Assemblyman Anthony Portantino, who represents part of Monrovia, has introduced a bill to require state legislators to more precisely identify outside sources of income when they assume or leave office. The press release:
Each year, politicians and public officials must complete what is known as a Form 700 – Statement of Economic Interest. It gives the public and watchdog groups a way to keep tabs on the outside financial interests of officeholders and other officials to ensure that they avoid conflicts of interest.
“The problem with the current form is that it contains income ranges of such wide dollar amounts that it’s almost impossible for the public to decipher our actual outside incomes,” said Assemblymember Portantino. “That’s why I am proposing we modernize and update the reporting ranges to create a more accurate accounting and subsequent accountability.”
Portantino’s AB 2162, which calls for updating and restructuring dollar ranges, was approved today in Assembly Elections and Redistricting Committee. Currently there are only 4 ranges for investments, property and income. This bill would revise the dollar amounts associated with these ranges to 8 levels for investments and real estate and 10 levels for income ranges.
“These forms haven’t been updated in more than 35 years and are way out-of-date. It’s time to make sure the public, good government advocates and the media know where there are potential conflicts,” commented Portantino.
The Political Reform Act of 1974 requires persons holding specified public offices to file disclosures of investments, real property interests, and income within specified periods of assuming or leaving office, and annually while holding the office. The act requires the disclosures to include a statement indicating, within a specified value range, the fair market value of investments or interests in real property and the aggregate value of income received from a source.
- Brad Haugaard