Bill Commons

CA AB 1029

enacted

Statements of financial interest: digital financial assets.

California · 2025-2026 Regular Session · lower

Quick answers

Did CA AB 1029 pass?

Yes. CA AB 1029 has been enacted into law as of 2025-07-30. Latest recorded action (2025-07-30): Chaptered by Secretary of State - Chapter 85, Statutes of 2025.

What is CA AB 1029 about?

The Political Reform Act of 1974 requires public officials to periodically file a statement of economic interest disclosing the person's investments, interests in real property, and income. The act defines "investment" to mean any financial interest in or security issued by a business entity, including, among other things, stocks and any partnership or other ownership interest owned by the public official or that person's immediate family, as specified. The act specifies that an asset is an investment only if its fair market value equals or exceeds $2,000. The act requires each public agency to adopt a conflict of interest code for designated employees of the agency. Existing law defines digital financial asset to mean a digital representation of value that is used as a medium of exchange, unit of account, or store of value, and that is not legal tender, whether or not denominated in legal tender, subject to specified exceptions. This bill, beginning January 1, 2027, would expand the definition of "investment" for purposes of the Political Reform Act of 1974 to include a digital financial asset, and would specifically require public officials to disclose interests in their digital financial assets, as specified. The bill would also require an agency's conflict of interest code to require designated employees to disclose interests in digital financial assets, as specified. Existing law makes a knowing or willful violation of the Political Reform Act of 1974 a misdemeanor and subjects offenders to criminal penalties. By including additional assets that must be disclosed by public officials on statements of economic interest, the bill would expand the scope of a crime and impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason. The Political Reform Act of 1974, an initiative measure, provides that the Legislature may amend the act to further the act's purposes upon a 23 vote of each house of the Legislature and compliance with specified procedural requirements. This bill would declare that it furthers the purposes of the act.

Who sponsors CA AB 1029?

Valencia is the primary sponsor of CA AB 1029, joined by 1 cosponsor.

Description

The Political Reform Act of 1974 requires public officials to periodically file a statement of economic interest disclosing the person's investments, interests in real property, and income. The act defines "investment" to mean any financial interest in or security issued by a business entity, including, among other things, stocks and any partnership or other ownership interest owned by the public official or that person's immediate family, as specified. The act specifies that an asset is an investment only if its fair market value equals or exceeds $2,000. The act requires each public agency to adopt a conflict of interest code for designated employees of the agency. Existing law defines digital financial asset to mean a digital representation of value that is used as a medium of exchange, unit of account, or store of value, and that is not legal tender, whether or not denominated in legal tender, subject to specified exceptions. This bill, beginning January 1, 2027, would expand the definition of "investment" for purposes of the Political Reform Act of 1974 to include a digital financial asset, and would specifically require public officials to disclose interests in their digital financial assets, as specified. The bill would also require an agency's conflict of interest code to require designated employees to disclose interests in digital financial assets, as specified. Existing law makes a knowing or willful violation of the Political Reform Act of 1974 a misdemeanor and subjects offenders to criminal penalties. By including additional assets that must be disclosed by public officials on statements of economic interest, the bill would expand the scope of a crime and impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason. The Political Reform Act of 1974, an initiative measure, provides that the Legislature may amend the act to further the act's purposes upon a 23 vote of each house of the Legislature and compliance with specified procedural requirements. This bill would declare that it furthers the purposes of the act.

Introduced
2025-03-20
Latest action
2025-07-30 — Chaptered by Secretary of State - Chapter 85, Statutes of 2025.
Bill type
bill
Last updated
—

Subjects

Sponsors

  • Valenciaauthor
  • McNerneycoauthor

Committees

Not provided by source.

Action timeline

  1. 2025-02-20

    Read first time. To print.

    reading-1

  2. 2025-02-21

    From printer. May be heard in committee March 23.

  3. 2025-03-10

    Referred to Com. on ELECTIONS.

    referral-committee

  4. 2025-03-20

    From committee chair, with author's amendments: Amend, and re-refer to Com. on ELECTIONS. Read second time and amended.

    amendment-introduction,amendment-passage,committee-passage,reading-1,reading-2,referral-committee

  5. 2025-03-24

    Re-referred to Com. on ELECTIONS.

    referral-committee

  6. 2025-04-09

    From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 7. Noes 0.) (April 9). Re-referred to Com. on APPR.

    committee-passage,committee-passage-favorable,referral-committee

  7. 2025-04-30

    From committee: Do pass. To Consent Calendar. (Ayes 14. Noes 0.) (April 30).

    committee-passage,committee-passage-favorable

  8. 2025-05-01

    Read second time. Ordered to Consent Calendar.

    reading-1,reading-2

  9. 2025-05-08

    Read third time. Passed. Ordered to the Senate. (Ayes 69. Noes 0. Page 1487.)

    passage,reading-1,reading-3

  10. 2025-05-08

    In Senate. Read first time. To Com. on RLS. for assignment.

    reading-1,referral-committee

  11. 2025-05-21

    Referred to Com. on E. & C.A.

    referral-committee

  12. 2025-06-09

    In committee: Hearing postponed by committee.

  13. 2025-07-01

    From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 5. Noes 0.) (July 1). Re-referred to Com. on APPR.

    committee-passage,committee-passage-favorable,referral-committee

  14. 2025-07-14

    From committee: Be ordered to second reading file pursuant to Senate Rule 28.8 and ordered to Consent Calendar.

    committee-passage,reading-1,reading-2

  15. 2025-07-15

    Read second time. Ordered to Consent Calendar.

    reading-1,reading-2

  16. 2025-07-17

    Read third time. Passed. Ordered to the Assembly. (Ayes 35. Noes 0. Page 2137.).

    passage,reading-1,reading-3

  17. 2025-07-17

    In Assembly. Ordered to Engrossing and Enrolling.

    committee-passage

  18. 2025-07-25

    Enrolled and presented to the Governor at 11:30 a.m.

    executive-receipt

  19. 2025-07-30

    Approved by the Governor.

    executive-signature

  20. 2025-07-30

    Chaptered by Secretary of State - Chapter 85, Statutes of 2025.

    became-law

Versions

  • 02/20/25 - Introduced — 2025-02-20Compare
  • 03/20/25 - Amended Assembly — 2025-03-20Compare
  • 07/21/25 - Enrolled — 2025-07-21Compare
  • 07/30/25 - Chaptered — 2025-07-30Compare
  • AB1029Compare
  • (document, no version)Compare

Documents

Votes

  • Do pass and be re-referred to the Committee on [Appropriations] with recommendation: To Consent Calendar

    2025-04-09 · pass · 7-0

    Member-level votes (7)
    • Stefani: yes
    • Tangipa: yes
    • Berman: yes
    • Bennett: yes
    • Solache: yes
    • Pellerin: yes
    • Macedo: yes

  • Do pass. To Consent Calendar.

    2025-04-30 · pass · 14-0

    Member-level votes (15)
    • Dixon: yes
    • Hart: yes
    • Mark González: yes
    • Pacheco: yes
    • Elhawary: yes
    • Caloza: yes
    • Ta: yes
    • Wicks: yes
    • Solache: yes
    • Fong: yes
    • Sanchez: yes
    • Arambula: yes
    • Alanis: yes
    • Calderon: yes
    • Pellerin: other

  • AB 1029 Valencia Consent Calendar Second Day

    2025-05-08 · pass · 69-0

    Member-level votes (79)
    • Gabriel: yes
    • McKinnor: yes
    • Hoover: yes
    • Schiavo: yes
    • Lowenthal: yes
    • Bains: yes
    • Ramos: yes
    • Nguyen: yes
    • Gipson: yes
    • Mark González: yes
    • Bryan: yes
    • Berman: yes
    • Dixon: yes
    • Zbur: yes
    • Chen: yes
    • Haney: yes
    • Macedo: yes
    • Ortega: yes
    • Harabedian: yes
    • Patterson: yes
    • Ward: yes
    • Lackey: yes
    • Davies: yes
    • Hart: yes
    • Michelle Rodriguez: yes
    • DeMaio: yes
    • Calderon: yes
    • Pellerin: yes
    • Wicks: yes
    • Caloza: yes
    • Ellis: yes
    • Hadwick: yes
    • Garcia: yes
    • Ávila Farías: yes
    • Papan: yes
    • Elhawary: yes
    • Ahrens: yes
    • Bennett: yes
    • Connolly: yes
    • Fong: yes
    • Patel: yes
    • Bauer-Kahan: yes
    • Wilson: yes
    • Valencia: yes
    • Pacheco: yes
    • Lee: yes
    • Solache: yes
    • Castillo: yes
    • Alanis: yes
    • Stefani: yes
    • Jackson: yes
    • Krell: yes
    • Sharp-Collins: yes
    • Bonta: yes
    • Ransom: yes
    • Rivas: yes
    • Soria: yes
    • Tangipa: yes
    • Rogers: yes
    • Alvarez: yes
    • Schultz: yes
    • Blanca Rubio: yes
    • Addis: yes
    • Aguiar-Curry: yes
    • Petrie-Norris: yes
    • Ta: yes
    • Muratsuchi: yes
    • Quirk-Silva: yes
    • Kalra: yes
    • Jeff Gonzalez: other
    • Carrillo: other
    • Arambula: other
    • Irwin: other
    • Gallagher: other
    • Celeste Rodriguez: other
    • Wallis: other
    • Flora: other
    • Boerner: other
    • Sanchez: other

  • Do pass, but first be re-referred to the Committee on [Appropriations] with the recommendation: To Consent Calendar

    2025-07-01 · pass · 5-0

    Member-level votes (5)
    • Allen: yes
    • Umberg: yes
    • Cervantes: yes
    • Limón: yes
    • Choi: yes

  • Consent Calendar 2nd AB1029 Valencia et al.

    2025-07-17 · pass · 35-0

    Member-level votes (40)
    • Ochoa Bogh: yes
    • Limón: yes
    • Smallwood-Cuevas: yes
    • Archuleta: yes
    • Pérez: yes
    • Dahle: yes
    • Laird: yes
    • Strickland: yes
    • Menjivar: yes
    • Wiener: yes
    • Gonzalez: yes
    • Ashby: yes
    • Cervantes: yes
    • Durazo: yes
    • Arreguín: yes
    • Cortese: yes
    • Wahab: yes
    • Caballero: yes
    • Niello: yes
    • Stern: yes
    • Blakespear: yes
    • Choi: yes
    • Richardson: yes
    • Weber Pierson: yes
    • McNerney: yes
    • Seyarto: yes
    • Jones: yes
    • Valladares: yes
    • Rubio: yes
    • Allen: yes
    • Grove: yes
    • McGuire: yes
    • Hurtado: yes
    • Cabaldon: yes
    • Grayson: yes
    • Umberg: other
    • Becker: other
    • Padilla: other
    • Reyes: other
    • Alvarado-Gil: other

Related bills

No related bills recorded for this bill.

Official source

http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202520260AB1029

Attribution

Data from openstates_bulk_csv, retrieved 2026-07-24T01:34:27.960412Z

Inspect retained evidence for changes recorded after evidence tracking began:

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