Disqualifies candidates who fail to comply with financial disclosure filing requirements of the public officers law

Title of bill

An act to amend the election law, in relation to disqualification of candidates who fail to file personal financial disclosure statements

Purpose or general idea of bill

To insure that candidates for public office fully disclose their personal financial ties and investments as required by the Ethics in Government law.

Summary of specific provisions

A new section 6-123 is added to the election law, which would disqualify candidates for public office who fail to file an annual statement of financial disclosure as required by the public officers law.

Justification

In 1987 the Legislature enacted stringent financial reporting requirements in the Ethics in Government law. Pursuant to this law, incumbent officeholders must file personal financial disclosure statements by May 15. However, non-incumbent challenger candidates do not have to file their disclosure statements until after they have filed their designating or nominating petitions or certificates of nomination (usually in July, August or September).

A challenger candidate could avoid any opportunity for the public, the press, or the opposing candidate, to scrutinize his disclosure statement by filing a couple weeks late, or not at all until after the election. Yet the same challenger candidate has access to the incumbent's statement months before the election.

Commitment to the highest ethical standards require that candidates for public office should disclose their financial dealings prior to the election in order for the voters to be fully aware of any possible conflicts of interest, or they should forfeit their place on the ballot.

The public's opportunity to choose a candidate will be preserved since a substitution would be permitted for the disqualified candidate.

Fiscal implications

None.

Effective date

Thirtieth day after it shall have become a law.