Statements of financial interest: digital financial assets.
Vote required
Two Thirds
Fiscal committee
No
Appropriation
No
Current location
Chaptered
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill updates California’s Political Reform Act to require public officials to disclose their financial interests, including investments in digital financial assets. It expands the definition of ‘investment’ to encompass these assets and mandates that agencies’ conflict of interest codes address disclosures related to digital financial assets. The bill also clarifies certain provisions regarding disclosures and establishes a process for agencies to adopt conflict of interest codes. Finally, it removes the requirement for reimbursement to local agencies for costs associated with this legislation.
Key provisions
- Expands the definition of ‘investment’ to include digital financial assets.
- Requires public officials to disclose interests in digital financial assets on their statements of economic interest.
- Requires agencies’ conflict of interest codes to address disclosures of digital financial assets.
- Clarifies the definition of ‘parent, subsidiary, or otherwise related business entity’ for investment purposes.
- Establishes a process for agencies to file a multiagency statement disclosing investments and income.
- States that no reimbursement is required for local agencies or school districts due to the creation of a new crime.
- Declares that the bill furthers the purposes of the Political Reform Act of 1974.
Who is affected
- Public officials
- State agencies
- California residents
- Financial institutions
Bill text
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