CaliforniaStatements of financial interest: digital financial assets.
What it does
The Political Reform Act of 1974 requires public officials to periodically file a statement of economic interest disclosing the person's investments, interests in real property, and income. The act defines "investment" to mean any financial interest in or security issued by a business entity, including, among other things, stocks and any partnership or other ownership interest owned by the public official or that person's immediate family, as specified. The act specifies that an asset is an investment only if its fair market value equals or exceeds $2,000.
More detail
The act requires each public agency to adopt a conflict of interest code for designated employees of the agency.
Existing law defines digital financial asset to mean a digital representation of value that is used as a medium of exchange, unit of account, or store of value, and that is not legal tender, whether or not denominated in legal tender, subject to specified exceptions.
This bill, beginning January 1, 2027, would expand the definition of "investment" for purposes of the Political Reform Act of 1974 to include a digital financial asset, and would specifically require public officials to disclose interests in their digital financial assets, as specified. The bill would also require an agency's conflict of interest code to require designated employees to disclose interests in digital financial assets, as specified.
Existing law makes a knowing or willful violation of the Political Reform Act of 1974 a misdemeanor and subjects offenders to criminal penalties. By including additional assets that must be disclosed by public officials on statements of economic interest, the bill would expand the scope of a crime and impose a state-mandated local program.
The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement.
This bill would provide that no reimbursement is required by this act for a specified reason.
The Political Reform Act of 1974, an initiative measure, provides that the Legislature may amend the act to further the act's purposes upon a 23 vote of each house of the Legislature and compliance with specified procedural requirements.
This bill would declare that it furthers the purposes of the act.
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Where it stands
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Jul 30Chaptered by Secretary of State - Chapter 85, Statutes of 2025.Latest
- Jul 30Approved by the Governor Gavin Newsom.Became Law
- Jul 25Enrolled and presented to the Governor at 11:30 a.m.To Governor
- Jul 17In Assembly. Ordered to Engrossing and Enrolling.Minor
- Vote recorded Consent Calendar 2nd AB1029 Valencia et al. Result: pass.Upper
- Jul 17Read third time. Passed. Ordered to the Assembly. (Ayes 35. Noes 0. Page 2137.).Passed Senate
- Jul 15Read second time. Ordered to Consent Calendar.Minor
- Jul 14From committee: Be ordered to second reading file pursuant to Senate Rule 28.8 and ordered to Consent Calendar.Minor
- Jul 1From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 5. Noes 0.) (July 1). Re-referred to Com. on APPR.Minor
- Vote recorded Do pass, but first be re-referred to the Committee on [Appropriations] with the recommendation: To Consent Calendar. Result: pass.Upper
- Jun 9In committee: Hearing postponed by committee.
- May 21Referred to Com. on E. & C.A.Minor
- May 8In Senate. Read first time. To Com. on RLS. for assignment.Minor
- Vote recorded AB 1029 Valencia Consent Calendar Second Day. Result: pass.Lower
- May 8Read third time. Passed. Ordered to the Senate. (Ayes 69. Noes 0. Page 1487.)Passed Assembly
- May 1Read second time. Ordered to Consent Calendar.Minor
- Apr 30From committee: Do pass. To Consent Calendar. (Ayes 14. Noes 0.) (April 30).Minor
- Vote recorded Do pass. To Consent Calendar. Result: pass.Lower
- Apr 9From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 7. Noes 0.) (April 9). Re-referred to Com. on APPR.Minor
- Vote recorded Do pass and be re-referred to the Committee on [Appropriations] with recommendation: To Consent Calendar. Result: pass.Lower
- Mar 24Re-referred to Com. on ELECTIONS.Minor
- Mar 20From committee chair, with author's amendments: Amend, and re-refer to Com. on ELECTIONS. Read second time and amended.Major
- Mar 10Referred to Com. on ELECTIONS.Minor
- Feb 21From printer. May be heard in committee March 23.
- Feb 20Read first time. To print.Introduced