Legislative Branch Disclosure Act

(Reported to House from the Select Committee on Ethics with amendment, H. Rept. 95-574)

Legislative Branch Disclosure Act - Requires each Member of Congress, officer, principal assistant to a Member or congressional officer, employee of a member, officer, or committee compensated in excess of the basic pay of a GS16, and any individual who becomes a candidate in any election for the office of Member of Congress to file annual financial disclosure reports as long as such persons hold such positions. Stipulates that persons who are paid by the Clerk of the House of Representatives shall file such reports with the Clerk and those paid by the Secretary of the Senate shall file with the Secretary. Directs that such reports be retained for seven years and made available to the public. Requires copies of such reports to be filed with the House Committee on Standards of Official Conduct or the Senate Select Committee on Ethics. Requires Members to file a copy of such report with the appropriate State officer of the State which such Member represents.

Requires that such reports contain the following information: the source and amount of income; identify and source of specified gifts; value and identity of reimbursements; identity and amount of each personal liability owed; details with respect to transactions in securities or commodities futures, property held in a trade or business, real property held, and holdings in specified trust accounts. Requires that certain information be reported with respect to the income of the spouse of the reporting individual.

Establishes criminal and civil penalties for failure to file or falsifying such reports.

Requires the Comptroller General to conduct a study to determine (1) the effectiveness of this Act and (2) the accurate reporting and timely filing of reports under this Act.