U.S. Sen. Kirsten Gillibrand (D-NY) introduced the Financial Disclosure Modernization Act to increase transparency around government officials’ financial disclosures on Thursday.

This legislation would update and expand the monetary values that elected and senior government officials are required to disclose in order to provide the American people with a better understanding of the financial holdings and interests of their leaders.

“It’s simple: elected officials should be focused on your family’s financial security, not their own personal wealth,” said Gillibrand. “Right now, the rules meant to shed light on politicians’ finances are broken, letting some of our most powerful leaders hide how much they’re really worth. The American people deserve full transparency. Our Financial Disclosure Modernization Act would help clear the fog and show you where your leaders’ money comes from so you know whose side they’re truly on. It’s time for leaders in Washington to put working families first, not line their own pockets.”

Under the Ethics in Government Act, senior government officials are required to disclose their financial holdings and income using reporting value categories established in statute. However, the law is outdated. Currently, the highest value categories in disclosure forms for income is capped at “greater than $5 million,” while the highest value category for other reportable holdings – including interests, liabilities, transactions, and qualified blind trusts – is limited to “greater than $50 million.” President Trump, senior administration officials, and other individuals subject to disclosure requirements hold assets that far exceed the statute’s existing reporting thresholds.

This legislation would expand all reporting value categories to a new upper tier of “greater than $1 billion” to capture more precise and transparent disclosures by officials with substantial assets.

Along with Senator Gillibrand, the bill is sponsored by Senator Adam Schiff (D-CA), Richard Blumenthal (D-CT), and Jeff Merkley (D-OR). Congressman Dave Min (D-CA-47) introduced companion legislation in the U.S. House of Representatives.

This legislation is endorsed by Democracy Defenders Action, Public Citizen, CREW, POGO, American Oversight, Common Cause, People for the American Way (PFAW), and Take On Wall Street.

Gillibrand has championed transparency and good government throughout her career. She led Senate passage of the STOCK Act in 2012 and became the first member of Congress to post a daily public report detailing her official meetings, personal financial disclosures, earmark requests, and tax information. In 2023, she introduced the bipartisan Ban Stock Trading for Government Officials Act to establish strict stock trading bans and enhanced disclosure requirements for members of Congress, senior executive branch officials, and their spouses and dependents. Earlier this year, she continued that effort by introducing the Restore Trust in Congress Act – bipartisan, bicameral legislation to prohibit stock holding and trading by members of Congress.