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Financial Disclosure Modernization Act

This act updates the rules for how high-ranking officials report their wealth and income. It provides citizens with more detailed information about the finances of the wealthiest public servants.
Key points
Adds new reporting categories for income starting from $5 million up to over $1 billion.
Introduces more specific value brackets for assets worth between $50 million and over $1 billion.
Enhances financial transparency for public officials by requiring more precise reporting of high-value assets.
Applies to all financial disclosure reports filed on or after the date the act becomes law.
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Status: Introduced
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Additional Information
Print number: 119_S_3827
Sponsor: Sen. Schiff, Adam B. [D-CA]
Process start date: 2026-02-11
System Note: Lustra is free, publicly auditable civic infrastructure — full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source—always verify them if you can.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Financial Disclosure Modernization Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_3827.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2026-02-11.

What are the main provisions?

Key points include:

  • Adds new reporting categories for income starting from $5 million up to over $1 billion.
  • Introduces more specific value brackets for assets worth between $50 million and over $1 billion.
  • Enhances financial transparency for public officials by requiring more precise reporting of high-value assets.
  • Applies to all financial disclosure reports filed on or after the date the act becomes law.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Schiff, Adam B. [D-CA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-02-26.

What is the impact of this bill?

We don't know—that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

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