In 1974, California Attorneys, Legislators, and those in the Judiciary Committees for the California Senate and Assembly passed the "Political Reform Act" (PRA).
That included the creation of the SEI 700 Form ( Statement of Economic Interest form).
That form requires key public servants (elected, appointed and employed) to disclose everything about potential economic conflicts of interest including stocks, bonds, investments, dividends, trusts, businesses owned, real estate, w2 employment, contracting work, spousal and child interests, gifts, and more.
It also established a government funded, state wide "Regulator", the Fair Political Practices Commission (the FPPC) to oversee the document, audit, and enforcement, system.
The SEI 700 form is very detailed. It requires far more information than a Tax Return because it asks about assets, familial interests, and holdings as well. It is seemingly appropriate.
Unfortunately, the Attorneys and Legislators who put the system in place also put "loopholes" in instructions for disclosure statements, with statements like (paraphrasing),
"You need not disclose your primary residence or second homes if there is no rental income and/or not in your jurisdiction ".
Most people's LARGEST ASSETS are their primary home and secondary home. Furthermore, a person living in a rental who might be obtaining below market rent is an obvious concern.
Why are they asking everyone for ALL their assets , down to $2500 stock holdings or minuscule gifts from others, but not requiring primary residency address and detailed lending information about all their largest assets?
The federal government asks for loan information from Federal Politicians, yet in California they don't even demand primary residence address information?
Thus, the system was not a system at all. It was Faux.
There are other problems with spousal and sibling identification too... paraphrasing...
"You need not disclose your spouses name and you need not disclose their income if they are a public servant"
How then is anyone supposed to know who they are and what to check?
Judge Carrie Panetta mentions nothing about her spouse being a sitting Congressman, yet a simple review of his Federal Disclosures seems to reveal information she should have disclosed ?
With this "non-oversight" oversight system, California Attorneys, their brethren and friends in legislature who passed the Political Reform Act of 1974, and the Attorneys at the FPPC appointed to oversee this had everyone looking in one direction while massive conflicts of interest and disclosure fraud were and are transpiring right under everyone's noses -- and the FPPC and Civil Attorneys will say it's all okay because the law their crooked brethren passed decades ago says it's so.
This is a good example of a "commercial hoax".