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FOR IMMEDIATE RELEASE
PR- 188-03
July 14, 2003

MAYOR MICHAEL R. BLOOMBERG SIGNS LEGISLATION STRENGTHENING FINANCIAL DISCLOSURE LAW

Remarks by Mayor Bloomberg at a Public Hearing on Local Law

“The next bill before me is Introductory Number 64-A, sponsored by Council Members Sears, Moskowitz, Clarke and Koppell.

“This bill is a comprehensive overhaul of the City’s Financial Disclosure Law, which requires certain officers and employees of the City of New York to disclose their financial interests on an annual basis.  The purpose of the law is to bring to light and prevent any conflicts of interest that may exist between a City employee’s official duties and his or her private interests.

“Intro. 64-A expands the number of offices covered by the City’s financial disclosure law while narrowing the criteria for those who must comply with it.   The law will now cover employees in the offices of the New York City District Attorneys, Special Narcotics Prosecutor, and the New York City Industrial Development Agency.   Moreover, the bill replaces one of the current triggers for filing financial disclosure reports -- a salary threshold -- with a more appropriate criterion, namely an employee’s policymaking discretion.  This will eliminate filings by lower-level employees who have little potential for conflicts of interest but whose paperwork consumes the Conflicts of Interest Board’s limited resources. 

“Intro. 64-A also authorizes the Conflicts of Interest Board to allow electronic filing beginning in 2004 and mandates electronic filing by 2006, offering substantial advantages to the Board, including enhanced security, expedited review, cost savings, and, for the user, streamlined compliance. 

“Finally, the bill includes tougher penalties and stronger enforcement mechanisms that will reduce the number of late and non-filers.  One such mechanism amends the Campaign Finance Law to require candidates to file outstanding reports and pay outstanding late filing fees as a condition of receiving matching public funds. 

“Together, these changes to the City’s Financial Disclosure Law represent a significant advance for good government probity.  I thank Mark Davies, Executive Director of the Conflicts of Interest Board, and Council Member Sears for their stewardship of Intro. 64-A.”





CONTACT:

Edward Skyler / Jonathan Werbell   (212) 788-2958


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