The total stock portfolio of the Legislature was worth as much as $112 million last year but experts say the public should know more about a politician’s total wealth.
Traders work on the floor at the New York Stock Exchange in New York on March 13, 2023. Four legislators reported at least $1 million invested in the stock market in 2023, but California’s limited disclosure laws don’t provide a complete picture of each lawmaker’s wealth.California bill advances that would make Google, Facebook pay news companies whose stories appear on their platforms
The limited disclosure about wealth was an intentional part of Proposition 9 in 1974, which created the state’s Fair Political Practices Commission and set rules about financial reporting requirements. Bob Stern, a co-author of the proposition, said the disclosure rule was meant to identify possible conflicts where a legislator might benefit financially from a policy decision, not to detail a member’s overall wealth.
“If I were doing it again today, I think I’d be a little bit more cognizant of wealth, and maybe change that to some degree to indicate maybe a bit more specificity. But we didn’t want it,” said Stern.“If you have somebody who’s worth a billion dollars, versus somebody who’s worth $100 million, that probably is important for the public to know,” he said.
Nearly 550 stocks were reported by 44 current legislators, which means that 76 sitting legislators reported no stock ownership last year.CalMatters compared the voting records of the four legislators who reported at least $1 million in stocks with the positions that those companies took on legislation this session and did not find a conflict of interest.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Who are the wealthiest California legislators? Good question.State lawmakers disclosed tens of millions of dollars in stock last year, but there’s more that they don’t have to report.
Read more »
Opinion: In California, State Farm is not such a good neighbor after allLawson-Remer is vice chair of the San Diego County Board of Supervisors. She represents District 3 and lives in Encinitas. For decades, people have dutifully paid their insurance premiums, trusting…
Read more »
California's Rent Market Gets Good NewsSeveral cities in California saw rent prices fall between 2023 and 2024, mainly due to a drop in demand.
Read more »
USC Center for Genetic Epidemiology - Los Angeles, California job with University of Southern CaliforniaA postdoctoral research fellow position is available in the lab of Dr. Charleston Chiang at USC. The Chiang lab utilizes cutting-edge analytic tools to address questions at the intersection of human medical and population genetics.
Read more »
California YIMBY group endorses Silicon Valley billionaire’s California Forever projectThe group, while noting some concerns with the plan, still supports the vision overall. The decision marks one of the first statewide groups to support the Solano County-based initiative.
Read more »
![Irina Shayk Brings Models Double Denim Looks & More in Good American’s Good Denim Campaign [PHOTOS]](https://i.headtopics.com/images/2024/6/10/wwd/irina-shayk-brings-models-double-denim-looks-more--irina-shayk-brings-models-double-denim-looks-more--F49924D23D18264C703E9498231A999C.webp?w=640)
Irina Shayk Brings Models Double Denim Looks & More in Good American’s Good Denim Campaign [PHOTOS]Irina Shayk stars in Good American's Good Denim campaign, featuring style inspired by the '90s and ideal for summertime. See the photos.
Read more »