The Minnesota Senate Elections Committee today heard SF 3644, authored by Senator Rich Draheim (R–Madison Lake), which would strengthen financial disclosure requirements for public officials (including legislators), judges, and candidates.

Current law requires filing a statement of economic interest that lists assets like real estate and businesses, and securities valued over $10,000. The bill adds a requirement to disclose purchase and sale dates and values of sales or purchases of the disclosed stock and stock options. It also expands the requirement to digital assets like cryptocurrency or nonfungible tokens (NFTs) worth more than $10,000.

“Voters deserve to know if a candidate or official has potential conflicts of interest that could influence their decisions,” said Sen. Draheim. “U.S. senators and members of Congress already have to disclose stock purchases and trades. Minnesota leaders should do the same.”

Members of Congress are required to publicly disclose financial transactions of securities over $1,000 within 30 to 45 days of a trade. Digital assets represent a rapidly growing market, with an estimated value of nearly $3.5 trillion. Digital assets represent a rapidly growing market, with an estimated total value of nearly $3.5 trillion. As a new asset class still in the early stages of regulation, the market’s influence continues to expand, creating potential conflicts of interest that may fall outside the scrutiny of traditional financial oversight.

This bill would help ensure elected officials’ decisions on taxes, regulation, and the economy aren't influenced by conflicts of interest.