A bill to require financial disclosure.

Requires each Member of Congress and each employee of the Congress to file, not later than May 15 of each year or not more than three months after the last day he occupies such office or position (if he leaves such position before May 15), with the Comptroller General, a report containing a full and complete statement of: (1) the amount and source of each item of income, each item of reimbursement for any expenditure, and each gift or aggregate of gifts from one source (other than gifts received from his spouse or any member of his immediate family) recieved by him or by him and his spouse jointly during the preceding calander year which exceeds $100 in amount or value; (2) the value of each asset held by him, or by him and his spouse jointly, which has a value in excess of $5,000, and the amount of each liability owed by him, or by him and his spouse jointly, which is in excess of $5,000 as of the close of the preceding calander year; and (3) any business transaction by him, or by him and his spouse jointly, or by any person acting in his behalf, during the preceding calander year if the aggregate amount involved in such transaction exceeds $5,000 during such year.

Provides that the reports required by this Act shall be in such form and detail as the Comptroller General may prescribe.

Establishes a penalty of $2,000, or imprisonment for not more than five years, or both for whoever willfully fails to file a report or knowingly files a false report under this Act.