This legislation, known as the Financial Disclosure Modernization Act, significantly updates the reporting requirements for financial disclosure reports under chapter 131 of title 5, United States Code. Its primary purpose is to enhance transparency by expanding the range and granularity of value categories for both income and asset reporting. Specifically, the bill introduces new, higher-value tiers for reporting income derived from dividends, rents, interest, and capital gains , extending up to "greater than $1,000,000,000." Furthermore, it modifies the categories for reporting the amounts or values of assets and liabilities , establishing additional thresholds also reaching "greater than $1,000,000,000." These amendments, applicable to reports filed after enactment, aim to provide more precise information on substantial financial holdings and income streams.