 16 the Vice President shall file annually, with the Comptroller 17 General, a report containing a full and complete statement 18 of

(1) the amount of each tax paid by the individual, by the individual and the individual's spouse filing joint

ly, or by the individual's spouse filing separately for

the preceding calendar year;

(2) 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

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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 $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 or individuals, or the preparation of any article or other composition for publication, and the monetary value of subsistence, entertainment, travel, and other facilities received by him in kind;

(3) 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 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 $1,000 as of the close of the preceding calendar year;

(4) 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 secu

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rities of such business entity exceeds $1,000 during such year;

(5) 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

(6) 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.

(b) Reports required by this section (other than reports 15 so required by candidates for nomination for or election to 16 Federal office) shall be filed not later than May 15 of each 17 year. A person who ceases, prior to such date in any year, 18 to occupy the office or position the occupancy of which im19 poses upon him the reporting requirements contained in sub20 section (a) shall file such report on the last day he occupies 21 such office or position, or on such later date, not more than 22 three months after such last day, as the Comptroller General 23 may prescribe.

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

25 form and detail as the Comptroller General may prescribe.

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1 The Comptroller General may provide for the grouping of 2 items of income, sources of income, assets, liabilities, dealings 3 in securities or commodities, and purchases and sales of 4 real property, when separate itemization is not feasible or 5 is not necessary for an accurate disclosure of the income, net 6 worth, dealing in securities and commodities, or purchases 7 and sales of real property of any individual.

8 (d) Any person who willfully fails to file a report 9 required by this section or who knowingly and willfully 10 files a false report under this section, shall be fined not more 11 than $2,000, or imprisoned for not more than five years, or 12 both.

13 (e) All reports filed under this section shall be main14 tained by the Comptroller General as public records, which, 15 under such reasonable rules as he shall prescribe, shall be 16 available for inspection by members of the public. 17 (f) For the purposes of any report required by this 18 section, an individual is considered to be President, Vice 19 President, a Member of Congress, an officer or employee of 20 the United States, or a member of a uniformed service, 21 during any calendar year if he serves in any such position 22 for more than six months during such calendar year.

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(g) The first report required under this section shall

24 be due thirty days after the date of the enactment of this 25 Act.