Plain English Breakdown
The source states the bill imposes a state-mandated local program but does not specify what that reason is for denying reimbursement, only that no reimbursement is required.
Requiring Public Officials to Report Digital Financial Assets
Starting January 1, 2027, this law requires public officials and designated employees to list digital financial assets worth $2,000 or more on their official disclosure forms.
What This Bill Does
- Expands the definition of 'investment' under the Political Reform Act of 1974 to include digital financial assets.
- Requires public officials to disclose ownership interests in these digital assets on periodic statements of economic interest.
- Mandates that agency conflict-of-interest codes require designated employees to report interests in digital financial assets.
- Applies the existing rule requiring a fair market value of $2,000 or more for an asset to be considered an investment.
Who It Names or Affects
- Public officials who file statements of economic interest under the Political Reform Act of 1974.
- Designated employees within public agencies subject to conflict-of-interest codes.
Terms To Know
- Digital financial asset
- A digital representation of value used as a medium of exchange, unit of account, or store of value that is not legal tender.
- Statement of economic interest
- An official form where public officials list their investments, interests in real property, and income.
Limits and Unknowns
- The law takes effect on January 1, 2027.
- Only digital financial assets with a fair market value of $2,000 or more must be reported as investments.
- No state reimbursement is required for local agencies to implement these changes.