STATEMENTS OF ECONOMIC INTEREST
Delegates to Illinois' 1970 constitutional convention were very concerned that the financial affairs of elected officials and high-ranking public servants might have dangerous consequences for the honest administration of the affairs of the state. Such concerns led the delegates to require that these public officials, ``file a verified statement of their economic interests, as provided by law." Moreover, the constitutional framers specified that officials must forfeit their positions if they neglect to file such statements of economic interest (SEI).
Unfortunately, Illinois' SEI program has fallen short of the framers' aspirations. Due to inadequacies in the SEI process, this exercise provides very little useful information for comprehensive conflict-of-interest evaluations. ICPR supports reforms that would ensure the SEI process is being used as a meaningful check against potential conflicts.
Currently 20,000 individuals file SEI documents with the Index Division of the Office of Secretary of State. Individuals subject to the SEI requirements include: legislative, judicial and constitutional candidates; appointees to elective office; candidates and appointees to local offices; members of boards and commissions; appointees to positions requiring Senate confirmation; and, various executive branch appointees.
SEI disclosures provide voters with general information about a candidate's financial interests, non-government employment and potential relationships with lobbyists. Disclosures from non-elected public servants permit evaluations of their ability to remain fair and objective as they conduct state business. As a practical matter, however, Illinois' SEI questionnaire (featuring eight separate questions) fails to capture a complete picture of each individual's economic holdings and commitments. This failure is due in part to the loose nature of the questionnaire, a "check-the-box" attitude by some elected officials and public servants, and the state's casual approach to SEI enforcement.
In 2008 ICPR reviewed hundreds of SEIs submitted by legislative candidates, judicial candidates and candidates for statewide office. The analysis revealed that 76 percent of the 2984 questions on the statements were answered in the negative ("none," "does not apply," or, "N/A"). The responses did not reflect the filer's lack of economic interests, but a process riddled with exclusions and inadequate questions. By way of comparison, ICPR analyzed federal "Personal Financial Disclosure" documents completed by Illinois officials running for the U.S. Congress. The federal disclosures elicited much more information than the state SEI. These two different outcomes reflect the more rigorous nature of the federal form.
Gaps within Illinois' SEI system were also reflected in an analysis of legislators' associations with lobbyists. Fourteen of Illinois' 280 state legislators and challengers disclosed a "close economic association" with a lobbyist. However, these 14 individuals were not required to disclose any information about the degree of such associations.
ICPR favors statutory changes that would yield a more comprehensive picture of each filer's financial interests. Such reforms should include:
The SEI should mandate reporting of the person’s sources and amount of income, value of investments and income from each source, the purchase and sale date of investments, and whether investments and income accrue to the filer, spouse or minor child.
The disclosure threshold for investments should be low enough to capture all investments of $100 or more.
Information should be reported about investments held outside of Illinois, as well as investments within the state.
In addition to asking the identity of any lobbyist maintaining a “close economic relationship” with the filer, the SEI should elicit information about lobbyists in the immediate family of the filer, and the extent of their financial relationship. SEIs should be filed electronically and in a searchable format.
Winners in primary elections should be required to file new reports for the previous calendar year no later than May 1 of the election year.
And, enforcement of the economic disclosure laws should be enhanced, and the Illinois Secretary of State should be required to conduct random audits to determine the accuracy of filed SEIs.
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You can search through current SOEI on our site right here.
You can also view candidates SOEI on their individual candidate pages in the Sunshine database.
