Bill Overview
Title: Member Financial Transparency Act
Description: This bill amends the Ethics in Government Act of 1978 to require Members of Congress to file reports on transactions in securities within 7 days after such transaction and the Clerk of the House of Representatives and the Secretary of the Senate to make such reports public within 10 days.
Sponsors: Rep. Grothman, Glenn [R-WI-6]
Target Audience
Population: People who are impacted by increased financial transparency of elected officials
Estimated Size: 331000000
- This bill directly affects all current Members of Congress.
- Indirectly, this bill impacts their immediate family members since the financial disclosures may include their joint investments.
- Voters and citizens are impacted as they gain increased transparency into the financial dealings of their elected representatives, potentially affecting trust and voting decisions.
Reasoning
- The policy budget allows for dissemination of the transparency results through public platforms per legal requirements and maintaining appropriate digital infrastructure.
- It will not directly and significantly change the wellbeing of all 331 million Americans, but a detectable change in trust and civic engagement may manifest in specific groups over the long term.
- Immediate impact is on current Members of Congress, around 535 people, and by extension their families, but indirect effects such as improved trust in governmental processes could be seen in the general population.
- Urban areas may show a significant change, as citizens are more likely to be closely following political transparency news.
Simulated Interviews
Lawyer (New York, NY)
Age: 52 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 20.0 years
Commonness: 10/20
Statement of Opinion:
- As a lawyer, I find transparency crucial for maintaining trust in our systems. This policy will help hold elected officials accountable.
- I expect my trust in government to improve slightly, knowing there's a mandated time frame for financial disclosures.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 9 | 7 |
Software Developer (Austin, TX)
Age: 32 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 12/20
Statement of Opinion:
- I'm not much into politics, but I guess knowing what my representatives are up to is good.
- My main concern is how secure and private this disclosed data will be.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
Congressional Staff (Seattle, WA)
Age: 45 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 3/20
Statement of Opinion:
- This policy adds more work for congressional staff, but it's critical for transparency.
- It might impact how financial decisions are managed internally, which is good against conflicts of interest.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 7 | 5 |
Freelance Journalist (Los Angeles, CA)
Age: 28 | Gender: other
Wellbeing Before Policy: 4
Duration of Impact: 15.0 years
Commonness: 5/20
Statement of Opinion:
- Transparency in politics is a topic I focus on extensively.
- This policy is a step in the right direction and could make my reports more impactful.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 4 |
| Year 2 | 6 | 4 |
| Year 3 | 6 | 4 |
| Year 5 | 7 | 4 |
| Year 10 | 7 | 4 |
| Year 20 | 7 | 4 |
Retired Teacher (Miami, FL)
Age: 60 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 8/20
Statement of Opinion:
- Having more transparency in Congress is always a good thing, especially in today's polarized climate.
- It's important for citizens like me who care about integrity in politics.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 7 | 6 |
Small Business Owner (Rural Mississippi)
Age: 40 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 3.0 years
Commonness: 15/20
Statement of Opinion:
- I don't see how this transparency affects me directly, but it's probably good for the country.
- Locally, we focus on more immediate issues than Congress.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 5 | 5 |
| Year 3 | 5 | 5 |
| Year 5 | 5 | 5 |
| Year 10 | 5 | 5 |
| Year 20 | 5 | 5 |
Financial Analyst (Chicago, IL)
Age: 50 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 5/20
Statement of Opinion:
- This policy will allow financial professionals like me to scrutinize transactions more thoroughly, possibly exposing conflicts of interest.
- I believe it will somewhat increase trust in financial ethics among politicians.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
Graduate Student (Boston, MA)
Age: 27 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 20.0 years
Commonness: 7/20
Statement of Opinion:
- In the current political environment, transparency is key for good governance.
- This policy provides a vital educational tool for those studying political science and ethics.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 9 | 6 |
| Year 20 | 9 | 6 |
Tech Entrepreneur (San Francisco, CA)
Age: 34 | Gender: other
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 4/20
Statement of Opinion:
- Technology paired with policy initiatives like this can really enhance democratic processes.
- It may open new data-driven opportunities for tech innovations around political transparency.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 8 | 5 |
Retired Banker (Salt Lake City, UT)
Age: 66 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 6/20
Statement of Opinion:
- This is exactly the kind of accountability we need for our leaders.
- It reassures me that there are systems in place to prevent misuse of power.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 7 | 6 |
Cost Estimates
Year 1: $1500000 (Low: $1000000, High: $2000000)
Year 2: $1500000 (Low: $1000000, High: $2000000)
Year 3: $1500000 (Low: $1000000, High: $2000000)
Year 5: $1500000 (Low: $1000000, High: $2000000)
Year 10: $1500000 (Low: $1000000, High: $2000000)
Year 100: $1500000 (Low: $1000000, High: $2000000)
Key Considerations
- The main costs come from administrative updates needed to handle the new reporting requirements.
- While the cost is relatively low, the effectiveness of the act in achieving transparency goals is crucial for realizing benefits.