State Assemblyman Mike Gatto’s (D-Glendale) legislation to increase financial-disclosure requirements and modernize the forms used by government officials to report their interests has been approved by the Assembly by a 66-0 vote.

“Increased transparency is essential to protecting public resources, preventing corruption and restoring public trust,” Gatto said. “This legislation will modernize disclosure forms to reveal the business dealings of political insiders and give Californians greater access to information about their representatives.”

The legislation, AB 10, would address concerns by modernizing the Form 700 disclosure document in five ways. It would clarify the reporting ranges for investments, property and income to be more specific and more in line with modern property-value ranges, providing more accurate information of the financial interests of an elected official; would require elected officials to disclose who their business partners are; and would require elected officials to disclose what exactly their businesses do. Additionally, it would require elected officials to report the specific instances when they recused themselves from a vote because of a conflict of interest; and extend the payment reporting requirements to include candidates and elected officials for one year after leaving elective office, so that elected officials must disclose if they solicit funds from outside institutions during their term to pay their own salaries on their way out of office.

“AB 10 will increase transparency by making the financial disclosure of elected officials more clear and comprehensive for the public to understand,” Gatto added.