House, Senate vote to curb disclosure requirements

Topics: From the Wires,

WASHINGTON (AP) — Congress is repealing some financial disclosure requirements for highly paid federal officials enacted a year ago.

An expert panel concluded that publishing details about their personal holdings and transactions in a searchable online database poses a national security risk and exposes the officials to identity theft.

The House unanimously passed a bill Friday doing away with the on-line filing requirements except for the president, vice president, members of Congress, Cabinet officers and other officials appointed by the president, and candidates for president or Congress. The Senate passed it by voice vote Thursday evening. The bill goes to President Barack Obama.

Making congressional aides and other federal employees paid more than $119,554 put their financial data online was part of a law aimed at curbing the perception that lawmakers were trading on insider information.

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