September 17, 1993
DO-93-025
MEMORANDUM
TO: Designated Agency Ethics Officials
FROM: Stephen D. Potts
Director
SUBJECT: Proposed amendment to confidential disclosure rule
In response to numerous comments of ethics officials and
confidential financial disclosure filers, the Office of Government
Ethics has published a proposed rule to eliminate the requirement
to disclose certain typically nonconflicting assets. At 58 Federal
Register 46096-46097 (September 1, 1993), we have proposed
eliminating the requirement to disclose assets and income relating
to accounts in depository financial institutions (banks, savings
and loan associations, credit unions, etc.), money market mutual
funds and accounts (money market, not other mutual funds), U.S.
Government obligations (U.S. savings bonds and Treasury bills,
bonds, and notes), and U.S. Government securities issued by U.S.
Government agencies.
This proposed rule applies only to confidential financial
disclosure, as the public system is controlled by statute. Also
note that because this is a proposed rule, it is not effective for
the upcoming annual filing cycle.
As the preamble to the proposed rule indicates, disclosure of
this information has not been considered by most agencies to be
critical in assessing the possibility of conflicts. Additionally,
concerns have been expressed about privacy, and disclosure of such
information may be overly burdensome. However, if an agency finds
such disclosures to be necessary because of its mission or other
special circumstances, it could still seek approval from this
Office for a supplemental reporting requirement on these matters.
The Federal Register indicates that comments on the proposed
rule change should be received by October 1. However, any comments
received 30 days after the date of this letter will be considered.
We are not in a position to forecast when this proposed rule might
be adopted as an interim or final rule. That will depend on what
comments are received, as well as the regulatory process.