The Political Reform Act of 1974 (PRA) requires public officials to regularly disclose their financial interests, including investments, property, and income, to help prevent conflicts of interest. Under current law, an investment includes items such as stocks or business ownership interests valued at $2,000 or more. Investments include a pro rata share of investments of any business entity, mutual fund, or trust in which the individual or immediate family owns, directly, indirectly, or beneficially, a 10 percent interest or greater. Each government agency must also have a conflict of interest policy that requires certain employees to report their financial holdings.
Effective January 1, 2027, AB 1029 broadens the definition of an investment to include digital financial assets, such as cryptocurrencies or other digital forms of value.
AB 1029 requires that public officials and designated employees disclose their interests in these assets as part of their financial reporting.
(AB 1029 amends, repeals, and adds Sections 82034, 87206, 87302, and 87350 of the Government Code.)