Senate Approves Boxer-Isakson Measure to Strengthen Mortgage Disclosure by Lawmakers

February 8, 2012

by California RealEstateRama

Amendment by Bipartisan Leaders of the Senate Ethics Committee Would Require Members of Congress to Disclose All of Their Mortgages

Washington, DC – February 8, 2012 – (RealEstateRama) — U.S. Select Committee on Ethics Chairman Barbara Boxer (D-CA) and Vice-Chairman Johnny Isakson (R-GA) today praised the Senate’s passage of their amendment to the STOCK Act that would increase transparency and strengthen disclosure requirements by requiring members of Congress to disclose all their mortgages. The new requirements would also apply to the President, the Vice President and most Senate-confirmable appointees.

The amendment is based on legislation that Senator Boxer and Senator Isakson first introduced in August 2009 to require members of Congress to make a “full and complete” disclosure of all residential mortgages, including 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.

Senator Boxer said, “This measure makes it clear that any mortgage held by a member of Congress must be disclosed to ensure that lawmakers are treated the same as every other American. The amendment corrects an omission in Senate ethics rules that did not require disclosure of all residential mortgages.”

Senator Isakson said, “I am a firm believer that the greatest accountability mechanism for members of Congress is transparency, and this amendment will add more transparency to our financial disclosures. The Senate’s passage of this amendment demonstrates a commitment to making ourselves more accountable to the American people.”

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