Financial Disclosure Reporting in the Federal Government

The enforcement of regulations pertaining to financial disclosure reporting in the Federal Government is considered in connection with a bill to establish a commission on ethics and financial disclosure for officers and employees of the Federal Government. GAO believes that oversight and investigation of individual Members of Congress are not consistent with its role as a nonpartisan arm of Congress. Placing the responsibility for administering financial disclosure with the Comptroller General could damage the overall effectiveness of the GAO. A commission on ethics and financial disclosure should be created with the responsibility for developing uniform standards and consistent procedures for the financial disclosure system. Disclosure reports could be filed with individual agencies and transmitted by the agencies to such a commission. Individuals who should be required to file financial disclosure reports, information to be reported, and review of such reports are considered.