Portantino Financial Reporting Bill Progresses in State Senate

A proposal by Assemblymember Anthony Portantino (who represents part of Monrovia) to update financial reporting for politicians and public officials was unanimously approved today by the Senate Elections and Constitutional Amendments Committee.

Each year politicians and public officials must file a Form 700 â€" Statement of Economic Interest, which gives the public a way to keep tabs on their outside financial interests.

Portantino said, "These forms haven't been updated in more than 35 years and are way out-of-date."

AB 2162 calls for restructuring dollar ranges in the Form 700 from 4 for investments, property and income, to 8 levels for investments and real estate, and 10 levels for income ranges.

Source: Portantino press release

- Brad Haugaard