(a)(1) Each member of the Board shall, within 90 days of his selection as a member of the Board and not later than July 30th of each year thereafter, submit to the Mayor, the Council, the Speaker, and the President pro tempore a personal financial disclosure statement with respect to the preceding calendar year. Such statement shall be in such form as the Council may by regulation require and shall contain such information with respect to the member’s financial condition as the Council may by regulation require, including the following information:
(A) The amount and source of all income (as defined in § 61 of the Internal Revenue Code of 1954) received during the year;
(B) The identity and category of value of each liability owned, directly or indirectly, that exceeds $2,500 as of the last day of the year (excluding any mortgage that secures real property that is the principal residence of such member);
(C) The identity and category of value of any property held, directly or indirectly, in a trade or business or for investment or the production of income that has a fair market value of not less than $1,000 as of the last day of the year;
(D) The identity and category of value of any transaction, whether direct or indirect, in securities or commodities futures during the year in excess of $1,000 (excluding any gift to any tax-exempt organization described in § 501(c)(3) of the Internal Revenue Code of 1954), and the identity, date, and category of value of any purchase or sale, whether direct or indirect, of any interest in real or tangible personal property during the year the value of which exceeds $1,000 at the time of such purchase or sale (excluding any purchase or sale of any property that is the principal residence of such member or that is used as furnishings for such principal residence);
(E) The nature and extent of any interest during the year in any bank, insurance company, or other financial institution, or in any brokerage or other securities or investment company; and
(F) The nature and extent of any employment during the year by any bank, insurance company, or other financial institution, or by any brokerage or other securities or investment company.
(2) A member shall not be required to submit a personal financial disclosure statement to the Speaker and the President pro tempore for calendar years after calendar year 2004.
(b) For purposes of subparagraphs (B), (C), and (D) of paragraph (1) of subsection (a) of this section, the member reporting need not specify the actual amount of value of each item required to be reported under such subparagraphs, but shall indicate which of the following categories such amount or value is within:
(1) Not more than $5,000;
(2) Greater than $5,000 but not more than $15,000;
(3) Greater than $15,000 but not more than $50,000;
(4) Greater than $50,000 but not more than $100,000; or
(5) Greater than $100,000.
1981 Ed., § 1-731.
1973 Ed., § 1-1831.
References in Text
The Internal Revenue Code of 1954, referred to in subsection (a)(1)(A) and (D), is Title 26 of the United States Code.
New Implementing Regulations
New implementing regulations: Pursuant to this section, the following new regulations were adopted in 1983: The “District of Columbia Retirement Board First Regulations Adoption Act of 1983” (D.C. Law 5-11, June 22, 1983, 30 DCR 2300).