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Every level of government should require this, IMO.
If folks want to resign over it, I get it, and that's fine. You are meant to be replaced regularly anyway. Career politicians are more of a bug than a feature.
If you don't want people to know your finances, you shouldn't be a public servant. Power should include transparency.
There's only one problem: Until it's a requirement on every level it shouldn't be one for single levels.
This law is not a tool for transparency, but a weapon for state politicians against local politicians disagreeing with them.
What we have here is a law in a majorily red state that does not apply for state officials (republicans) but does apply for local politicians (democrats in several big cities) that can punish minor infractions (please try to make a list of everything you own with the correct values that can withstand an audit by the state...) with jail time. Go figure...
Thanks for the context, that certainly changes my view of it. Sounds like the usual "rules for thee, not for me" dick move.