Candidate Disclosure Reform
Currently, Minnesota has one of the worst candidate financial disclosure laws in the country. We are ranked 40th in the nation by the non-partisan Center for Public Integrity (CPI). CPI gave Minnesota an “F” grade in their comprehensive state-by-state analysis of personal financial disclosure laws.
Minnesota’s financial disclosure laws for statewide candidates only require disclosing stock investments, sources of compensation and real property, but not the value of those investments, compensation or real property. Minnesota law does not require the disclosure of non-real property assets or spousal disclosure.
DFL-endorsed candidate for Governor Margaret Anderson Kelliher thinks Minnesota voters have a basic right to know how candidates are financing their campaigns. Kelliher’s effort to improve candidate disclosure laws in the State of Minnesota would directly address the gaping loopholes in current law.
As Governor, Kelliher will enact needed reforms to increase transparency and disclosure for candidates running for statewide office. The candidate disclosure reforms will require the following be disclosed, in addition to information already required by current law:
• Candidate and spouse description of employer
• Candidate and spouse income value range (disclosed in value range categories below)
• Candidate and spouse investments (individual and jointly held) and value ranges.
This excludes insurance policies, mutual funds, retirement accounts and education accounts
• Candidate and spouse client categories, industries and income derived from
professional or consulting services, including medical health or legal services for a
variety of industries (disclosed by industry, not by name)
• Candidate and spouse real property value range (above $2,000)
For each of these disclosures, the proposed income disclosure ranges are as follows:
I. Less than $5,000
II.$5,000 to $24,999
III.$25,000 to $49,999
IV. $50,000 to $99,999
V. $100,000 to $199,999
VI. $200,000 or more