Senate Passes Financial Disclosure Requirements

Legislation enacting Proposal 1 of 2022 was passed by the Senate this week. The legislation seeks to improve government transparency and was sponsored by senators on both sides of the aisle. Michigan is one of only two states that doesn’t require some level of disclosure.

Key Points:

• • Beginning April 15, 2023, each lawmaker must disclose:
    • Every source of income.
    • Assets held for investment or production of income.
    • Significant liabilities.
    • Positions held in organizations.
    • Future employment agreements.
    • Spouse’s occupation and more.
  • The disclosure requirements also extend to candidates for office.

Next Steps:

• • The bills were sent directly to the House floor for consideration.
  • Some House members have expressed concerns over the package, believing it doesn’t go far enough. They are advocating for significantly higher penalties for non-compliance and reporting on spousal income and occupations.