Congress moves to expose ultra-wealthy officials' holdings in finer detail
S. 3827 — Financial Disclosure Modernization Act · Filed by Adam Schiff (D-CA) · 3 cosponsors · Introduced Feb 11, 2026 · Referred to committee
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What it does
This bill expands the reporting categories for federal financial disclosures, adding new brackets for very large asset holdings ($5M–$1B+ for dividends/interest/capital gains, and $50M–$1B+ for other reportable amounts). Currently, federal officials report assets in broad ranges; this bill creates finer granularity at the top end, requiring disclosure of whether an official holds $5–25M, $25–100M, $100–500M, $500M–$1B, or over $1B in certain asset classes. The effect is to make the wealth of the richest federal officials more transparent to the public.
Why we flagged it
The bill's sole operative mechanism is to subdivide existing asset-reporting brackets at the high end, making federal officials' wealth disclosures more granular. It is a straightforward transparency measure with no deregulatory, subsidy, or carve-out component.
What the text implies
- The new brackets may reveal concentration of wealth among federal officials, potentially informing ethics investigations or recusal decisions.
- Finer granularity at the $5M–$1B range may expose officials with holdings in specific asset classes (e.g., real estate, securities) that could create appearance-of-conflict issues.
- The bill does not mandate disclosure of *source* of wealth or *beneficial ownership* through trusts or shell entities, so ultra-wealthy officials may still obscure true holdings through legal structures.
Section numbers refer to the bill text the analysis read — linked under Primary records below.
Who it affects
The bill increases transparency of federal officials' financial holdings without restricting any citizen rights or imposing new costs. Finer-grained disclosure of ultra-high-net-worth holdings strengthens public accountability and conflict-of-interest detection, particularly for officials with substantial assets.
Named in the bill
5 U.S.C. § 13104, Federal financial disclosure, Chapter 131 of title 5
Where it stands
3 cosponsors: 3 Democrats.
- Feb 11, 2026 — Introduced · Congress.gov: “Introduced in Senate”
- Feb 11, 2026 — Referred to Senate Committee on Homeland Security and Governmental Affairs · Congress.gov: “Read twice and referred to the Committee on Homeland Security and Governmental Affairs”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (1,333 characters) on Jul 2, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 16,222 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
As of — page rendered 2026-10-20.
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