Today, Sunlight is sending the following letter (see below) to the Government Accountability Office, or GAO.

We are urging them to review the personal financial disclosure system, that requires top officials throughout the federal government to publicly disclose their assets. A comprehensive GAO review is important to ensuring the effectiveness of our system, is long overdue, and is actually already required by law.

For those unfamiliar, this may seem to be an abstract or wonky subject.  But if you've news stories about Justice Thomas, or Rep. Rangel (or many, many others) then you've heard about the importance of financial disclosure. Our laws requiring our top officials to publicly declare their assets are an essential safeguard against corruption and conflicts of interest, and are a bulwark for accountability in government service.

The GAO should review our financial disclosure system, and help strengthen an essential democratic safeguard.

GAO Financial Disclosure Letter 10132011

Sunlight has long advocated for online disclosure of Personal Financial Disclosure Forms (PFDs) of political appointees subject to Senate confirmation.

Until recently, the White House offered only a static chart of appointees, with their positions, and dates confirmed, while the Office of Government Ethics offered a similar chart. Neither offered online access to the PFD statement, but the OGE page did offer this:

The following individuals have been nominated or appointed by President Obama with the advice and consent of the Senate to the offices indicated. Their Public Financial Disclosure Reports (SF 278) and Ethics Agreements may be obtained by completing OGE Form 201, “Request to Inspect or Receive Copies of SF 278s or Other Covered Records” (2006) (Electronically Fillable PDF Version of OGE Form 201) (PDF) This PDF version of the form has been programmed to be filled in electronically through the use of the Adobe®Reader 6.0 or above and then printed. The Adobe Reader is freely available from the Adobe Web Site.

To access the financial disclosure forms of high level Presidential appointees, one had to find the OGE page, and then submit a form via mail to receive copies.

Not anymore.

The White House has set up a new online request process. This page now moves the request process entirely online, allowing anyone to request a copy of the PFD, and even receive their copy via email.

This is a significant improvement, and lowers the barrier to effective disclosure of essential financial information.

Ultimately, the White House should move beyond a request-based system, and affirmatively post the financial disclosure forms, with any necessary redactions. While this may take a more significant rewriting of the Federal Regulations and Executive Orders that set up the high level financial disclosure system, it would be worthwhile. 21st Century disclosure shouldn't include certifications of use.

In any case, the online submission form is a significant improvement, and should be applauded.

In Paul's roundup this morning he mentions several of the reports that came from the release earlier this week of the PFDs  --  personal financial disclosure forms --  filed by House and Senate members that profile their personal financial interests -- stocks, mutual funds, IRA assets and other holdings and liabilities.

Newspapers and other media outlets all across the country have dug into the reports and are highlighting nuggets they've found about the finances of their local congressional delegation. For instance, The Boston Globe found that "six of the 10 House members from Massachusetts are landlords who made thousands of dollars last year on rental properties."  The Washington Post found a clue as to why former Rep. Al Wynn resigned his seat to take a position with a K Street lobbying firm whose "partners on average make slightly more than $1 million a year"...He needs the money.  And then there is Sen. Claire McCaskill of Missouri, who decided apparently that she does not need the money.  The Kansas City Star reports on her walking away from $1 million dollars, having past a deadline last week to pay off the loan she made to her 2004 gubernatorial campaign. As her report indicates, she is one of the more wealthy members of Congress, so much so that she won't likely miss the fortune she's walked away from.  And The Cleveland Plain Dealer's Washington bureau chief, Stephen Koff, got especially creative in his review of the reports.  He was able to get independent professional financial advisers to look at and comment on the reports of each member of Northeast Ohio's congressional delegation. The financial advisors have some interesting advice on what financial strategies the lawmakers have employed in managing their own money. Quite clever.

Unfortunately, the Congress doesn't have to put this information online and so they don't -- at least not in a timely fashion. Where our government fails us, the activist community has come through. LegiStorm has posted on their Web site all the reports of the members of Congress who filed on time.  They will soon post the reports of the senior staff members who earn over a specific salary threshold. Center for Responsive Politics' Personal Financial Disclosure Database is a great site where you can view each report. Bill tells us that Congressional Quarterly provides access to them as well. I also want to remind our readers about Sunlight's newly launched Fortune 535 project allows you to follow the growth or decline of a member of Congress' net worth during their tenure. We haven't updated it with the most recent information yet, but will do so in the coming weeks.