The Senate Oversight Committee heard testimony on bipartisan legislation implementing Proposal 1 of 2022 this week. The bills require financial disclosure of assets and certain income from elected officials and candidates.
- Requires executive office holders (governor, lieutenant governor, attorney general, secretary of state) and legislators to file annual financial disclosure reports that will be posted on the Secretary of State website.
- Requires candidates for these offices to file financial disclosure reports.
- Allow late filing fees to be paid from a candidate committee (mirroring current law for campaign finance fillings).
- Financial disclosure reports cover all sources of income, investment assets, positions held in organizations, and significant liabilities. Additionally, they cover joint assets held with a spouse and require disclosure of the spouse’s occupation.
- The bills remain before the Senate Oversight Committee for further consideration.