117 HR 2989 : Financial Transparency Act of 2021
U.S. House of Representatives
2021-10-26
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.Short title; table of contents(a)This Act may be cited as the Financial Transparency Act of 2021
.(b)The table of contents for this Act is as follows:Sec. 1. Short title; table of contents.Title I—Department of the TreasurySec. 101. Data standards.Sec. 102. Open data publication by the Department of the Treasury.Sec. 103. Rulemaking.Sec. 104. No new disclosure requirements.Sec. 105. Report.Title II—Securities and Exchange CommissionSec. 201. Data standards requirements for the Securities and Exchange Commission.Sec. 202. Open data publication by the Securities and Exchange Commission.Sec. 203. Data transparency at the Municipal Securities Rulemaking Board.Sec. 204. Data transparency at national securities associations.Sec. 205. Shorter-term burden reduction and disclosure simplification at the Securities and Exchange Commission; sunset.Sec. 206. No new disclosure requirements.Title III—Federal Deposit Insurance CorporationSec. 301. Data standards requirements for the Federal Deposit Insurance Corporation.Sec. 302. Open data publication by the Federal Deposit Insurance Corporation.Sec. 303. Rulemaking.Sec. 304. No new disclosure requirements.Title IV—Office of the Comptroller of the CurrencySec. 401. Data standards and open data publication requirements for the Office of the Comptroller of the Currency.Sec. 402. Rulemaking.Sec. 403. No new disclosure requirements.Title V—Bureau of Consumer Financial ProtectionSec. 501. Data standards and open data publication requirements for the Bureau of Consumer Financial Protection.Sec. 502. Rulemaking.Sec. 503. No new disclosure requirements.Title VI—Federal Reserve SystemSec. 601. Data standards requirements for the Board of Governors of the Federal Reserve System.Sec. 602. Open data publication by the Board of Governors of the Federal Reserve System.Sec. 603. Rulemaking.Sec. 604. No new disclosure requirements.Title VII—National Credit Union AdministrationSec. 701. Data standards.Sec. 702. Open data publication by the National Credit Union Administration.Sec. 703. Rulemaking.Sec. 704. No new disclosure requirements.Title VIII—Federal Housing Finance AgencySec. 801. Data standards requirements for the Federal Housing Finance Agency.Sec. 802. Open data publication by the Federal Housing Finance Agency.Sec. 803. Rulemaking.Sec. 804. No new disclosure requirements.Title IX—MiscellaneousSec. 901. Rules of construction.Sec. 902. Classified and protected information.Sec. 903. Discretionary surplus fund.Sec. 904. Determination of budgetary effects.<enum>I</enum><header>Department of the Treasury</header><section id="H6D38E7723E6B426FB647C4F6DB4B289E"><enum>101.</enum><header>Data standards</header><subsection id="H2F56E36891B44025AECC5F85FF9B0C80"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Subtitle A of title I of the Financial Stability Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5311">12 U.S.C. 5311 et seq.</external-xref>) is amended by adding at the end the following:</text><quoted-block display-inline="no-display-inline" id="HA0CD8B73C8CE42D692356F15819FD1D6" style="OLC"><section id="HBB3E691AD1A24157BEEE4E91DE317EA2"><enum>124.</enum><header>Data standards</header><subsection id="HCB4CA531D7D44888BCFAD9CB1310EE3A"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall, by rule, promulgate data standards, meaning a standard that specifies rules by which data is described and recorded, for the information reported to member agencies by financial entities under the jurisdiction of the member agency and the data collected from member agencies on behalf of the Council.</text></subsection><subsection id="H7647DC872DF1400584A830E1A38891F6"><enum>(b)</enum><header>Standardization</header><text display-inline="yes-display-inline">Member agencies, in consultation with the Secretary of the Treasury, shall implement regulations promulgated by the Secretary of the Treasury under subsection (a) to standardize data reported to member agencies or collected on behalf of the Council, as described under subsection (a).</text></subsection><subsection id="HB4C9D260D8434E419CBF24C806951AF2"><enum>(c)</enum><header>Data standards</header><paragraph id="HFF7E2FFD782A4ED393020B76811D7363"><enum>(1)</enum><header>Common identifiers</header><text display-inline="yes-display-inline">The data standards promulgated under subsection (a) shall include common identifiers for information reported to member agencies or collected on behalf of the Council. The common identifiers shall include a common nonproprietary legal entity identifier that is available under an open license (as defined under section 3502 of title 44, United States Code) for all entities required to report to member agencies.</text></paragraph><paragraph id="H295B9DD621424A20A4D6B4C1D4F64807"><enum>(2)</enum><header>Data standard</header><text>The data standards promulgated under subsection (a) shall, to the extent practicable—</text><subparagraph id="HB354C1C2E5684609B60226037232B5DC"><enum>(A)</enum><text>render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="H2F138060BFFD4A3DB62DAD3E16673B0A"><enum>(B)</enum><text display-inline="yes-display-inline">enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;</text></subparagraph><subparagraph id="H9EA9E8DB4AA54F74948C9D1EC7661CDC"><enum>(C)</enum><text display-inline="yes-display-inline">assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;</text></subparagraph><subparagraph id="H22962BD2EF754BC9B815529A8999F7E5"><enum>(D)</enum><text display-inline="yes-display-inline">be nonproprietary or made available under an open license;</text></subparagraph><subparagraph id="H7AB66C3852D44EA5AE106961340107B7"><enum>(E)</enum><text>incorporate standards developed and maintained by voluntary consensus standards bodies; and</text></subparagraph><subparagraph id="H42D64550B0ED4F94B1DD0CA564416AFB"><enum>(F)</enum><text>use, be consistent with, and implement applicable accounting and reporting principles.</text></subparagraph></paragraph><paragraph id="H25AF503122344249ACF45B14A2AAB7E4"><enum>(3)</enum><header>Consultation</header><text display-inline="yes-display-inline">In promulgating data standards under subsection (a), the Secretary of the Treasury shall consult with the member agencies and with other Federal departments and agencies and multi-agency initiatives responsible for Federal data standards.</text></paragraph><paragraph id="HA78223832E8F44BF85F97AC29A821FC6"><enum>(4)</enum><header>Interoperability of data</header><text display-inline="yes-display-inline">In promulgating data standards under subsection (a), the Secretary of the Treasury shall seek to promote interoperability of financial regulatory data across members of the Council.</text></paragraph></subsection><subsection id="HA9D3608374A34F02B795B695B7AE0B31"><enum>(d)</enum><header>Member agencies defined</header><text>In this section, the term <quote>member agencies</quote> does not include the Commodity Futures Trading Commission.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="H06B25257ABBB43ADADF29A95C33A4678"><enum>(b)</enum><header>Clerical amendment</header><text>The table of contents under section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by inserting after the item relating to section 123 the following:</text><quoted-block display-inline="no-display-inline" id="H9EB0A39229FB497A80A8E14DA9D8149A" style="OLC"><toc regeneration="no-regeneration"><toc-entry level="section">Sec. 124. Data standards.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block></subsection></section><section id="H2AD0D94B05304C88ACD4126B615A0EFE"><enum>102.</enum><header>Open data publication by the Department of the Treasury</header><text display-inline="no-display-inline">Section 124 of the Financial Stability Act of 2010, as added by section 101, is amended by adding at the end the following:</text><quoted-block display-inline="no-display-inline" id="H8818A160B0194EB0AF62D09B3D3A32DA" style="OLC"><subsection id="H10BC14CEF5334E75B675E807CE428A83"><enum>(e)</enum><header>Open data publication</header><text display-inline="yes-display-inline">All public information published by the Secretary of the Treasury under this subtitle shall be made available as an open Government data asset (as defined under section 3502 of title 44, United States Code), freely available for download in bulk, and rendered in a human-readable format and accessible via application programming interface where appropriate.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block></section><section id="HDF9EDC8D740441E9B2521AD28BF871BF"><enum>103.</enum><header>Rulemaking</header><text display-inline="no-display-inline">Not later than the end of the 2-year period beginning on the date of the enactment of this Act, the Secretary of the Treasury shall issue the regulations required under the amendments made by this title. The Secretary may delegate the functions required under the amendments made by this title to an appropriate office within the Department of the Treasury.</text></section><section id="H672E0EB69D85409EAB234FC316D81145"><enum>104.</enum><header>No new disclosure requirements</header><text display-inline="no-display-inline">Nothing in this title or the amendments made by this title shall be construed to require the Secretary of the Treasury to collect or make publicly available additional information under the statutes amended by this title, beyond information that was collected or made publicly available under such statutes before the date of the enactment of this Act.</text></section><section id="H5FD808167247491FABF22D9B79D4D238"><enum>105.</enum><header>Report</header><text display-inline="no-display-inline">Not later than 1 year after the end of the 2-year period described in section 103, the Comptroller General of the United States shall submit to Congress a report on the feasibility, costs, and potential benefits of building upon the taxonomy established by this Act to arrive at a Federal Government-wide regulatory compliance standardization mechanism similar to Standard Business Reporting.</text></section><enum>II</enum><header>Securities and Exchange Commission</header><section id="H847DD9068CB143D5B0D6F4DC01BA1B15"><enum>201.</enum><header>Data standards requirements for the Securities and Exchange Commission</header><subsection id="H4EC8CED77F71474F88E19ABD0BDE6639"><enum>(a)</enum><header>Data standards for investment advisers’ reports under the Investment Advisers Act of 1940</header><text display-inline="yes-display-inline">Section 204 of the Investment Advisers Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80b-4">15 U.S.C. 80b–4</external-xref>) is amended—</text><paragraph id="H6BB43386260142039025B9E7D9FDBCDA"><enum>(1)</enum><text>by redesignating the second subsection (d) (relating to Records of Persons With Custody of Use) as subsection (e); and</text></paragraph><paragraph id="HA713E4B6E7814C2A988E8109BA8DAEE3"><enum>(2)</enum><text>by adding at the end the following:</text><quoted-block id="HFED838B9C17E483AAB5A5B5013595C1A" style="OLC"><subsection id="HC286411775CA4684BC9B8A5EC8F7C978"><enum>(f)</enum><header>Data standards for reports filed under this section</header><paragraph id="H0E2CBE77AE2945F383F86EE706F7EB58"><enum>(1)</enum><header>Requirement</header><text>The Commission shall, by rule, adopt data standards for all reports filed by investment advisers with the Commission under this section.</text></paragraph><paragraph id="H8AA2C2A8EDCF4FE3BE6AA8CC5F9ADAC1"><enum>(2)</enum><header>Characteristics</header><text>The data standards required by paragraph (1) shall, to the extent practicable—</text><subparagraph display-inline="no-display-inline" id="H4C8D454346DF4F8BB4059ABA2D8F0321"><enum>(A)</enum><text>render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="H5B4E87D408EB4660B7A54CF42B49DD7C"><enum>(B)</enum><text display-inline="yes-display-inline">enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;</text></subparagraph><subparagraph id="HDD6B0795A7CE4E6595ADDC06E6C6C7E1"><enum>(C)</enum><text display-inline="yes-display-inline">assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;</text></subparagraph><subparagraph id="HBA9D8E4BE3E244C6812B182F030511C9"><enum>(D)</enum><text display-inline="yes-display-inline">be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="H887AEE0E41FB45BFAD38A474C2272B2F"><enum>(E)</enum><text>incorporate standards developed and maintained by voluntary consensus standards bodies; and</text></subparagraph><subparagraph id="H80290BA07696429F9E1E52D45EFB50EB"><enum>(F)</enum><text>use, be consistent with, and implement applicable accounting and reporting principles.</text></subparagraph></paragraph><paragraph id="HE567B00825B34895BE363C155198E81C"><enum>(3)</enum><header>Incorporation of standards</header><text display-inline="yes-display-inline">In adopting data standards by rule under this subsection, the Commission shall incorporate all applicable data standards promulgated by the Secretary of the Treasury.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection><subsection id="HC6854A5F23E6455DAAD06C0062C5B97F"><enum>(b)</enum><header>Data standards for registration statements and reports under the Investment Company Act of 1940</header><text display-inline="yes-display-inline">The Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-1">15 U.S.C. 80a–1 et seq.</external-xref>) is amended—</text><paragraph id="HFE5BD430AF8146E2A3851C39A2FD8C24"><enum>(1)</enum><text>in section 8, by adding at the end the following:</text><quoted-block id="HD323AA98AF1A42F0B326849DE749A883" style="OLC"><subsection id="H769530F2B9544BFCB4C0B9897FF08628"><enum>(g)</enum><header>Data standards for registration statements</header><paragraph id="H6035F9CD9F6B41779E8BE17785CE4FC2"><enum>(1)</enum><header>Requirement</header><text>The Commission shall, by rule, adopt data standards for all registration statements required to be filed with the Commission under this section, except that the Commission may exempt exhibits, signatures, and certifications from such data standards.</text></paragraph><paragraph id="HD7369998D2CD4DBF87DC2E58213FB52D"><enum>(2)</enum><header>Characteristics</header><text>The data standards required by paragraph (1) shall, to the extent practicable—</text><subparagraph display-inline="no-display-inline" id="H98AA6F3EBC444E01A8CBFB1EF1D4651A"><enum>(A)</enum><text>render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="HDE0F69F27B0E4EC0B412B871A775045F"><enum>(B)</enum><text display-inline="yes-display-inline">enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;</text></subparagraph><subparagraph id="H1F77ABD993984361A138CFA12D52A5E1"><enum>(C)</enum><text display-inline="yes-display-inline">assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;</text></subparagraph><subparagraph id="HC83E554E962444F49B5A03440CB0F6A2"><enum>(D)</enum><text display-inline="yes-display-inline">be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="H78E7BFE86CB2415D9A85274F71138566"><enum>(E)</enum><text>incorporate standards developed and maintained by voluntary consensus standards bodies; and</text></subparagraph><subparagraph id="H8F43DBCBA8EF459BA2E68CD17CD9D146"><enum>(F)</enum><text>use, be consistent with, and implement applicable accounting and reporting principles.</text></subparagraph></paragraph><paragraph id="H2B34879D17514444A0AD65FFE09705BF"><enum>(3)</enum><header>Incorporation of standards</header><text display-inline="yes-display-inline">In adopting data standards by rule under this subsection, the Commission shall incorporate all applicable data standards promulgated by the Secretary of the Treasury.</text></paragraph></subsection><after-quoted-block>; and</after-quoted-block></quoted-block></paragraph><paragraph id="H561D444F3F3247D2BF91501978361545"><enum>(2)</enum><text>in section 30, by adding at the end the following:</text><quoted-block id="H98301ECCA3A1428A94071E693B49377A" style="OLC"><subsection id="H2CDF067BAB754782BA3455A3D90E7B3A"><enum>(k)</enum><header>Data standards for reports</header><paragraph id="HD3AA7A609BA9408C9200D2B34E65E26D"><enum>(1)</enum><header>Requirement</header><text>The Commission shall, by rule, adopt data standards for all reports required to be filed with the Commission under this section, except that the Commission may exempt exhibits, signatures, and certifications from such data standards.</text></paragraph><paragraph id="H3D748FAF09884BB393FACDE7F8758F37"><enum>(2)</enum><header>Characteristics</header><text>The data standards required by paragraph (1) shall, to the extent practicable—</text><subparagraph display-inline="no-display-inline" id="H59C69B5873D7452696F2DBA36D5D8140"><enum>(A)</enum><text>render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="H6FF0D61312254A04867A27DFC6185608"><enum>(B)</enum><text display-inline="yes-display-inline">enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;</text></subparagraph><subparagraph id="H490A60E56C364BC7936F5271D5ABD50E"><enum>(C)</enum><text display-inline="yes-display-inline">assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;</text></subparagraph><subparagraph id="HA333AA54734344D4A8BAB9AA7E05375E"><enum>(D)</enum><text display-inline="yes-display-inline">be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="H5B98517016E84B01B26EA06908C32CAA"><enum>(E)</enum><text>incorporate standards developed and maintained by voluntary consensus standards bodies; and</text></subparagraph><subparagraph id="H09EB24A8C8924EBC92F90A40F64DF39F"><enum>(F)</enum><text>use, be consistent with, and implement applicable accounting and reporting principles.</text></subparagraph></paragraph><paragraph id="H85BB2AFC18FA41B6AA72808C9AB68BBB"><enum>(3)</enum><header>Incorporation of standards</header><text display-inline="yes-display-inline">In adopting data standards by rule under this subsection, the Commission shall incorporate all applicable data standards promulgated by the Secretary of the Treasury.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection><subsection id="HC569FD793C394D23BAD08256B227B8EC"><enum>(c)</enum><header>Data standards for information required To be submitted or published by nationally recognized statistical rating organizations</header><text>Section 15E of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-7">15 U.S.C. 78o–7</external-xref>) is amended by adding at the end the following:</text><quoted-block id="HD306B7E628DD4D2DA4FEB88771DFE8B8" style="OLC"><subsection id="H5F22BAE133014F7089002CB658732BBF"><enum>(w)</enum><header>Data standards for information required To be submitted or published under this section</header><paragraph id="H9F1816F479C346DD90D6AB1CEE6730C4"><enum>(1)</enum><header>Requirement</header><text>The Commission shall, by rule, adopt data standards for all information required to be submitted or published by a nationally recognized statistical rating organization under this section.</text></paragraph><paragraph id="HE2F7488E90D942F8B21E1C57EE9D53E4"><enum>(2)</enum><header>Characteristics</header><text>The data standards required by paragraph (1) shall, to the extent practicable—</text><subparagraph display-inline="no-display-inline" id="H49B7F6A5711F474CB8F9386A5A891F66"><enum>(A)</enum><text>render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="H25CF9BFC8F4947608CF94DCD66BFDA7B"><enum>(B)</enum><text display-inline="yes-display-inline">enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;</text></subparagraph><subparagraph id="HD3FEE911747D4241B77DC43ED9728CEB"><enum>(C)</enum><text display-inline="yes-display-inline">assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;</text></subparagraph><subparagraph id="H1C1F5AC20B1A4DA982ABD1C749363A89"><enum>(D)</enum><text display-inline="yes-display-inline">be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="HCFCD3BEC236E4CF8B9C0C9624F84E86C"><enum>(E)</enum><text>incorporate standards developed and maintained by voluntary consensus standards bodies; and</text></subparagraph><subparagraph id="H74C437DB2BD3417DAB2C094A14775A46"><enum>(F)</enum><text>use, be consistent with, and implement applicable accounting and reporting principles.</text></subparagraph></paragraph><paragraph id="H1691F4D9035340DA87002EC89FCD6C8E"><enum>(3)</enum><header>Incorporation of standards</header><text display-inline="yes-display-inline">In adopting data standards by rule under this subsection, the Commission shall incorporate all applicable data standards promulgated by the Secretary of the Treasury.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="H8E88CA7987504173BBC4E5A442F8E668"><enum>(d)</enum><header>Data standards for asset-Backed securities disclosures</header><text>Section 7(c) of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77g">15 U.S.C. 77g(c)</external-xref>) is amended by adding at the end the following:</text><quoted-block id="HDFF5B725A1D14C0BA3D3D7834AC02525" style="OLC"><paragraph id="HB4D1CBA03A194E308495FB0AF79F9586"><enum>(3)</enum><header>Data standards for asset-backed securities disclosures</header><subparagraph id="H036D79439D614C82BF8DFA3B980E6566"><enum>(A)</enum><header>Requirement</header><text>The Commission shall, by rule, adopt data standards for all disclosures required under this subsection.</text></subparagraph><subparagraph id="H0DF71DC05D7349768A7183B6097DF4A1"><enum>(B)</enum><header>Characteristics</header><text>The data standards required by subparagraph (A) shall, to the extent practicable—</text><clause display-inline="no-display-inline" id="H6BB3DB18608940DEBE32F83D4A30DF0E"><enum>(i)</enum><text>render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);</text></clause><clause id="HB50AB7C60CC443D3A789B1802E5DB788"><enum>(ii)</enum><text display-inline="yes-display-inline">enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;</text></clause><clause id="HB49598FAE9444283BA1014D25F56F28B"><enum>(iii)</enum><text display-inline="yes-display-inline">assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;</text></clause><clause id="HCADD83152B76480C99F27DFBE265B762"><enum>(iv)</enum><text display-inline="yes-display-inline">be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);</text></clause><clause id="H4E1FA558058C4FEF8842F42840866770"><enum>(v)</enum><text>incorporate standards developed and maintained by voluntary consensus standards bodies; and</text></clause><clause id="HE95F897366AF444BB745C0D27572D07D"><enum>(vi)</enum><text>use, be consistent with, and implement applicable accounting and reporting principles.</text></clause></subparagraph><subparagraph id="HE4BFB9AE148C4E00A1124DE46A8DFD4C"><enum>(C)</enum><header>Incorporation of standards</header><text display-inline="yes-display-inline">In adopting data standards by rule under this paragraph, the Commission shall incorporate all applicable data standards promulgated by the Secretary of the Treasury.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="HA1B70F16F1A64E7E8C7C62E2414CE88C"><enum>(e)</enum><header>Data standards for corporate disclosures under the Securities Act of 1933</header><text>Section 7 of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77g">15 U.S.C. 77g</external-xref>) is amended by adding at the end the following:</text><quoted-block id="H6EC8A42FA3B04A23BB5DB4A600EC4DC0" style="OLC"><subsection id="H3131CCA36EE84C258A453F61D9F8DFA0"><enum>(e)</enum><header>Data standards</header><paragraph id="H52F9B51B6EB34945AC5950CEA4A416EF"><enum>(1)</enum><header>Requirement</header><text>The Commission shall, by rule, adopt data standards for all registration statements and for all prospectuses included in registration statements required to be filed with the Commission under this title, except that the Commission may exempt exhibits, signatures, and certifications from such data standards.</text></paragraph><paragraph id="H0EAA85329C024CEFBEBF381830E14B55"><enum>(2)</enum><header>Characteristics</header><text>The data standards required by paragraph (1) shall, to the extent practicable—</text><subparagraph display-inline="no-display-inline" id="H55E6F06036F940969255FFCB5818F82C"><enum>(A)</enum><text>render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="H508F8E3593BE4176BFB1677CB8AE87AA"><enum>(B)</enum><text display-inline="yes-display-inline">enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;</text></subparagraph><subparagraph id="H99F6A8A7B0EC420F8DC9E94457FEF6DC"><enum>(C)</enum><text display-inline="yes-display-inline">assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;</text></subparagraph><subparagraph id="HD1065E4809634DAFA46506E4B04BE836"><enum>(D)</enum><text display-inline="yes-display-inline">be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="H58FE35EFC8E748988AEC5777A9863E22"><enum>(E)</enum><text>incorporate standards developed and maintained by voluntary consensus standards bodies; and</text></subparagraph><subparagraph id="HEC2E46B1824741C39F4B1F678D2DB6F3"><enum>(F)</enum><text>use, be consistent with, and implement applicable accounting and reporting principles.</text></subparagraph></paragraph><paragraph id="H764B15DAC27A466CB83AC47560D2EFEB"><enum>(3)</enum><header>Incorporation of standards</header><text display-inline="yes-display-inline">In adopting data standards by rule under this subsection, the Commission shall incorporate all applicable data standards promulgated by the Secretary of the Treasury.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="H44454095C2634C2C8786070B1C2BE343"><enum>(f)</enum><header>Data standards for periodic and current corporate disclosures under the Securities Exchange Act of 1934</header><text>Section 13 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78m">15 U.S.C. 78m</external-xref>) is amended by adding at the end the following:</text><quoted-block id="H5F602093F6884EC78C0A83DA7529839B" style="OLC"><subsection id="HA27E9EBF095F4D34BCABF123B4FE9295"><enum>(s)</enum><header>Data standards</header><paragraph id="HC76C5F2A49D14A04A2BD212655E7B806"><enum>(1)</enum><header>Requirement</header><text>The Commission shall, by rule, adopt data standards for all information contained in periodic and current reports required to be filed or furnished under this section or under section 15(d), except that the Commission may exempt exhibits, signatures, and certifications from such data standards.</text></paragraph><paragraph id="HDE9B0B1BD51E4DFC9AEAEC16CBD10B4C"><enum>(2)</enum><header>Characteristics</header><text>The data standards required by paragraph (1) shall, to the extent practicable—</text><subparagraph display-inline="no-display-inline" id="HF43C8B47165E47808474D65906210717"><enum>(A)</enum><text>render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="HC9D9AC6F1DDE4A73AA468CCEA25EE50F"><enum>(B)</enum><text display-inline="yes-display-inline">enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;</text></subparagraph><subparagraph id="H75962675017C4A25B63398A0D62C0D81"><enum>(C)</enum><text display-inline="yes-display-inline">assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;</text></subparagraph><subparagraph id="HCEA1E6E8FB7342FF8FD6BD5BD5B550F0"><enum>(D)</enum><text display-inline="yes-display-inline">be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="HEA5B5807B39D4969A74D899A6CA5D1A9"><enum>(E)</enum><text>incorporate standards developed and maintained by voluntary consensus standards bodies; and</text></subparagraph><subparagraph id="H587948FCA7234BB88D87546B84072DF7"><enum>(F)</enum><text>use, be consistent with, and implement applicable accounting and reporting principles.</text></subparagraph></paragraph><paragraph id="HDA221C5B462D476EAC696BC35ED2406B"><enum>(3)</enum><header>Incorporation of standards</header><text display-inline="yes-display-inline">In adopting data standards by rule under this subsection, the Commission shall incorporate all applicable data standards promulgated by the Secretary of the Treasury.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="H525258BA99114AEABB4BB0206527DFF5"><enum>(g)</enum><header>Data standards for corporate proxy and consent solicitation materials under the Securities Exchange Act of 1934</header><text>Section 14 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78n">15 U.S.C. 78n</external-xref>) is amended by adding at the end the following:</text><quoted-block id="H23614951CACB4E3DBE4C98C820504F77" style="OLC"><subsection id="H6F1627AFF5D74D6D836AF8CFC5842FB3"><enum>(k)</enum><header>Data standards for proxy and consent solicitation materials</header><paragraph id="H4867315737A44EC3BC5EC8E690A42965"><enum>(1)</enum><header>Requirement</header><text>The Commission shall, by rule, adopt data standards for all information contained in any proxy or consent solicitation material prepared by an issuer for an annual meeting of the shareholders of the issuer, except that the Commission may exempt exhibits, signatures, and certifications from such data standards.</text></paragraph><paragraph id="H91FCB9C50F2D4A8B9465355320929ADE"><enum>(2)</enum><header>Characteristics</header><text>The data standards required by paragraph (1) shall, to the extent practicable—</text><subparagraph display-inline="no-display-inline" id="H9B948EF53A324CD29F6F74AA4D98CC33"><enum>(A)</enum><text>render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="H98AA9E65D8CB470E8F8E9812275F36E8"><enum>(B)</enum><text display-inline="yes-display-inline">enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;</text></subparagraph><subparagraph id="HA7DE9687947447D192F43876244F6E5A"><enum>(C)</enum><text display-inline="yes-display-inline">assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;</text></subparagraph><subparagraph id="HE3D7A1E86D2F4AA292C6251F24DBC0F6"><enum>(D)</enum><text display-inline="yes-display-inline">be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="H5EE2D5BD8D4E4DE0B577ED3599E62C9B"><enum>(E)</enum><text>incorporate standards developed and maintained by voluntary consensus standards bodies; and</text></subparagraph><subparagraph id="H520B05A58DF04B07B6EE3A8E17E7763B"><enum>(F)</enum><text>use, be consistent with, and implement applicable accounting and reporting principles.</text></subparagraph></paragraph><paragraph id="HA67E1BF24911443FA849975ED40A8C54"><enum>(3)</enum><header>Incorporation of standards</header><text display-inline="yes-display-inline">In adopting data standards by rule under this subsection, the Commission shall incorporate all applicable data standards promulgated by the Secretary of the Treasury.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="H6C71A36B0436411FB4F20560C3A926E7"><enum>(h)</enum><header>Data standards for security-Based swap reporting</header><text>Section 15F of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-10">15 U.S.C. 78o–10</external-xref>) is amended by adding at the end the following:</text><quoted-block id="H9842B30986B04E82800B3891A7B13960" style="OLC"><subsection id="H9F4F12D814504E8CB8290F8311EE47CE"><enum>(m)</enum><header>Data standards for security-Based swap reporting</header><paragraph id="H896FB915717646CF9A580E067C5A82E8"><enum>(1)</enum><header>Requirement</header><text>The Commission shall, by rule, adopt data standards for all reports related to security-based swaps that are required under this Act.</text></paragraph><paragraph id="H7B8BDA5569E44ABB80E889A1954E248A"><enum>(2)</enum><header>Characteristics</header><text>The data standards required by paragraph (1) shall, to the extent practicable—</text><subparagraph display-inline="no-display-inline" id="H49E8F23693A74746B27A235D7BFEB287"><enum>(A)</enum><text>render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="H32F940EA9C7547C7903AAD7902F82225"><enum>(B)</enum><text display-inline="yes-display-inline">enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;</text></subparagraph><subparagraph id="HF7D30DCD748943D18F6A00AC2A570C93"><enum>(C)</enum><text display-inline="yes-display-inline">assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;</text></subparagraph><subparagraph id="H5F6C126E054145D5A4B09F964D707127"><enum>(D)</enum><text display-inline="yes-display-inline">be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="H86A8A632711F4FE492E887753AD7D381"><enum>(E)</enum><text>incorporate standards developed and maintained by voluntary consensus standards bodies; and</text></subparagraph><subparagraph id="H250BB6BA057244A89AE3C20428DE0D63"><enum>(F)</enum><text>use, be consistent with, and implement applicable accounting and reporting principles.</text></subparagraph></paragraph><paragraph id="HF45367F33E9746E0B5710C0D8C39DAD3"><enum>(3)</enum><header>Incorporation of standards</header><text display-inline="yes-display-inline">In adopting data standards by rule under this subsection, the Commission shall incorporate all applicable data standards promulgated by the Secretary of the Treasury.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="H9D5646A749C6422EA79DCB85DF2A7A0B"><enum>(i)</enum><header>Rulemaking</header><paragraph id="H9D078403B1D741C690BCB0F76BEADBFA"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than the end of the 2-year period beginning on the date the final rule is promulgated pursuant to section 124(a) of the Financial Stability Act of 2010, the Securities and Exchange Commission shall issue the regulations required under the amendments made by this section.</text></paragraph><paragraph id="H2F0C707DBE324B34AA1601F9CE17DD59"><enum>(2)</enum><header>Scaling of regulatory requirements</header><text display-inline="yes-display-inline">In issuing the regulations required under the amendments made by this section, the Securities and Exchange Commission may scale data reporting requirements in order to reduce any unjustified burden on emerging growth companies, lending institutions, accelerated filers, smaller reporting companies, and other smaller issuers, as determined by the study required under section 205(c), while still providing searchable information to investors.</text></paragraph><paragraph id="H7211E2E0C43244C78BA4DF58438D73D2"><enum>(3)</enum><header>Minimizing disruption</header><text display-inline="yes-display-inline">In issuing the regulations required under the amendments made by this section, the Securities and Exchange Commission shall seek to minimize disruptive changes to the persons affected by such regulations.</text></paragraph></subsection></section><section id="H3ACE07DA64894BB19A07841521867EA9"><enum>202.</enum><header>Open data publication by the Securities and Exchange Commission</header><text display-inline="no-display-inline">Section 4 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78d">15 U.S.C. 78d</external-xref>) is amended by adding at the end the following:</text><quoted-block display-inline="no-display-inline" id="H708F70A6D4E54C44BF0AF8164B5E5E1F" style="OLC"><subsection id="HB6FBE6C8EE394E54B4A484FCE388198F"><enum>(k)</enum><header>Open data publication</header><text display-inline="yes-display-inline">All public information published by the Commission under the securities laws and the Dodd-Frank Wall Street Reform and Consumer Protection Act shall be made available as an open Government data asset (as defined under section 3502 of title 44, United States Code), freely available for download in bulk and rendered in a human-readable format and accessible via application programming interface where appropriate.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block></section><section id="H8B79BFBB00E74DC7B58DEEC09C139508"><enum>203.</enum><header>Data transparency at the Municipal Securities Rulemaking Board</header><subsection id="H25FA4D3931CE4DDA9BF5004840E8B9D3"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 15B(b) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-4">15 U.S.C. 78o–4(b)</external-xref>) is amended by adding at the end the following:</text><quoted-block display-inline="no-display-inline" id="H2789C5F52E8E4C05A34F71B4067A5656" style="OLC"><paragraph id="H981CAACFA3624F6A9BA4749260E420A5" indent="up1"><enum>(8)</enum><header>Data standards</header><subparagraph id="HB88D713B158C46F9AD2988E4FECDEB8B"><enum>(A)</enum><header>Requirement</header><text display-inline="yes-display-inline">If the Board establishes information systems under paragraph (3), the Board shall adopt data standards for information submitted via such systems.</text></subparagraph><subparagraph id="HCB2945160BCB49C5A02539A1B923F4A0"><enum>(B)</enum><header>Characteristics</header><text>The data standards required by subparagraph (A) shall, to the extent practicable—</text><clause display-inline="no-display-inline" id="H8F2EA806B9B147C797B6EE221CF88646"><enum>(i)</enum><text>render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);</text></clause><clause id="H234E8B56EC8E402A9716A73F664A1B8E"><enum>(ii)</enum><text display-inline="yes-display-inline">enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;</text></clause><clause id="H2D76D9B2457749FF86D42F7A4FD00E0C"><enum>(iii)</enum><text display-inline="yes-display-inline">assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;</text></clause><clause id="HF305E7D2EF394430B14597E86CBA55D1"><enum>(iv)</enum><text display-inline="yes-display-inline">be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);</text></clause><clause id="HC7487A206E5640A18EB22599595E5F26"><enum>(v)</enum><text>incorporate standards developed and maintained by voluntary consensus standards bodies; and</text></clause><clause id="H63CF64F3C41740BB95D6617FC1DE0FD0"><enum>(vi)</enum><text>use, be consistent with, and implement applicable accounting and reporting principles.</text></clause></subparagraph><subparagraph id="H525C4807AD314D2EB69089FB1154CA1B"><enum>(C)</enum><header>Incorporation of standards</header><text display-inline="yes-display-inline">In adopting data standards under this paragraph, the Board shall incorporate all applicable data standards promulgated by the Secretary of the Treasury.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="HA17A8054AAAF4194BA62C6AD491C78FD"><enum>(b)</enum><header>Rulemaking</header><paragraph id="HBCC05C2EF37E40BCA8B0E880689AB980"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than the end of the 2-year period beginning on the date the final rule is promulgated pursuant to section 124(a) of the Financial Stability Act of 2010, the Municipal Securities Rulemaking Board shall issue the regulations required under the amendments made by this section.</text></paragraph><paragraph id="H5BBDC40E72F843DF9D81582BCACAA843"><enum>(2)</enum><header>Scaling of regulatory requirements</header><text display-inline="yes-display-inline">In issuing the regulations required under the amendments made by this section, the Municipal Securities Rulemaking Board may scale data reporting requirements in order to reduce any unjustified burden on smaller regulated entities.</text></paragraph><paragraph id="HD8CBA4A844794FD4A8310962748981EF"><enum>(3)</enum><header>Minimizing disruption</header><text display-inline="yes-display-inline">In issuing the regulations required under the amendments made by this section, the Municipal Securities Rulemaking Board shall seek to minimize disruptive changes to the persons affected by such regulations.</text></paragraph></subsection></section><section id="H06D6A8DAEDD84A348561D7E8379B4921"><enum>204.</enum><header>Data transparency at national securities associations</header><subsection id="HDECD5168A3E04678A8E26C5C86F5E999"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 15A of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-3">15 U.S.C. 78o–3</external-xref>) is amended by adding at the end the following:</text><quoted-block display-inline="no-display-inline" id="HF4A3C1B1890A4011844A6FF32168504E" style="OLC"><subsection id="HF9CACB5B566E4AFC9FEBBE24833E6330"><enum>(n)</enum><header>Data standards</header><paragraph id="H22E0DC70F7D544FD9658AB43AE6A5BD3"><enum>(1)</enum><header>Requirement</header><text display-inline="yes-display-inline">A national securities association registered pursuant to subsection (a) shall adopt data standards for all information that is regularly filed with or submitted to the association.</text></paragraph><paragraph id="HDAF2601ADBA545C585D5B8C18DF9DACB"><enum>(2)</enum><header>Characteristics</header><text>The data standards required by paragraph (1) shall, to the extent practicable—</text><subparagraph display-inline="no-display-inline" id="HC9E392611E0747C0AFB484B47F5F9925"><enum>(A)</enum><text>render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="H9AE161FE6DA74B55997DDCCD5E31DC0F"><enum>(B)</enum><text display-inline="yes-display-inline">enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;</text></subparagraph><subparagraph id="H0B8D3334730E4FD682182346E29A1884"><enum>(C)</enum><text display-inline="yes-display-inline">assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;</text></subparagraph><subparagraph id="HC211CA5D368245188E1275D0E5D01EE2"><enum>(D)</enum><text display-inline="yes-display-inline">be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="HF07CF1CDDA4741C3AF8BD5AED8D089CC"><enum>(E)</enum><text>incorporate standards developed and maintained by voluntary consensus standards bodies; and</text></subparagraph><subparagraph id="H1AC0C6D474F544CBB87BFAB45DD8D52E"><enum>(F)</enum><text>use, be consistent with, and implement applicable accounting and reporting principles.</text></subparagraph></paragraph><paragraph id="H875222CB3E674CCE88CBA6815E3774B9"><enum>(3)</enum><header>Incorporation of standards</header><text display-inline="yes-display-inline">In adopting data standards under this subsection, the association shall incorporate all applicable data standards promulgated by the Secretary of the Treasury.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="HAAEA262B5D2242029FCAC14DE9E15A22"><enum>(b)</enum><header>Rulemaking</header><paragraph id="H8ED67B100E704D7EBFCEB54F32F7425B"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than the end of the 2-year period beginning on the date the final rule is promulgated pursuant to section 124(a) of the Financial Stability Act of 2010, a national securities association shall adopt the standards required under the amendments made by this section.</text></paragraph><paragraph id="H3610407BA82241E38A307BA356DB0215"><enum>(2)</enum><header>Scaling of regulatory requirements</header><text display-inline="yes-display-inline">In adopting the standards required under the amendments made by this section, a national securities association may scale data reporting requirements in order to reduce any unjustified burden on smaller regulated entities.</text></paragraph><paragraph id="H4AA8FCA461514FFDB4274311A6C70AB7"><enum>(3)</enum><header>Minimizing disruption</header><text display-inline="yes-display-inline">In adopting the standards required under the amendments made by this section, a national securities association shall seek to minimize disruptive changes to the persons affected by such standards.</text></paragraph></subsection></section><section commented="no" id="HCB9198829123454CAFF3918E53C7F023"><enum>205.</enum><header>Shorter-term burden reduction and disclosure simplification at the Securities and Exchange Commission; sunset</header><subsection commented="no" id="HE526006D435A4BFFAB6FEA5A442F2F10"><enum>(a)</enum><header>Better enforcement of the quality of corporate financial data submitted to the Securities and Exchange Commission</header><paragraph commented="no" id="HA2021D20E0C341EE825B27D53D931D4A"><enum>(1)</enum><header>Data quality improvement program</header><text>Within six months after the date of the enactment of this Act, the Commission shall establish a program to improve the quality of corporate financial data filed or furnished by issuers under the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Company Act of 1940. The program shall include the following:</text><subparagraph commented="no" id="HCDDE29E038F14BDD88CB73B1B810FC2E"><enum>(A)</enum><text display-inline="yes-display-inline">The designation of an official in the Office of the Chairman responsible for the improvement of the quality of data filed with or furnished to the Commission by issuers.</text></subparagraph><subparagraph commented="no" id="H9985595D11744BF1BB9E0596373E4AB6"><enum>(B)</enum><text>The issuance by the Division of Corporation Finance of comment letters requiring correction of errors in data filings and submissions, where necessary.</text></subparagraph></paragraph><paragraph commented="no" id="HCD555EB915644B3386F9BC3A916D7813"><enum>(2)</enum><header>Goals</header><text>In establishing the program under this section, the Commission shall seek to—</text><subparagraph commented="no" id="H83396A9E0D994169A18D15D3DBB6E3AB"><enum>(A)</enum><text>improve the quality of data filed with or furnished to the Commission to a commercially acceptable level; and</text></subparagraph><subparagraph commented="no" id="HA64F2D84B1414F77BF2C26DA89BF15A8"><enum>(B)</enum><text>make data filed with or furnished to the Commission useful to investors.</text></subparagraph></paragraph></subsection><subsection commented="no" id="HBE18829F5EFD4BC2A1CB90EF1B02F415"><enum>(b)</enum><header>Report on the use of machine-Readable data for corporate disclosures</header><paragraph commented="no" id="H7B629127726D48DEA73F59E856300BE7"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than six months after the date of the enactment of this Act, and every six months thereafter, the Commission shall issue a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on the public and internal use of machine-readable data for corporate disclosures.</text></paragraph><paragraph commented="no" id="HF64349E025D84D738E74A9613BDAFC96"><enum>(2)</enum><header>Content</header><text>Each report required under paragraph (1) shall include—</text><subparagraph commented="no" id="HC475E8D954A04211B757A3F53350C950"><enum>(A)</enum><text display-inline="yes-display-inline">an identification of which corporate disclosures required under section 7 of the Securities Act of 1933, section 13 of the Securities Exchange Act of 1934, or section 14 of the Securities Exchange Act of 1934 are expressed as machine-readable data and which are not;</text></subparagraph><subparagraph commented="no" id="HAA11D35A7E464112AC8CE7F4E89E73F3"><enum>(B)</enum><text>an analysis of the costs and benefits of the use of machine-readable data in corporate disclosure to investors, markets, the Commission, and issuers;</text></subparagraph><subparagraph commented="no" id="H72CD92835AAF480AB6F948CAFC749F79"><enum>(C)</enum><text display-inline="yes-display-inline">a summary of enforcement actions that result from the use or analysis of machine-readable data collected under section 7 of the Securities Act of 1933, section 13 of the Securities Exchange Act of 1934, or section 14 of the Securities Exchange Act of 1934; and</text></subparagraph><subparagraph id="H3258B0B9554D4C838A0C036B13526C79"><enum>(D)</enum><text display-inline="yes-display-inline">an analysis of how the Commission is itself using the machine-readable data collected by the Commission.</text></subparagraph></paragraph></subsection><subsection commented="no" id="HCC6A792B2EFD4D6D813CFB92D773BE7B"><enum>(c)</enum><header>Sunset</header><text>On and after the end of the 7-year period beginning on the date of the enactment of this Act, this section shall have no force or effect.</text></subsection></section><section display-inline="no-display-inline" id="H913411BF08624BD6BE04B43FB91F5C9C" section-type="subsequent-section"><enum>206.</enum><header>No new disclosure requirements</header><text display-inline="no-display-inline">Nothing in this title or the amendments made by this title shall be construed to require the Securities and Exchange Commission, the Municipal Securities Rulemaking Board, or a national securities association to collect or make publicly available additional information under the statutes amended by this title, beyond information that was collected or made publicly available under such statutes before the date of the enactment of this Act.</text></section><enum>III</enum><header>Federal Deposit Insurance Corporation</header><section id="H481E1CB5B37B42BF825CAFA9C2D1795D"><enum>301.</enum><header>Data standards requirements for the Federal Deposit Insurance Corporation</header><text display-inline="no-display-inline">The Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1811">12 U.S.C. 1811 et seq.</external-xref>) is amended by adding at the end the following:</text><quoted-block display-inline="no-display-inline" id="HAB8F5C205D4548E69516432A49C2D36F" style="OLC"><section id="HE2DB6C0AC6184F49A19B617CB03174BD"><enum>52.</enum><header>Data standards</header><subsection id="H0E5AA63018754D539D46531A2A7B2CD0"><enum>(a)</enum><header>Requirement</header><text display-inline="yes-display-inline">The Corporation shall, by rule, adopt data standards for all information that the Corporation receives from any depository institution or financial company under this Act or under title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act.</text></subsection><subsection id="HDEB44A5E808341D7B1DD9554737FF2D4"><enum>(b)</enum><header>Characteristics</header><text>The data standards required by subsection (a) shall, to the extent practicable—</text><paragraph display-inline="no-display-inline" id="H5F28A8E4952A46049B4A2AA0F68959E4"><enum>(1)</enum><text>render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);</text></paragraph><paragraph id="HF447027448F24F3AA1041D943ACA0392"><enum>(2)</enum><text display-inline="yes-display-inline">enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;</text></paragraph><paragraph id="H8BAEC3E5162846BFAF9D773D1EDC66F7"><enum>(3)</enum><text display-inline="yes-display-inline">assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;</text></paragraph><paragraph id="HA446028C5FE34912AEA8F5109E561E30"><enum>(4)</enum><text display-inline="yes-display-inline">be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);</text></paragraph><paragraph id="H1B7CCC8D0DE44C3C9BA92879A8F99631"><enum>(5)</enum><text>incorporate standards developed and maintained by voluntary consensus standards bodies; and</text></paragraph><paragraph id="H3E2C9658D9564366A1803E0A084A7665"><enum>(6)</enum><text>use, be consistent with, and implement applicable accounting and reporting principles.</text></paragraph></subsection><subsection id="HDC2DE64053CE48548C809EC44ACAC31E"><enum>(c)</enum><header>Incorporation of standards</header><text display-inline="yes-display-inline">In adopting data standards by rule under this section, the Corporation shall incorporate all applicable data standards promulgated by the Secretary of the Treasury.</text></subsection><subsection id="HA5AB9C6CB83A42348C9967FAA0D5E20F"><enum>(d)</enum><header>Financial company defined</header><text display-inline="yes-display-inline">For purposes of this section, the term <term>financial company</term> has the meaning given that term under section 201(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5381">12 U.S.C. 5381(a)</external-xref>).</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></section><section id="HD44D184D8F09421092B777ABFAEB47A6"><enum>302.</enum><header>Open data publication by the Federal Deposit Insurance Corporation</header><text display-inline="no-display-inline">The Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1811">12 U.S.C. 1811 et seq.</external-xref>), as amended by section 301, is further amended by adding at the end the following:</text><quoted-block display-inline="no-display-inline" id="HB910A7BECA6D47CCA22572A3C1B1EB8E" style="OLC"><section id="H95F531104EE0485A87A3DC00390B8623"><enum>53.</enum><header>Open data publication</header><text display-inline="no-display-inline">All public information published by the Corporation under this Act or under the Dodd-Frank Wall Street Reform and Consumer Protection Act shall be made available as an open Government data asset (as defined under section 3502 of title 44, United States Code), freely available for download in bulk and rendered in a human-readable format and accessible via application programming interface where appropriate.</text></section><after-quoted-block>.</after-quoted-block></quoted-block></section><section id="H888D947608A6410AA6A932241160F712"><enum>303.</enum><header>Rulemaking</header><subsection id="HA3A25349911240F48763ED8081910275"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than the end of the 2-year period beginning on the date the final rule is promulgated pursuant to section 124(a) of the Financial Stability Act of 2010, the Federal Deposit Insurance Corporation shall issue the regulations required under the amendments made by this title.</text></subsection><subsection id="H90955335E9914ECC80E3EAF678021923"><enum>(b)</enum><header>Scaling of regulatory requirements</header><text display-inline="yes-display-inline">In issuing the regulations required under the amendments made by this title, the Federal Deposit Insurance Corporation may scale data reporting requirements in order to reduce any unjustified burden on smaller regulated entities.</text></subsection><subsection id="H2F8F872632884D849E2B4EDDBD5BD40A"><enum>(c)</enum><header>Minimizing disruption</header><text display-inline="yes-display-inline">In issuing the regulations required under the amendments made by this title, the Federal Deposit Insurance Corporation shall seek to minimize disruptive changes to the persons affected by such regulations.</text></subsection></section><section display-inline="no-display-inline" id="H7F34F954CCBF418FB7686EEE242A8BC7" section-type="subsequent-section"><enum>304.</enum><header>No new disclosure requirements</header><text display-inline="no-display-inline">Nothing in this title or the amendments made by this title shall be construed to require the Federal Deposit Insurance Corporation to collect or make publicly available additional information under the statutes amended by this title, beyond information that was collected or made publicly available under such statutes before the date of the enactment of this Act.</text></section><enum>IV</enum><header>Office of the Comptroller of the Currency</header><section id="H8BC37B5AD41A4DCFB646EADC75BEBC1D"><enum>401.</enum><header>Data standards and open data publication requirements for the Office of the Comptroller of the Currency</header><text display-inline="no-display-inline">The Revised Statutes of the United States is amended by inserting after section 332 (<external-xref legal-doc="usc" parsable-cite="usc/12/14">12 U.S.C. 14</external-xref>) the following:</text><quoted-block display-inline="no-display-inline" id="HCA5F33B8FB17454AB11701D9CA297D4D" style="OLC"><section id="H703F0A2CF679467785CE65AC2D6B4B0C"><enum>333.</enum><header>Data standards; Open data publication</header><subsection id="HA3CF1D01EFC2428F9BAF23469CD70E82"><enum>(a)</enum><header>Data standards</header><paragraph id="H2ADF73781C164115A3D23B830B50788D"><enum>(1)</enum><header>Requirement</header><text display-inline="yes-display-inline">The Comptroller of the Currency shall, by rule, adopt data standards for all information that is regularly filed with or submitted to the Comptroller of the Currency by any entity with respect to which the Office of the Comptroller of the Currency is the appropriate Federal banking agency (as defined under section 3 of the Federal Deposit Insurance Act).</text></paragraph><paragraph id="H4DD3C1DFEA0F4AE28B198DD62C4705D2"><enum>(2)</enum><header>Characteristics</header><text>The data standards required by paragraph (1) shall, to the extent practicable—</text><subparagraph display-inline="no-display-inline" id="HB01A7E1941F043FCAACED0511B92BFCF"><enum>(A)</enum><text>render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="H81F53A900E2C4AF3BE14D5B7469DA213"><enum>(B)</enum><text display-inline="yes-display-inline">enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;</text></subparagraph><subparagraph id="HA10D072887C44C398A5141272B8D3CFD"><enum>(C)</enum><text display-inline="yes-display-inline">assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;</text></subparagraph><subparagraph id="H7E389DC98602481F9ACD940AE72C017C"><enum>(D)</enum><text display-inline="yes-display-inline">be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="H314ABC1AD7BF44AEBFA9FE9572101B62"><enum>(E)</enum><text>incorporate standards developed and maintained by voluntary consensus standards bodies; and</text></subparagraph><subparagraph id="H93052948AD5C4282AA9362F440C4C43C"><enum>(F)</enum><text>use, be consistent with, and implement applicable accounting and reporting principles.</text></subparagraph></paragraph><paragraph id="H3E81E9A8C8A54975A0BC12F2C97F2621"><enum>(3)</enum><header>Incorporation of standards</header><text display-inline="yes-display-inline">In adopting data standards by rule under this subsection, the Comptroller of the Currency shall incorporate all applicable data standards promulgated by the Secretary of the Treasury.</text></paragraph></subsection><subsection id="H6CC63BB9B0274D34984693B559CAC77D"><enum>(b)</enum><header>Open data publication</header><text display-inline="yes-display-inline">All public information published by the Comptroller of the Currency under title LXII or the Dodd-Frank Wall Street Reform and Consumer Protection Act shall be made available as an open Government data asset (as defined under section 3502 of title 44, United States Code), freely available for download in bulk and rendered in a human-readable format and accessible via application programming interface where appropriate.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></section><section id="HA27FEC5ADA094367AFDA1C112C8456F9"><enum>402.</enum><header>Rulemaking</header><subsection id="H48E9E8DC2A7C40629A15690CF1303091"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than the end of the 2-year period beginning on the date the final rule is promulgated pursuant to section 124(a) of the Financial Stability Act of 2010, the Comptroller of the Currency shall issue the regulations required under the amendments made by this title.</text></subsection><subsection id="HBB3B1FED41CF45AEBF6277A900214EA8"><enum>(b)</enum><header>Scaling of regulatory requirements</header><text display-inline="yes-display-inline">In issuing the regulations required under the amendments made by this title, the Comptroller of the Currency may scale data reporting requirements in order to reduce any unjustified burden on smaller regulated entities.</text></subsection><subsection id="H79917B48BEF94FD0934BBD6C3D587E73"><enum>(c)</enum><header>Minimizing disruption</header><text display-inline="yes-display-inline">In issuing the regulations required under the amendments made by this title, the Comptroller of the Currency shall seek to minimize disruptive changes to the persons affected by such regulations.</text></subsection></section><section display-inline="no-display-inline" id="H4E397DC998E148E0A82936354C8FC8E5" section-type="subsequent-section"><enum>403.</enum><header>No new disclosure requirements</header><text display-inline="no-display-inline">Nothing in this title or the amendments made by this title shall be construed to require the Comptroller of the Currency to collect or make publicly available additional information under the statutes amended by this title, beyond information that was collected or made publicly available under such statutes before the date of the enactment of this Act.</text></section><enum>V</enum><header>Bureau of Consumer Financial Protection</header><section id="H3B05D0F326464D6884363C636D415B74"><enum>501.</enum><header>Data standards and open data publication requirements for the Bureau of Consumer Financial Protection</header><subsection id="H65938B4799244591A0784A01393EBD56"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5481">12 U.S.C. 5481 et seq.</external-xref>) is amended by inserting after section 1018 the following:</text><quoted-block display-inline="no-display-inline" id="H23E191A5D3A8423A9C4159850A7F03DB" style="OLC"><section id="H92DB01F05C274481AA42F2340D7B5884"><enum>1019.</enum><header>Data standards</header><subsection id="H87821A9A21674393A8703805CB1C8280"><enum>(a)</enum><header>Requirement</header><text display-inline="yes-display-inline">The Bureau shall, by rule, adopt data standards for all information that is regularly filed with or submitted to the Bureau.</text></subsection><subsection id="HBC01E97479B047BDB73B9F5C1FF9EF3B"><enum>(b)</enum><header>Characteristics</header><text>The data standards required by subsection (a) shall, to the extent practicable—</text><paragraph display-inline="no-display-inline" id="HF3E3BA54A21243F1A72703597689D8B5"><enum>(1)</enum><text>render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);</text></paragraph><paragraph id="H588AB4C4FFBE489DB4C67F79C46FC531"><enum>(2)</enum><text display-inline="yes-display-inline">enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;</text></paragraph><paragraph id="H4BF86D2D90EB4B6A96CDA7472C049E85"><enum>(3)</enum><text display-inline="yes-display-inline">assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;</text></paragraph><paragraph id="HA93AB4F4C5074CFFBB8A23594BE91C18"><enum>(4)</enum><text display-inline="yes-display-inline">be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);</text></paragraph><paragraph id="H4ADEB14B50034A83AE2ABB985B498903"><enum>(5)</enum><text>incorporate standards developed and maintained by voluntary consensus standards bodies; and</text></paragraph><paragraph id="H36A61F346C224B03B35CD3A6D8A7DA9A"><enum>(6)</enum><text>use, be consistent with, and implement applicable accounting and reporting principles.</text></paragraph></subsection><subsection id="H3F83FA9F6C86400596D32AE0B2CDCD57"><enum>(c)</enum><header>Incorporation of standards</header><text display-inline="yes-display-inline">In adopting data standards by rule under this section, the Bureau shall incorporate all applicable data standards promulgated by the Secretary of the Treasury.</text></subsection></section><section id="H816EF1BEEB0D40D3A42B36D8781B9CBA"><enum>1020.</enum><header>Open data publication</header><text display-inline="no-display-inline">All public information published by the Bureau shall be made available as an open Government data asset (as defined under section 3502 of title 44, United States Code), freely available for download in bulk and rendered in a human-readable format and accessible via application programming interface where appropriate.</text></section><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="HF36547E322EB466BA512687C164006DC"><enum>(b)</enum><header>Clerical amendment</header><text>The table of contents under section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by inserting after the item relating to section 1018 the following:</text><quoted-block display-inline="no-display-inline" id="HEECF3F3346814A8EAA5FB461A129D27C" style="OLC"><toc regeneration="no-regeneration"><toc-entry level="section">Sec. 1019. Data standards. </toc-entry><toc-entry level="section">Sec. 1020. Open data publication.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block></subsection></section><section id="HDEA6867AE273464B89D4D0D7B7439354"><enum>502.</enum><header>Rulemaking</header><subsection id="HABEA6A6F6322489CB77CC8843273C94A"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than the end of the 2-year period beginning on the date the final rule is promulgated pursuant to section 124(a) of the Financial Stability Act of 2010, the Bureau of Consumer Financial Protection shall issue the regulations required under the amendments made by this title.</text></subsection><subsection id="HDFD35812B36B42FE8BB00146C298549B"><enum>(b)</enum><header>Scaling of regulatory requirements</header><text display-inline="yes-display-inline">In issuing the regulations required under the amendments made by this title, the Bureau of Consumer Financial Protection may scale data reporting requirements in order to reduce any unjustified burden on smaller regulated entities.</text></subsection><subsection id="H1418FCE15D464099B313734D44CE2926"><enum>(c)</enum><header>Minimizing disruption</header><text display-inline="yes-display-inline">In issuing the regulations required under the amendments made by this title, the Bureau of Consumer Financial Protection shall seek to minimize disruptive changes to the persons affected by such regulations.</text></subsection></section><section display-inline="no-display-inline" id="HCBDADCA4B5DD407CAAEB22510AC9A01C" section-type="subsequent-section"><enum>503.</enum><header>No new disclosure requirements</header><text display-inline="no-display-inline">Nothing in this title or the amendments made by this title shall be construed to require the Bureau of Consumer Financial Protection to collect or make publicly available additional information under the statutes amended by this title, beyond information that was collected or made publicly available under such statutes before the date of the enactment of this Act.</text></section><enum>VI</enum><header>Federal Reserve System</header><section id="H6F141A8E30244E1A9454E9B64F15900F"><enum>601.</enum><header>Data standards requirements for the Board of Governors of the Federal Reserve System</header><subsection id="H579349EB0CAE4A3C801F181D653DB2F6"><enum>(a)</enum><header>Data standards for information filed or submitted by nonbank financial companies</header><text display-inline="yes-display-inline">Section 161(a) of the Financial Stability Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5361">12 U.S.C. 5361(a)</external-xref>) is amended by adding at the end the following:</text><quoted-block display-inline="no-display-inline" id="H016C89B8223F4AD8B3F1811EF8F57F16" style="OLC"><paragraph id="HEA370F8BCC1740869CE28FAFABDF30D1"><enum>(4)</enum><header>Data standards for reports under this subsection</header><subparagraph id="H3C934B7F341647C58A2CF5BE380ECE5B"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">The Board of Governors shall adopt data standards for all financial data that is regularly filed with or submitted to the Board of Governors by any nonbank financial company supervised by the Board of Governors pursuant to this subsection.</text></subparagraph><subparagraph id="HFFFE066593524CF989248FD41CA8B6B1"><enum>(B)</enum><header>Characteristics</header><text>The data standards required by this section shall, to the extent practicable—</text><clause display-inline="no-display-inline" id="H4FD3EBCB6D5D47CA837B0FB059B5FD1C"><enum>(i)</enum><text>render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);</text></clause><clause id="H2C659F3E11844058B7296D7425824067"><enum>(ii)</enum><text display-inline="yes-display-inline">enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;</text></clause><clause id="H79B5ED4AA9344E468A08A434E62B47F3"><enum>(iii)</enum><text display-inline="yes-display-inline">assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;</text></clause><clause id="H5EDDBF7496404D2AACD383A1646E3A29"><enum>(iv)</enum><text display-inline="yes-display-inline">be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);</text></clause><clause id="HCAF185F8D0B345758253897122DC3690"><enum>(v)</enum><text>incorporate standards developed and maintained by voluntary consensus standards bodies; and</text></clause><clause id="H0CD34F76C94F4556A8EB8D548ACED34B"><enum>(vi)</enum><text>use, be consistent with, and implement applicable accounting and reporting principles.</text></clause></subparagraph><subparagraph id="H60E204E7A50643DF93E167D55703CE67"><enum>(C)</enum><header>Incorporation of standards</header><text display-inline="yes-display-inline">In adopting data standards by rule under this paragraph, the Board of Governors shall incorporate all applicable data standards promulgated by the Secretary of the Treasury.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="H54454C6BF38D42B48C78E8AC44722B91"><enum>(b)</enum><header>Data standards for information filed or submitted by savings and loan holding companies</header><text display-inline="yes-display-inline">Section 10 of the Home Owners’ Loan Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1467a">12 U.S.C. 1467a</external-xref>) is amended by adding at the end the following:</text><quoted-block display-inline="no-display-inline" id="HB3D1E8B71DE74DD8B6C91ABF37C22F06" style="OLC"><subsection id="H391315B50EEA4BB0A118FB1E940F2E0D"><enum>(u)</enum><header>Data standards</header><paragraph id="H50684320E1D0479FA2519EEA96AB716D"><enum>(1)</enum><header>Requirement</header><text display-inline="yes-display-inline">The Board shall adopt data standards for all information that is regularly filed with or submitted to the Board by any savings and loan holding company, or subsidiary of a savings and loan holding company, other than a depository institution, under this section.</text></paragraph><paragraph id="H13894D2A90BC4D44B6590C542B28F0B0"><enum>(2)</enum><header>Characteristics</header><text>The data standards required by this subsection shall, to the extent practicable—</text><subparagraph display-inline="no-display-inline" id="HDF9AB2EA48EC47B8A3A9FEC4669092A0"><enum>(A)</enum><text>render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="H73855E41B89742F38017DD1E9E6C0487"><enum>(B)</enum><text display-inline="yes-display-inline">enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;</text></subparagraph><subparagraph id="H1D050AA6ED4F431E9A27E1963D6BEF1D"><enum>(C)</enum><text display-inline="yes-display-inline">assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;</text></subparagraph><subparagraph id="H197A8F60449A4E70A9F925B6D588E75F"><enum>(D)</enum><text display-inline="yes-display-inline">be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="HE1B39AA9DB604D61A924F6EA0A2F63F1"><enum>(E)</enum><text>incorporate standards developed and maintained by voluntary consensus standards bodies; and</text></subparagraph><subparagraph id="HE01457B6022E4FBAB2784450FA8870D7"><enum>(F)</enum><text>use, be consistent with, and implement applicable accounting and reporting principles.</text></subparagraph></paragraph><paragraph id="HFB11D0EE37C54034A392AC95B8634DCD"><enum>(3)</enum><header>Incorporation of standards</header><text display-inline="yes-display-inline">In adopting data standards by rule under this section, the Board of Governors shall incorporate all applicable data standards promulgated by the Secretary of the Treasury.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="H8C47E070A26C469E87AD3A39AA9225B0"><enum>(c)</enum><header>Data standards for information filed or submitted by bank holding companies</header><text display-inline="yes-display-inline">Section 5 of the Bank Holding Company Act of 1956 (<external-xref legal-doc="usc" parsable-cite="usc/12/1844">12 U.S.C. 1844</external-xref>) is amended by adding at the end the following:</text><quoted-block display-inline="no-display-inline" id="H9474E4CEC5AB4862A0744F9A352C5675" style="OLC"><subsection id="H30F8A8A960D94692B58B6AFA004899D6"><enum>(h)</enum><header>Data standards</header><paragraph id="HB6FB2C82773E4C3288DB7DAE6BF50BD3"><enum>(1)</enum><header>Requirement</header><text display-inline="yes-display-inline">The Board shall adopt data standards for all information that is regularly filed with or submitted to the Board by any bank holding company in a report under subsection (c).</text></paragraph><paragraph id="HCD82C48750CD4DF8A9B3FC9F1E112D27"><enum>(2)</enum><header>Characteristics</header><text>The data standards required by this subsection shall, to the extent practicable—</text><subparagraph display-inline="no-display-inline" id="H613E49F311F34DC2A71AA4EAC137C35E"><enum>(A)</enum><text>render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="H8175970947724657B402D5A401070D53"><enum>(B)</enum><text display-inline="yes-display-inline">enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;</text></subparagraph><subparagraph id="H07F85507F1984F639772432FD5E2FF7E"><enum>(C)</enum><text display-inline="yes-display-inline">assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;</text></subparagraph><subparagraph id="HC9ED9A9D78E54B5C8E4E4ECC27F34E9B"><enum>(D)</enum><text display-inline="yes-display-inline">be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="H5F0CFE9C03F94466B9D0725B8CFBE282"><enum>(E)</enum><text>incorporate standards developed and maintained by voluntary consensus standards bodies; and</text></subparagraph><subparagraph id="HFFD1C7526984499A85BF5B640CAF4505"><enum>(F)</enum><text>use, be consistent with, and implement applicable accounting and reporting principles.</text></subparagraph></paragraph><paragraph id="H4377587C1D1841298163A5AD2994EF53"><enum>(3)</enum><header>Incorporation of standards</header><text display-inline="yes-display-inline">In adopting data standards under this subsection, the Board shall incorporate all applicable data standards promulgated by the Secretary of the Treasury.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="H9798633D18A849BCAA0871CEF5AD091C"><enum>(d)</enum><header>Data standards for information submitted by financial market utilities or institutions under the Payment, Clearing, and Settlement Supervision Act of 2010</header><text display-inline="yes-display-inline">Section 809 of the Payment, Clearing, and Settlement Supervision Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5468">12 U.S.C. 5468</external-xref>) is amended by adding at the end the following:</text><quoted-block display-inline="no-display-inline" id="HA58AD977FEC74CCF95012C5E95B6E134" style="OLC"><subsection id="HFC5F0A35EC6C4DB5872ADB17318BA835"><enum>(h)</enum><header>Data standards</header><paragraph id="HEFFFE725D6E54EC6896EBE5E14F3D173"><enum>(1)</enum><header>Requirement</header><text display-inline="yes-display-inline">The Board of Governors shall adopt data standards for all information that is regularly filed with or submitted to the Board by any financial market utility or financial institution under subsection (a) or (b).</text></paragraph><paragraph id="H03D24EED3D164BD990A2841A20A389FD"><enum>(2)</enum><header>Characteristics</header><text>The data standards required by this subsection shall, to the extent practicable—</text><subparagraph display-inline="no-display-inline" id="H25A947D7785E44E9A7E96F03EC37238A"><enum>(A)</enum><text>render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="HD097CDD3FF914D5099B552689E842C77"><enum>(B)</enum><text display-inline="yes-display-inline">enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;</text></subparagraph><subparagraph id="H76D7A0BA4A484C87AD3D5B9201FEBAB4"><enum>(C)</enum><text display-inline="yes-display-inline">assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;</text></subparagraph><subparagraph id="H75BD463A3F8E47C6810585A92091FDF5"><enum>(D)</enum><text display-inline="yes-display-inline">be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);</text></subparagraph><subparagraph id="H87953D0E26B547BFAD7AC0CB8878FF66"><enum>(E)</enum><text>incorporate standards developed and maintained by voluntary consensus standards bodies; and</text></subparagraph><subparagraph id="H8383DDF40EC6436C8DEABD1363EB1CAB"><enum>(F)</enum><text>use, be consistent with, and implement applicable accounting and reporting principles.</text></subparagraph></paragraph><paragraph id="HBB465B9493774658A2930157BEE142F9"><enum>(3)</enum><header>Incorporation of standards</header><text display-inline="yes-display-inline">In adopting data standards under this subsection, the Board of Governors shall incorporate all applicable data standards promulgated by the Secretary of the Treasury.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection></section><section id="H7E9F54C746774B9DB66FEF911D8B95F7"><enum>602.</enum><header>Open data publication by the Board of Governors of the Federal Reserve System</header><text display-inline="no-display-inline">The Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/226">12 U.S.C. 226 et seq.</external-xref>) is amended by adding at the end the following:</text><quoted-block display-inline="no-display-inline" id="H247DEFBAB2CB4B4CA8E60294ADD6237E" style="OLC"><section id="H0D732D83C8194B87B07696736FFBC4E1"><enum>32.</enum><header>Open data publication by the Board of Governors</header><text display-inline="no-display-inline">All public information published by the Board of Governors under this Act, the Bank Holding Company Act of 1956, the Financial Stability Act of 2010, the Home Owners’ Loan Act, the Payment, Clearing, and Settlement Supervision Act of 2010, or the Enhancing Financial Institution Safety and Soundness Act of 2010 shall be made available as an open Government data asset (as defined under section 3502 of title 44, United States Code), freely available for download in bulk and rendered in a human-readable format and accessible via application programming interface where appropriate.</text></section><after-quoted-block>.</after-quoted-block></quoted-block></section><section id="H21B95EE1773545C987EEC872A28FECA0"><enum>603.</enum><header>Rulemaking</header><subsection id="HA1E79A12AC264A63802129B4366A8090"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than the end of the 2-year period beginning on the date the final rule is promulgated pursuant to section 124(a) of the Financial Stability Act of 2010, the Board of Governors of the Federal Reserve System shall issue the regulations required under the amendments made by this title.</text></subsection><subsection id="HEAA14A201FF647B2B841F9767CDD6E9D"><enum>(b)</enum><header>Scaling of regulatory requirements</header><text display-inline="yes-display-inline">In issuing the regulations required under the amendments made by this title, the Board of Governors of the Federal Reserve System may scale data reporting requirements in order to reduce any unjustified burden on smaller regulated entities.</text></subsection><subsection id="HB36EE10AE3A84A4EB4640331445D56D2"><enum>(c)</enum><header>Minimizing disruption</header><text display-inline="yes-display-inline">In issuing the regulations required under the amendments made by this title, the Board of Governors of the Federal Reserve System shall seek to minimize disruptive changes to the persons affected by such regulations.</text></subsection></section><section display-inline="no-display-inline" id="H460D2114334B4230956B0349AA54570F" section-type="subsequent-section"><enum>604.</enum><header>No new disclosure requirements</header><text display-inline="no-display-inline">Nothing in this title or the amendments made by this title shall be construed to require the Board of Governors of the Federal Reserve System to collect or make publicly available additional information under the statutes amended by this title, beyond information that was collected or made publicly available under such statutes before the date of the enactment of this Act.</text></section><enum>VII</enum><header>National Credit Union Administration</header><section id="H8EA5B510D440476889A11D4BE8BA2480"><enum>701.</enum><header>Data standards</header><text display-inline="no-display-inline">Title I of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1752">12 U.S.C. 1752 et seq.</external-xref>) is amended by adding at the end the following:</text><quoted-block display-inline="no-display-inline" id="HF40FCB92926A43708F838CCF297279F0" style="OLC"><section id="HEFA87DBC913749D2857F4088A157AE26"><enum>132.</enum><header>Data standards</header><subsection id="H032C1C3A37B34A2B9648F54082AEC355"><enum>(a)</enum><header>Requirement</header><text display-inline="yes-display-inline">The Board shall, by rule, adopt data standards for all information and reports regularly filed with or submitted to the Administration under this Act.</text></subsection><subsection id="H543CC3842C59432DB738C752650C4BB3"><enum>(b)</enum><header>Characteristics</header><text>The data standards required by subsection (a) shall, to the extent practicable—</text><paragraph display-inline="no-display-inline" id="H378AB2F3742541ACAA2B6CE450DEE34D"><enum>(1)</enum><text>render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);</text></paragraph><paragraph id="H8938C2A8745F4BDE978419092400E4C7"><enum>(2)</enum><text display-inline="yes-display-inline">enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;</text></paragraph><paragraph id="HC540DEC2A1564C8293EDD9A1F24664F4"><enum>(3)</enum><text display-inline="yes-display-inline">assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;</text></paragraph><paragraph id="H9F4E4008E96449849B3EED8CF124A6F9"><enum>(4)</enum><text display-inline="yes-display-inline">be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);</text></paragraph><paragraph id="HFE99B6970B654F708FA4BECB470E4D20"><enum>(5)</enum><text>incorporate standards developed and maintained by voluntary consensus standards bodies; and</text></paragraph><paragraph id="H8D52402CA2774D6594BCDFDE6DED5E0F"><enum>(6)</enum><text>use, be consistent with, and implement applicable accounting and reporting principles.</text></paragraph></subsection><subsection id="H845BB53954F64C6E87D02F73DF04B361"><enum>(c)</enum><header>Incorporation of standards</header><text display-inline="yes-display-inline">In adopting data standards by rule under this section, the Board shall incorporate all applicable data standards promulgated by the Secretary of the Treasury.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></section><section id="HE4F634968A6D417585DB76234D6F9C05"><enum>702.</enum><header>Open data publication by the National Credit Union Administration</header><text display-inline="no-display-inline">Title I of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1752">12 U.S.C. 1752 et seq.</external-xref>), as amended by section 801, is further amended by adding at the end the following:</text><quoted-block display-inline="no-display-inline" id="H8796B26AF6A64B759B18C6F86BCFA673" style="OLC"><section id="H2A9C6159CA1647148D80F3EF939B6620"><enum>133.</enum><header>Open data publication</header><text display-inline="no-display-inline">All public information published by the Administration under this title shall be made available as an open Government data asset (as defined under section 3502 of title 44, United States Code), freely available for download in bulk and rendered in a human-readable format and accessible via application programming interface where appropriate.</text></section><after-quoted-block>.</after-quoted-block></quoted-block></section><section id="H9867B5F262F045D6B9BA3087281B691C"><enum>703.</enum><header>Rulemaking</header><subsection id="HC424D5EBEFCC42E493F40C5DE0718597"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than the end of the 2-year period beginning on the date the final rule is promulgated pursuant to section 124(a) of the Financial Stability Act of 2010, the National Credit Union Administration Board shall issue the regulations required under the amendments made by this title.</text></subsection><subsection id="HE3FA84856694470F87B7BC81FFF64153"><enum>(b)</enum><header>Scaling of regulatory requirements</header><text display-inline="yes-display-inline">In issuing the regulations required under the amendments made by this title, the National Credit Union Administration Board may scale data reporting requirements in order to reduce any unjustified burden on smaller regulated entities.</text></subsection><subsection id="H6FA81ED272C84CE5A29E1808350A7A8B"><enum>(c)</enum><header>Minimizing disruption</header><text display-inline="yes-display-inline">In issuing the regulations required under the amendments made by this title, the National Credit Union Administration Board shall seek to minimize disruptive changes to the persons affected by such regulations.</text></subsection></section><section display-inline="no-display-inline" id="H0237662FB99A47D18C1F15175EF35E0F" section-type="subsequent-section"><enum>704.</enum><header>No new disclosure requirements</header><text display-inline="no-display-inline">Nothing in this title or the amendments made by this title shall be construed to require the National Credit Union Administration Board to collect or make publicly available additional information under the statutes amended by this title, beyond information that was collected or made publicly available under such statutes before the date of the enactment of this Act.</text></section><enum>VIII</enum><header>Federal Housing Finance Agency</header><section id="H22B79DF0FD7D4A44931AD889C4474214"><enum>801.</enum><header>Data standards requirements for the Federal Housing Finance Agency</header><text display-inline="no-display-inline">Part 1 of subtitle A of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (<external-xref legal-doc="usc" parsable-cite="usc/12/4501">12 U.S.C. 4501 et seq.</external-xref>) is amended by adding at the end the following:</text><quoted-block display-inline="no-display-inline" id="H6C6B3E89A0AB4AAEA56718AD22986E65" style="OLC"><section id="HD681E89ADA8C419B8F5ED0EC7809A3E6"><enum>1319H.</enum><header>Data standards</header><subsection id="HDFC8F49DEEEE41E99AF74600B3EA1965"><enum>(a)</enum><header>Requirement</header><text display-inline="yes-display-inline">The Agency shall, by rule, adopt data standards for all information that is regularly filed with or submitted to the Agency under this Act.</text></subsection><subsection id="HBDA6F8150F7F4E68B3AEF7D21A1A4B11"><enum>(b)</enum><header>Characteristics</header><text>The data standards required by subsection (a) shall, to the extent practicable—</text><paragraph display-inline="no-display-inline" id="H808AE40B4B214EBE947E073CABC77D13"><enum>(1)</enum><text>render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);</text></paragraph><paragraph id="HA0A6A60F8A8E46E99C6944CAE5C9286B"><enum>(2)</enum><text display-inline="yes-display-inline">enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;</text></paragraph><paragraph id="H88FCAEF8A91647799D7900618ACE2B5B"><enum>(3)</enum><text display-inline="yes-display-inline">assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;</text></paragraph><paragraph id="H0A83AC3FB5BE488BB4B5C2CF32F8878D"><enum>(4)</enum><text display-inline="yes-display-inline">be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);</text></paragraph><paragraph id="H39DE565E7D1A487A95186DBBB56711F7"><enum>(5)</enum><text>incorporate standards developed and maintained by voluntary consensus standards bodies; and</text></paragraph><paragraph id="H769C7811EEF34D20A7716C47CA7E84A6"><enum>(6)</enum><text>use, be consistent with, and implement applicable accounting and reporting principles.</text></paragraph></subsection><subsection id="H0BB02E004F5D40C4B2C325A1709387F0"><enum>(c)</enum><header>Incorporation of standards</header><text display-inline="yes-display-inline">In adopting data standards by rule under this section, the Agency shall incorporate all applicable data standards promulgated by the Secretary of the Treasury.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></section><section id="H9794EB078D454F7EBA6B6D53DA5FBB03"><enum>802.</enum><header>Open data publication by the Federal Housing Finance Agency</header><text display-inline="no-display-inline">Part 1 of subtitle A of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (<external-xref legal-doc="usc" parsable-cite="usc/12/4501">12 U.S.C. 4501 et seq.</external-xref>), as amended by section 901, is further amended by adding at the end the following:</text><quoted-block display-inline="no-display-inline" id="H518E03B450394716825F290E3B108965" style="OLC"><section id="H03288E255D4341A7B639F4616160E7F2"><enum>1319I.</enum><header>Open data publication</header><text display-inline="no-display-inline">All public information published by the Agency under this Act shall be made available as an open Government data asset (as defined under section 3502 of title 44, United States Code), freely available for download in bulk and rendered in a human-readable format and accessible via application programming interface where appropriate.</text></section><after-quoted-block>.</after-quoted-block></quoted-block></section><section id="H535BF5487A8A427995D819BBE7C20460"><enum>803.</enum><header>Rulemaking</header><subsection id="H05491117DFEC462CAE08088EA7F2F155"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than the end of the 2-year period beginning on the date the final rule is promulgated pursuant to section 124(a) of the Financial Stability Act of 2010, the Federal Housing Finance Agency shall issue the regulations required under the amendments made by this title.</text></subsection><subsection id="H2B45C7CA773B4195ADE6EB7A51BB95D6"><enum>(b)</enum><header>Minimizing disruption</header><text display-inline="yes-display-inline">In issuing the regulations required under the amendments made by this title, the Federal Housing Finance Agency shall seek to minimize disruptive changes to the persons affected by such regulations.</text></subsection></section><section id="H8D82255A00824064ADF0D980AA4AAA71"><enum>804.</enum><header>No new disclosure requirements</header><text display-inline="no-display-inline">Nothing in this title or the amendments made by this title shall be construed to require the Federal Housing Finance Agency to collect or make publicly available additional information under the statutes amended by this title, beyond information that was collected or made publicly available under such statutes before the date of the enactment of this Act.</text></section><enum>IX</enum><header>Miscellaneous</header><section id="HD2A4A84CF5734239B2C9007177BBAF11"><enum>901.</enum><header>Rules of construction</header><subsection id="H0E70A4A9D5024642B9885311CCA7C38A"><enum>(a)</enum><header>No effect on intellectual property</header><text display-inline="yes-display-inline">Nothing in this Act or the amendments made by this Act may be construed to alter the existing legal protections of copyrighted material or other intellectual property rights of any non-Federal person.</text></subsection><subsection id="H22E19AE2DF184554A46FCDD836B82EBD"><enum>(b)</enum><header>No effect on monetary policy</header><text display-inline="yes-display-inline">Nothing in this Act or the amendments made by this Act may be construed to apply to activities conducted, or data standards used, exclusively in connection with a monetary policy proposed or implemented by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee.</text></subsection><subsection id="H17D56389EC6A4EA8A88D1BB6D027F035"><enum>(c)</enum><header>Preservation of agency authority to tailor regulations</header><text display-inline="yes-display-inline">Nothing in this Act or the amendments made by this Act may be construed to—</text><paragraph id="HD756F41A8B174A58A7FA7575879B3D6B"><enum>(1)</enum><text>require Federal agencies to incorporate identical data standards to those promulgated by the Secretary of the Treasury; or</text></paragraph><paragraph id="H85C23A0DB4644A6DA7D09D7FFAD841D2"><enum>(2)</enum><text>prohibit Federal agencies from tailoring such standards when issuing rules under this Act and the amendments made by this Act to adopt data standards.</text></paragraph></subsection></section><section id="HEDCC4A6A7C4041BF933D7DD8B2F3169E" display-inline="no-display-inline" section-type="subsequent-section"><enum>902.</enum><header>Classified and protected information</header><subsection id="HC80264240100491B8D9BF45805756FDB"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Nothing in this Act or the amendments made by this Act shall require the disclosure to the public of—</text><paragraph id="H56FC4191AACC420A92FE95EF20F9749F"><enum>(1)</enum><text>information that would be exempt from disclosure under section 552 of title 5, United States Code (commonly known as the <quote>Freedom of Information Act</quote>); or</text></paragraph><paragraph id="H82DC8697E69C46E9B602E8F0CB5B5007"><enum>(2)</enum><text>information protected under section 552a of title 5, United States Code (commonly known as the <quote>Privacy Act of 1974</quote>), or <external-xref legal-doc="usc" parsable-cite="usc/26/6103">section 6103</external-xref> of the Internal Revenue Code of 1986.</text></paragraph></subsection><subsection id="HD8EE5BFE54AC4D80B0E9CDF1B627A79F"><enum>(b)</enum><header>Existing agency regulations</header><text display-inline="yes-display-inline">Nothing in this Act or the amendments made by this Act shall be construed to require the Secretary of the Treasury, the Securities and Exchange Commission, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Bureau of Consumer Financial Protection, the Board of Governors of the Federal Reserve System, the National Credit Union Administration Board, or the Federal Housing Finance Agency to amend existing regulations and procedures regarding the sharing and disclosure of nonpublic information, including confidential supervisory information.</text></subsection></section><section id="H3A13E49DB10C4AC3820C5CBA97FBBF6A"><enum>903.</enum><header>Discretionary surplus fund</header><subsection id="H6894C5ECFF9D49868049D7D8DF039929"><enum>(a)</enum><header>In general</header><text>The dollar amount specified under section 7(a)(3)(A) of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/289">12 U.S.C. 289(a)(3)(A)</external-xref>) is reduced by $100,000,000.</text></subsection><subsection id="H2C3DBC0AA5B94028ACAD691BB60A170C"><enum>(b)</enum><header>Effective date</header><text>The amendment made by subsection (a) shall take effect on September 30, 2031.</text></subsection></section><section id="H2C77F7E1269C4BE0B743542201EB0017"><enum>904.</enum><header>Determination of budgetary effects</header><text display-inline="no-display-inline">The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled <quote>Budgetary Effects of PAYGO Legislation</quote> for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee,<pagebreak></pagebreak> provided that such statement has been submitted prior to the vote on passage.</text></section>Passed the House of Representatives October 25, 2021.Cheryl L. Johnson,Clerk