Ethics in Government Act of 1978

Title I: Financial Disclosure

Sections 101 to 111 addressed financial disclosure by federal personnel. The goal of Congress was to discourage bribery and other acts of mischief associated with people in a governmental position of power by requiring them to disclose their sources of income.

Generally, the designated government officials and employees must file itemized reports within 30 days of assuming their new jobs. The Act requires the disclosure to include, but not be limited to, the source, type, and amount or value of income, honoraria, or payments made to a charity on behalf or in the name of the employee in lieu of an honorarium of more than $200 in value; the source and type of income from dividends, rents, interest, and capital gains in excess of $200, identifying the amounts involved within certain prescribed categories of value; the source, description, and category of value of all gifts of more than $250 received from nonrelatives; the source and description (including a travel itinerary, dates, and the nature of expenses provided) of reimbursements received from any source of more than $250; the identity and category of value of any interest in property in a trade or business or for investment or the production of income with a fair market value in excess of $1,000, excluding family members or savings of less than $5,000; the identity and category of value of liabilities owed to any nonrelative creditor, including revolving charge accounts, that exceeds $10,000, except for mortgages on personal residences, motor vehicles, and small household items; and the description, date, and category of value of any purchase, sale, or exchange in excess of $1,000 in real property (other than a personal residence) or stocks, bonds, and other securities (except for transactions with a spouse or dependent children). Although it is not exhaustive, this list gives a sense of the breadth of the report requirements. It also shows that the dollar amounts triggering the disclosure requirement, in some cases, is de minimus in comparison with the reporter's income or personal wealth.

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