Additional statements-Continued Case, Hon. Clifford P., a Senator from the State of New Jersey. Downey, Hon. Thomas J., a representative from the State of New duPont, Hon. Pierre S., a Representative from the State of Delaware__ Page 13 190 191 192 193 194 196 196 198 199 Green, Hon. William J., a Representative from the State of 200 Harris, Hon. Herbert E., II, a Representative from the State of 200 202 Jenrette, Hon. John W., Jr., a Representative from the State of South Keys, Hon. Martha, a Representative from the State of Kansas.. Pressler, Hon. Larry, a Representative from the State of South Dakota Richmond, Hon. Frederick W., a Representative from the State of Rinaldo, Hon. Matthew J., a Representative from the State of New Santini, Hon. Jim, a Representative from the State of Nevada... Vander Veen, Hon. Richard F., a Representative from the State of Wirth, Hon. Timothy E., a Representative from the State of Colorado. 202 204 205 206 206 207 208 209 210 211 212 214 215 216 217 218 FINANCIAL DISCLOSURE ACT WEDNESDAY, JULY 28, 1976 HOUSE OF REPRESENTATIVES, AND GOVERNMENTAL RELATIONS OF THE COMMITTEE ON THE JUDICIARY, Washington, D.C. The subcommittee met, pursuant to notice, at 10:30 a.m., in room 2141 Rayburn House Office Building, the Honorable Walter Flowers [chairman of the subcommittee] presiding. Present: Representatives Flowers, Danielson, Mazzoli, Pattison, Moorhead, and Kindness. Also present: William P. Shattuck, counsel; and Alan F. Coffey, Jr., associate counsel. Mr. FLOWERS. We will call this meeting to order today. The subcommittee begins consideration of H.R. 3249, the Financial Disclosure Act of 1976 and related measures dealing with the same subject. Briefly, this legislation covers the President, the Vice President, Members of Congress, candidates for Federal office, Federal employees earning more than $25,000 per year, civil service employees at or about the rank of GS-16, and members of the Armed Forces at or above grade O-6. Those persons and their spouses, under the legislation, would be required to disclose annually the amount and source of their income, the identity of assets of over $1,000; the amount of each liability over $1,000; any transactions in securities if the aggregate exceeds $1,000; and the purchase or sale of real property in excess of $1,000. Any person who willfully fails to file a report, or files a false report could be fined up to $2,000 or imprisoned for 5 years. The provisions of H.R. 3249 are similar in many respects to the financial disclosure provisions included in S. 495, the Watergate Reorganization and Reform Act, which was passed by the Senate only last week. The idea of requiring of Federal officials and employees to disclose information about their finances is not new. Many persons in the Federal Government already are required under one rule or another to disclose some of their financial dealings. We, who serve in the House, for example, have been subject to at least some degree of financial disclosure in our rules for the past several years. We must report much of our outside income along with informaiton about capital gains and unsecured loans. [A copy of H.R. 3249 follows:] (1) 94TH CONGRESS 1ST SESSION H. R. 3249 IN THE HOUSE OF REPRESENTATIVES FEBRUARY 19, 1975 Mr. KASTEN MEIER (for himself, Mr. STEELMAN. Mr. BADILLO, Mr. BENNETT, Mr. COHEN, Mr. DowNEY, Mr. DRINAN, Mr. EDWARDS of California, Mr. GILMAN, Mr. GUDE, Mr. HORTON, Mrs. LLOYD of Tennessee, Mr. Mazzoli, Mr. MIKVA, Mr. MOSHER, Mr. OTTINGER, Mr. PATTISON of New York, Mr. QUIE, Mr. RAILSBACK, Mr. REUSS, Mr. SEIBERLING, Mr. SIMON, Mr. VANDER JAGT, Mr. CHARLES WILSON of Texas, and Mr. WINN) introduced the following bill; which was referred to the Committees on the Judiciary and Standards of Official Conduct 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. 1 2 3 4 Be it enacted by the Senate and House of Representa tives of the United States of America in Congress assembled, SHORT TITLE SECTION 1. This Act may be cited as the "Financial 5 Disclosure Act". I 1 2 2 FINANCIAL DISCLOSURE REQUIREMENTS SEC. 2. (a) Any candidate for nomination for or elec 3 tion to Federal office who, at the time he becomes a candi4 date, does not occupy any such office, shall file within one 5 month after he becomes a candidate for such office, and each 6 Member of Congress, each officer or employee of the execu7 tive branch, judicial branch, or legislative branch of the 8 Federal Government who is compensated at a rate in ex9 cess of $25,000 per annum, any individual occupying the 10 position of an officer or employee of the United States who 11 performs duties of the type generally performed by an indi12 vidual occupying grade GS-16 of the General Schedule or 13 any higher grade or position (as determined by the Comp14 troller General regardless of the rate of compensation of such 15 individual), any member of a uniformed service who is 16 compensated in an amount equal to or in excess of the 17 amount of pay for pay grade 0-6 or any higher grade of 18 pay established under chapter 3 of title 37, United States 19 Code, the President, and the Vice President shall file an20 nually, with the Comptroller General, a report containing a 21 full and complete statement of— 23 24 25 (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 3 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 of 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; (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 $1,000, and the amount of cach 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 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; |