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A reform by Assemblyman Mike Gatto (D-Glendale) to increase financial disclosure requirements and modernize the forms used by government officials to report their interests was unanimously approved by the Assembly and will now go to Governor Brown for consideration.
“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.”
Concerns over the Form 700 documents required by the Fair Political Practices Commission were brought to light October 2014, when it was noted that California hasn’t significantly updated its financial disclosure laws for elected officials in decades, and the forms that officials must fill out require only the vaguest information. Elected officials also do not need to disclose exactly what their businesses do or who their partners are.
Earlier in September, the FBI conducted raids in Palm Springs over accusations of conflict of interest that involved alleged deficiencies in Form 700.
“These forms are not easy to use or read,” Gatto said. “AB 10 will increase transparency by making the financial disclosure of elected officials more clear and comprehensive.”
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