Friday, August 7, 2009

Isakson Introduces Legislation to Strengthen Financial Disclosure Rules

U.S. Senator Johnny Isakson, R-Ga., has introduced legislation to increase transparency and strengthen mortgage disclosure requirements for Members of Congress.

The bill by Isakson and Senator Barbara Boxer, D-Calif., would require Members of Congress to make a “full and complete” disclosure of residential mortgages, which includes, the date that the mortgage was entered, the range of the amount, the interest rate, the term, and the name and address of the creditor.

Isakson and Boxer serve as Vice-Chairman and Chairman of the Senate Select Committee on Ethics, respectively.

Senator Isakson said, “Since my first year in Congress, I have always disclosed my home ownership and the mortgages against my home. It’s the right thing to do and I believe it should be required of all members of Congress.”

Senator Boxer said, “Transparency is the key to accountability in government. We must continually revisit ethics in government, and strengthening our disclosure rules takes an important step forward.”
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