Senate Bill No. 261, also known as File No. 251, is a legislative proposal that aims to amend the current requirements for filing statements of financial interests under the state code of ethics for public officials. The bill, effective from October 1, 2024, proposes to expand the list of individuals required to file these statements to include members of any board, commission, committee, or council within the Executive Department, with the exception of advisory board members. This is in addition to the current list of individuals required to file, which includes state-wide elected officers, members of the General Assembly, department heads and their deputies, members or directors of each quasi-public agency, members of the Investment Advisory Council, and other members of the Executive Department or employees of quasi-public agencies as designated by the Governor.

The bill also modifies the disclosure requirements for certain types of securities held within specific retirement or savings plans. Specifically, it exempts the disclosure of the names of securities valued over $5,000 if they are held within a tax-sheltered annuity retirement plan (such as a 403(b) plan), among other plans already exempted under current law. Instead, only the name of the retirement savings plan, tax-sheltered annuity retirement plan, individual retirement account plan, deferred compensation plan, or education savings plan holding such securities would need to be disclosed. The bill has been reported favorably by the Committee on Government Administration and Elections and includes a fiscal note indicating that it will not have a fiscal impact on the state or municipalities and can be implemented with existing resources.