H.R. 7508 — Financial Disclosure Modernization Act

This section revises the public financial disclosure reporting categories for amounts of dividends, rents, interest, and capital gains by replacing the single tier for amounts greater than $5 million with five new tiers: (ix) greater than $5 million but not more than $25 million; (x) greater than $25 million but not more than $100 million; (xi) greater than $100 million but not more than $500 million; (xii) greater than $500 million but not more than $1 billion; and (xiii) greater than $1 billion. (Thus, certain executive branch officials must now report such high-value income in narrower bands.)

This section revises the categories for reporting values of assets, liabilities, income, and transactions in public financial disclosure reports filed by certain federal officials by replacing the prior open-ended category for amounts greater than $50 million (subparagraph (J)) with five new categories: (J) greater than $50 million but not more than $100 million; (K) greater than $100 million but not more than $250 million; (L) greater than $250 million but not more than $500 million; (M) greater than $500 million but not more than $1 billion; and (N) greater than $1 billion. (Thus, filers must use more granular ranges for high-value holdings.)

This section specifies that the amendments made by this Act apply to financial disclosure reports required to be filed on or after the date of enactment.