Congress approves third delay in financial disclosure requirement

December 7, 2012

The Senior Executives Association on Thursday applauded Congress for delaying the deadline for executive and legislative offices to post financial disclosures of senior-level employees online. 

The posting requirement comes by way of the Stock Act ethics law, which Congress and the president approved last April as a measure to  discourage insider trading by members of Congress and their staffs. The original deadline was in September, but it was pushed to October and then Dec. 8.

A federal judge in September also issued a temporary preliminary injunction that blocked the law from being enforced until November.

The Senate on Thursday approved the proposed third delay, which would move the deadline for posting to April 15. The House voted in favor of the measure on Wednesday.   

Financial disclosures are public records, but government agencies generally release them only upon request.

The posting requirement, which would impact some 28,000 federal workers, has raised concerns about identity theft and other crimes against employees, as well as security risks for the government. 

The second bill that delayed the posting policy called for a study of the potential impacts it would have. The National Academy of Public Administration is due to release that report in late March.  

Carol Bonosaro, president of the Senior Executives Association, said in a statement: “It is critical that Congress allow [the National Academy of Public Administration] time to complete its study to identify whether the interest in transparency outweighs the national and personal security concerns that arise from posting financial disclosure forms.”

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Josh Hicks covers the federal government and anchors the Federal Eye blog. He reported for newspapers in the Detroit and Seattle suburbs before joining the Post as a contributor to Glenn Kessler’s Fact Checker blog in 2011.
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