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Committee hears bill to require timing of stock purchases and sales by elected officials; laid over for possible inclusion
Summary
Senate File 1259 would require elected officials to report sale or purchase dates for individual stocks worth more than $10,000 to increase transparency. The Elections Committee adopted an author's amendment and laid the bill over for possible inclusion pending further drafting and stakeholder input.
Senate File 1259, considered Feb. 25 by the Senate Elections Committee, would require elected officials to report the sale or purchase dates for individual stocks when their holdings exceed $10,000, a sponsor said.
Senator Drayheim, the bill sponsor, said the proposal aims to increase transparency around timing of securities transactions so the public can see whether officials bought or sold stocks in ways that could present conflicts or insider-appearance concerns.
Under current law cited in committee discussion, chapter 10E.09, subdivision 5 and related provisions require disclosure of many assets and securities but do not always…
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