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Politics & Government

Portantino Measure on Financial Reporting Heading to Full Assembly for Approval

A proposal based on Form 700–Statement of Economic Interest was recently approved by the Assembly Appropriations.

On Wednesday, April 25, California Assemblyman Anthony Portantino (D-La Cañada Flintridge) released a statement that his measure to update and modernize financial reporting for political and public officials was approved.

Portantino’s proposal was approved by the Assembly Appropriations and is moving to the full assembly for approval. The measure is related to Form 700–Statement of Economic Interest, which politicians and public officials are required to complete. With this document, public interest and watchdog groups can keep informed on the outside interests of politicians. It also allows the organizations to see that there is no conflict of interest in the actions that these public officials take.

“These forms haven’t been updated in more than 35 years and are way out-of-date. It’s time to make sure the public, good government advocates and the media know where there are potential conflicts,” remarked Portantino in the statement.

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The measure, AB 2162, requests changing the four money ranges already listed on the Form 700. The bill would increase the number of ranges, creating more transparency for the public. Investments and real estate would be given eight levels, while there would be ten levels listed for income.

“In maintaining my commitment… I’m trying to create a more accurate picture of the facts in these financial reporting forms.  The forms are so general with such wide reporting ranges, it’s almost impossible to figure out just how much outside money politicians are making,” claimed Portantino in the statement. “Form 700 hasn’t been modernized since 1974; it’s time to update and get a clearer picture of what public officials are really making.”

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Portantino has been representing the 44th District, which includes La Cañada Flintridge, since 2006. In the past, he has served on the La Cañada Flintridge City Council, the Pasadena City College Bond Oversight Committee, and the Santa Monica Mountains Conservancy Advisory Committee. Many of his policies focus on education, health and human services, transportation, among other issues. 

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