Proposal 1 would require people elected to state offices to file a report annually with the state about their personal finances. These disclosures would be mandatory for everyone elected to the House and Senate, as well as the governor, lieutenant governor, secretary of state and attorney general.
The report includes:
The specific amounts of assets owned, liabilities owed and income earned by candidates are not required to be disclosed — only a description of them is mandated. So, for example, if a candidate earned $150,000 a year at a law firm and had $500,000 invested in Disney stock, the only requirement would be to list the law firm as a source of income and disclose ownership of shares of Disney.
Still, such details may be required of elected officials through statute. Proposal 1 directs the Legislature to “further implement” these financial disclosure requirements “with appropriate legislation.” Through statute, then, lawmakers could etch out more precisely what is required for them and their colleagues to disclose, including more specific details about income, assets and liabilities.
States typically require officeholders to file personal financial disclosures that cover their income, their business or any gifts received, and their support from lobbyists. But there are no standard disclosure policies. The National Conference of State Legislatures has an overview of requirements used in the various states for readers who may want to scan other state policies.[8]
Only Michigan and Idaho do not require personal financial disclosures of people elected to a state office.
[*] The proposal exempts positions with “religious, social, fraternal, or political entity, or positions that are solely of an honorary nature.”
[†] This language requires some interpretation. The intention seems to be to cast a wide net to ensure that any payments an elected official receives from any lobbyist are disclosed. As elected officials do not know all of the activities of a lobbyist, it is possible that lobbyists make payments to charities that officials are never made aware of, but would be, nevertheless, responsible for disclosing.