Michigan House Bill HB4269

Michigan 2023-2024 Regular Session

• Introduced: 3/14/23
• Refer: 3/14/23

Caption

Campaign finance: statements and reports; certain financial disclosure requirements; provide for. Creates new act.

Impact

Upon enactment, HB 4269 is expected to significantly influence the state regulations governing the financial disclosures of public officers. It requires these officials to electronically file their financial reports with the Department of State annually by April 15. This provision is designed to improve public access to the financial information of those in power, thereby fostering accountability and public trust in government operations. By creating a standardized financial disclosure form, the bill establishes clear parameters for the types of income and assets that must be reported.

Summary

House Bill 4269 introduces the 'Public Officers Financial Disclosure Report Act,' which mandates certain public officers to file annual financial disclosure reports. This legislation aims to enhance the transparency of financial dealings among public officials, including members of the legislature, the governor, and other high-ranking officials. The bill outlines the definition of important terms such as 'earned income,' 'unearned income,' and establishes the necessary framework for public officers to report their financial standings in a structured manner.

Contention

Despite the positives associated with enhanced transparency, the bill may face contention from certain public officials concerned about potential ramifications of publicizing financial details. Issues such as privacy, the complexity of accurately valuing assets, and the potential for penalties (including fines and imprisonment for falsification of reports) are likely to draw scrutiny. Critics may argue that the rigors of compliance and the threats of penalties could deter qualified individuals from seeking public office, thereby impacting the diversity and quality of candidates willing to enter public service.