[Congressional Record Volume 167, Number 187 (Monday, October 25, 2021)]
[House]
[Pages H5840-H5848]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
FINANCIAL TRANSPARENCY ACT OF 2021
Ms. WATERS. Mr. Speaker, I move to suspend the rules and pass the
bill (H.R. 2989) to amend securities and banking laws to make the
information reported to financial regulatory agencies electronically
searchable, to further enable the development of RegTech and Artificial
Intelligence applications, to put the United States on a path towards
building a comprehensive Standard Business Reporting program to
ultimately harmonize and reduce the private sector's regulatory
compliance burden, while enhancing transparency and accountability, and
for other purposes, as amended.
The Clerk read the title of the bill.
The text of the bill is as follows:
H.R. 2989
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Financial
Transparency Act of 2021''.
(b) Table of Contents.--The table of contents for this Act
is as follows:
Sec. 1. Short title; table of contents.
TITLE I--DEPARTMENT OF THE TREASURY
Sec. 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 COMMISSION
Sec. 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 CORPORATION
Sec. 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 CURRENCY
Sec. 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 PROTECTION
Sec. 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 SYSTEM
Sec. 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 ADMINISTRATION
Sec. 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 AGENCY
Sec. 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--MISCELLANEOUS
Sec. 901. Rules of construction.
Sec. 902. Classified and protected information.
Sec. 903. Discretionary surplus fund.
Sec. 904. Determination of budgetary effects.
TITLE I--DEPARTMENT OF THE TREASURY
SEC. 101. DATA STANDARDS.
(a) In General.--Subtitle A of title I of the Financial
Stability Act of 2010 (12 U.S.C. 5311 et seq.) is amended by
adding at the end the following:
``SEC. 124. DATA STANDARDS.
``(a) In General.--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.
``(b) Standardization.--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).
``(c) Data Standards.--
``(1) Common identifiers.--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.
``(2) Data standard.--The data standards promulgated under
subsection (a) shall, to the extent practicable--
``(A) render data fully searchable and machine-readable (as
defined under section 3502 of title 44, United States Code);
``(B) 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;
``(C) 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;
``(D) be nonproprietary or made available under an open
license;
``(E) incorporate standards developed and maintained by
voluntary consensus standards bodies; and
``(F) use, be consistent with, and implement applicable
accounting and reporting principles.
``(3) Consultation.--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.
``(4) Interoperability of data.--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.
[[Page H5841]]
``(d) Member Agencies Defined.--In this section, the term
`member agencies' does not include the Commodity Futures
Trading Commission.''.
(b) Clerical Amendment.--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:
``Sec. 124. Data standards.''.
SEC. 102. OPEN DATA PUBLICATION BY THE DEPARTMENT OF THE
TREASURY.
Section 124 of the Financial Stability Act of 2010, as
added by section 101, is amended by adding at the end the
following:
``(e) Open Data Publication.--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.''.
SEC. 103. RULEMAKING.
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.
SEC. 104. NO NEW DISCLOSURE REQUIREMENTS.
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.
SEC. 105. REPORT.
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.
TITLE II--SECURITIES AND EXCHANGE COMMISSION
SEC. 201. DATA STANDARDS REQUIREMENTS FOR THE SECURITIES AND
EXCHANGE COMMISSION.
(a) Data Standards for Investment Advisers' Reports Under
the Investment Advisers Act of 1940.--Section 204 of the
Investment Advisers Act of 1940 (15 U.S.C. 80b-4) is
amended--
(1) by redesignating the second subsection (d) (relating to
Records of Persons With Custody of Use) as subsection (e);
and
(2) by adding at the end the following:
``(f) Data Standards for Reports Filed Under This
Section.--
``(1) Requirement.--The Commission shall, by rule, adopt
data standards for all reports filed by investment advisers
with the Commission under this section.
``(2) Characteristics.--The data standards required by
paragraph (1) shall, to the extent practicable--
``(A) render data fully searchable and machine-readable (as
defined under section 3502 of title 44, United States Code);
``(B) 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;
``(C) 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;
``(D) be nonproprietary or made available under an open
license (as defined under section 3502 of title 44, United
States Code);
``(E) incorporate standards developed and maintained by
voluntary consensus standards bodies; and
``(F) use, be consistent with, and implement applicable
accounting and reporting principles.
``(3) Incorporation of standards.--In adopting data
standards by rule under this subsection, the Commission shall
incorporate all applicable data standards promulgated by the
Secretary of the Treasury.''.
(b) Data Standards for Registration Statements and Reports
Under the Investment Company Act of 1940.--The Investment
Company Act of 1940 (15 U.S.C. 80a-1 et seq.) is amended--
(1) in section 8, by adding at the end the following:
``(g) Data Standards for Registration Statements.--
``(1) Requirement.--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.
``(2) Characteristics.--The data standards required by
paragraph (1) shall, to the extent practicable--
``(A) render data fully searchable and machine-readable (as
defined under section 3502 of title 44, United States Code);
``(B) 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;
``(C) 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;
``(D) be nonproprietary or made available under an open
license (as defined under section 3502 of title 44, United
States Code);
``(E) incorporate standards developed and maintained by
voluntary consensus standards bodies; and
``(F) use, be consistent with, and implement applicable
accounting and reporting principles.
``(3) Incorporation of standards.--In adopting data
standards by rule under this subsection, the Commission shall
incorporate all applicable data standards promulgated by the
Secretary of the Treasury.''; and
(2) in section 30, by adding at the end the following:
``(k) Data Standards for Reports.--
``(1) Requirement.--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.
``(2) Characteristics.--The data standards required by
paragraph (1) shall, to the extent practicable--
``(A) render data fully searchable and machine-readable (as
defined under section 3502 of title 44, United States Code);
``(B) 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;
``(C) 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;
``(D) be nonproprietary or made available under an open
license (as defined under section 3502 of title 44, United
States Code);
``(E) incorporate standards developed and maintained by
voluntary consensus standards bodies; and
``(F) use, be consistent with, and implement applicable
accounting and reporting principles.
``(3) Incorporation of standards.--In adopting data
standards by rule under this subsection, the Commission shall
incorporate all applicable data standards promulgated by the
Secretary of the Treasury.''.
(c) Data Standards for Information Required To Be Submitted
or Published by Nationally Recognized Statistical Rating
Organizations.--Section 15E of the Securities Exchange Act of
1934 (15 U.S.C. 78o-7) is amended by adding at the end the
following:
``(w) Data Standards for Information Required To Be
Submitted or Published Under This Section.--
``(1) Requirement.--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.
``(2) Characteristics.--The data standards required by
paragraph (1) shall, to the extent practicable--
``(A) render data fully searchable and machine-readable (as
defined under section 3502 of title 44, United States Code);
``(B) 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;
``(C) 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;
``(D) be nonproprietary or made available under an open
license (as defined under section 3502 of title 44, United
States Code);
``(E) incorporate standards developed and maintained by
voluntary consensus standards bodies; and
``(F) use, be consistent with, and implement applicable
accounting and reporting principles.
``(3) Incorporation of standards.--In adopting data
standards by rule under this subsection, the Commission shall
incorporate all applicable data standards promulgated by the
Secretary of the Treasury.''.
(d) Data Standards for Asset-Backed Securities
Disclosures.--Section 7(c) of the Securities Act of 1933 (15
U.S.C. 77g(c)) is amended by adding at the end the following:
``(3) Data standards for asset-backed securities
disclosures.--
``(A) Requirement.--The Commission shall, by rule, adopt
data standards for all disclosures required under this
subsection.
[[Page H5842]]
``(B) Characteristics.--The data standards required by
subparagraph (A) shall, to the extent practicable--
``(i) render data fully searchable and machine-readable (as
defined under section 3502 of title 44, United States Code);
``(ii) 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;
``(iii) 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;
``(iv) be nonproprietary or made available under an open
license (as defined under section 3502 of title 44, United
States Code);
``(v) incorporate standards developed and maintained by
voluntary consensus standards bodies; and
``(vi) use, be consistent with, and implement applicable
accounting and reporting principles.
``(C) Incorporation of standards.--In adopting data
standards by rule under this paragraph, the Commission shall
incorporate all applicable data standards promulgated by the
Secretary of the Treasury.''.
(e) Data Standards for Corporate Disclosures Under the
Securities Act of 1933.--Section 7 of the Securities Act of
1933 (15 U.S.C. 77g) is amended by adding at the end the
following:
``(e) Data Standards.--
``(1) Requirement.--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.
``(2) Characteristics.--The data standards required by
paragraph (1) shall, to the extent practicable--
``(A) render data fully searchable and machine-readable (as
defined under section 3502 of title 44, United States Code);
``(B) 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;
``(C) 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;
``(D) be nonproprietary or made available under an open
license (as defined under section 3502 of title 44, United
States Code);
``(E) incorporate standards developed and maintained by
voluntary consensus standards bodies; and
``(F) use, be consistent with, and implement applicable
accounting and reporting principles.
``(3) Incorporation of standards.--In adopting data
standards by rule under this subsection, the Commission shall
incorporate all applicable data standards promulgated by the
Secretary of the Treasury.''.
(f) Data Standards for Periodic and Current Corporate
Disclosures Under the Securities Exchange Act of 1934.--
Section 13 of the Securities Exchange Act of 1934 (15 U.S.C.
78m) is amended by adding at the end the following:
``(s) Data Standards.--
``(1) Requirement.--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.
``(2) Characteristics.--The data standards required by
paragraph (1) shall, to the extent practicable--
``(A) render data fully searchable and machine-readable (as
defined under section 3502 of title 44, United States Code);
``(B) 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;
``(C) 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;
``(D) be nonproprietary or made available under an open
license (as defined under section 3502 of title 44, United
States Code);
``(E) incorporate standards developed and maintained by
voluntary consensus standards bodies; and
``(F) use, be consistent with, and implement applicable
accounting and reporting principles.
``(3) Incorporation of standards.--In adopting data
standards by rule under this subsection, the Commission shall
incorporate all applicable data standards promulgated by the
Secretary of the Treasury.''.
(g) Data Standards for Corporate Proxy and Consent
Solicitation Materials Under the Securities Exchange Act of
1934.--Section 14 of the Securities Exchange Act of 1934 (15
U.S.C. 78n) is amended by adding at the end the following:
``(k) Data Standards for Proxy and Consent Solicitation
Materials.--
``(1) Requirement.--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.
``(2) Characteristics.--The data standards required by
paragraph (1) shall, to the extent practicable--
``(A) render data fully searchable and machine-readable (as
defined under section 3502 of title 44, United States Code);
``(B) 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;
``(C) 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;
``(D) be nonproprietary or made available under an open
license (as defined under section 3502 of title 44, United
States Code);
``(E) incorporate standards developed and maintained by
voluntary consensus standards bodies; and
``(F) use, be consistent with, and implement applicable
accounting and reporting principles.
``(3) Incorporation of standards.--In adopting data
standards by rule under this subsection, the Commission shall
incorporate all applicable data standards promulgated by the
Secretary of the Treasury.''.
(h) Data Standards for Security-Based Swap Reporting.--
Section 15F of the Securities Exchange Act of 1934 (15 U.S.C.
78o-10) is amended by adding at the end the following:
``(m) Data Standards for Security-Based Swap Reporting.--
``(1) Requirement.--The Commission shall, by rule, adopt
data standards for all reports related to security-based
swaps that are required under this Act.
``(2) Characteristics.--The data standards required by
paragraph (1) shall, to the extent practicable--
``(A) render data fully searchable and machine-readable (as
defined under section 3502 of title 44, United States Code);
``(B) 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;
``(C) 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;
``(D) be nonproprietary or made available under an open
license (as defined under section 3502 of title 44, United
States Code);
``(E) incorporate standards developed and maintained by
voluntary consensus standards bodies; and
``(F) use, be consistent with, and implement applicable
accounting and reporting principles.
``(3) Incorporation of standards.--In adopting data
standards by rule under this subsection, the Commission shall
incorporate all applicable data standards promulgated by the
Secretary of the Treasury.''.
(i) Rulemaking.--
(1) In general.--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.
(2) Scaling of regulatory requirements.--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.
(3) Minimizing disruption.--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.
SEC. 202. OPEN DATA PUBLICATION BY THE SECURITIES AND
EXCHANGE COMMISSION.
Section 4 of the Securities Exchange Act of 1934 (15 U.S.C.
78d) is amended by adding at the end the following:
``(k) Open Data Publication.--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.''.
[[Page H5843]]
SEC. 203. DATA TRANSPARENCY AT THE MUNICIPAL SECURITIES
RULEMAKING BOARD.
(a) In General.--Section 15B(b) of the Securities Exchange
Act of 1934 (15 U.S.C. 78o-4(b)) is amended by adding at the
end the following:
``(8) Data Standards.--
``(A) Requirement.--If the Board establishes information
systems under paragraph (3), the Board shall adopt data
standards for information submitted via such systems.
``(B) Characteristics.--The data standards required by
subparagraph (A) shall, to the extent practicable--
``(i) render data fully searchable and machine-readable (as
defined under section 3502 of title 44, United States Code);
``(ii) 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;
``(iii) 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;
``(iv) be nonproprietary or made available under an open
license (as defined under section 3502 of title 44, United
States Code);
``(v) incorporate standards developed and maintained by
voluntary consensus standards bodies; and
``(vi) use, be consistent with, and implement applicable
accounting and reporting principles.
``(C) Incorporation of standards.--In adopting data
standards under this paragraph, the Board shall incorporate
all applicable data standards promulgated by the Secretary of
the Treasury.''.
(b) Rulemaking.--
(1) In general.--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.
(2) Scaling of regulatory requirements.--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.
(3) Minimizing disruption.--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.
SEC. 204. DATA TRANSPARENCY AT NATIONAL SECURITIES
ASSOCIATIONS.
(a) In General.--Section 15A of the Securities Exchange Act
of 1934 (15 U.S.C. 78o-3) is amended by adding at the end the
following:
``(n) Data Standards.--
``(1) Requirement.--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.
``(2) Characteristics.--The data standards required by
paragraph (1) shall, to the extent practicable--
``(A) render data fully searchable and machine-readable (as
defined under section 3502 of title 44, United States Code);
``(B) 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;
``(C) 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;
``(D) be nonproprietary or made available under an open
license (as defined under section 3502 of title 44, United
States Code);
``(E) incorporate standards developed and maintained by
voluntary consensus standards bodies; and
``(F) use, be consistent with, and implement applicable
accounting and reporting principles.
``(3) Incorporation of standards.--In adopting data
standards under this subsection, the association shall
incorporate all applicable data standards promulgated by the
Secretary of the Treasury.''.
(b) Rulemaking.--
(1) In general.--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.
(2) Scaling of regulatory requirements.--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.
(3) Minimizing disruption.--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.
SEC. 205. SHORTER-TERM BURDEN REDUCTION AND DISCLOSURE
SIMPLIFICATION AT THE SECURITIES AND EXCHANGE
COMMISSION; SUNSET.
(a) Better Enforcement of the Quality of Corporate
Financial Data Submitted to the Securities and Exchange
Commission.--
(1) Data quality improvement program.--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:
(A) 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.
(B) The issuance by the Division of Corporation Finance of
comment letters requiring correction of errors in data
filings and submissions, where necessary.
(2) Goals.--In establishing the program under this section,
the Commission shall seek to--
(A) improve the quality of data filed with or furnished to
the Commission to a commercially acceptable level; and
(B) make data filed with or furnished to the Commission
useful to investors.
(b) Report on the Use of Machine-Readable Data for
Corporate Disclosures.--
(1) In general.--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.
(2) Content.--Each report required under paragraph (1)
shall include--
(A) 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;
(B) an analysis of the costs and benefits of the use of
machine-readable data in corporate disclosure to investors,
markets, the Commission, and issuers;
(C) 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
(D) an analysis of how the Commission is itself using the
machine-readable data collected by the Commission.
(c) Sunset.--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.
SEC. 206. NO NEW DISCLOSURE REQUIREMENTS.
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.
TITLE III--FEDERAL DEPOSIT INSURANCE CORPORATION
SEC. 301. DATA STANDARDS REQUIREMENTS FOR THE FEDERAL DEPOSIT
INSURANCE CORPORATION.
The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.)
is amended by adding at the end the following:
``SEC. 52. DATA STANDARDS.
``(a) Requirement.--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.
``(b) Characteristics.--The data standards required by
subsection (a) shall, to the extent practicable--
``(1) render data fully searchable and machine-readable (as
defined under section 3502 of title 44, United States Code);
``(2) 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;
``(3) 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;
``(4) be nonproprietary or made available under an open
license (as defined under section 3502 of title 44, United
States Code);
``(5) incorporate standards developed and maintained by
voluntary consensus standards bodies; and
``(6) use, be consistent with, and implement applicable
accounting and reporting principles.
``(c) Incorporation of Standards.--In adopting data
standards by rule under this section, the Corporation shall
incorporate all applicable data standards promulgated by the
Secretary of the Treasury.
[[Page H5844]]
``(d) Financial Company Defined.--For purposes of this
section, the term `financial company' has the meaning given
that term under section 201(a) of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (12 U.S.C. 5381(a)).''.
SEC. 302. OPEN DATA PUBLICATION BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION.
The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.),
as amended by section 301, is further amended by adding at
the end the following:
``SEC. 53. OPEN DATA PUBLICATION.
``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.''.
SEC. 303. RULEMAKING.
(a) In General.--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.
(b) Scaling of Regulatory Requirements.--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.
(c) Minimizing Disruption.--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.
SEC. 304. NO NEW DISCLOSURE REQUIREMENTS.
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.
TITLE IV--OFFICE OF THE COMPTROLLER OF THE CURRENCY
SEC. 401. DATA STANDARDS AND OPEN DATA PUBLICATION
REQUIREMENTS FOR THE OFFICE OF THE COMPTROLLER
OF THE CURRENCY.
The Revised Statutes of the United States is amended by
inserting after section 332 (12 U.S.C. 14) the following:
``SEC. 333. DATA STANDARDS; OPEN DATA PUBLICATION.
``(a) Data Standards.--
``(1) Requirement.--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).
``(2) Characteristics.--The data standards required by
paragraph (1) shall, to the extent practicable--
``(A) render data fully searchable and machine-readable (as
defined under section 3502 of title 44, United States Code);
``(B) 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;
``(C) 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;
``(D) be nonproprietary or made available under an open
license (as defined under section 3502 of title 44, United
States Code);
``(E) incorporate standards developed and maintained by
voluntary consensus standards bodies; and
``(F) use, be consistent with, and implement applicable
accounting and reporting principles.
``(3) Incorporation of standards.--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.
``(b) Open Data Publication.--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.''.
SEC. 402. RULEMAKING.
(a) In General.--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.
(b) Scaling of Regulatory Requirements.--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.
(c) Minimizing Disruption.--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.
SEC. 403. NO NEW DISCLOSURE REQUIREMENTS.
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.
TITLE V--BUREAU OF CONSUMER FINANCIAL PROTECTION
SEC. 501. DATA STANDARDS AND OPEN DATA PUBLICATION
REQUIREMENTS FOR THE BUREAU OF CONSUMER
FINANCIAL PROTECTION.
(a) In General.--The Consumer Financial Protection Act of
2010 (12 U.S.C. 5481 et seq.) is amended by inserting after
section 1018 the following:
``SEC. 1019. DATA STANDARDS.
``(a) Requirement.--The Bureau shall, by rule, adopt data
standards for all information that is regularly filed with or
submitted to the Bureau.
``(b) Characteristics.--The data standards required by
subsection (a) shall, to the extent practicable--
``(1) render data fully searchable and machine-readable (as
defined under section 3502 of title 44, United States Code);
``(2) 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;
``(3) 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;
``(4) be nonproprietary or made available under an open
license (as defined under section 3502 of title 44, United
States Code);
``(5) incorporate standards developed and maintained by
voluntary consensus standards bodies; and
``(6) use, be consistent with, and implement applicable
accounting and reporting principles.
``(c) Incorporation of Standards.--In adopting data
standards by rule under this section, the Bureau shall
incorporate all applicable data standards promulgated by the
Secretary of the Treasury.
``SEC. 1020. OPEN DATA PUBLICATION.
``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.''.
(b) Clerical Amendment.--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:
``Sec. 1019. Data standards.
``Sec. 1020. Open data publication.''.
SEC. 502. RULEMAKING.
(a) In General.--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.
(b) Scaling of Regulatory Requirements.--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.
(c) Minimizing Disruption.--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.
SEC. 503. NO NEW DISCLOSURE REQUIREMENTS.
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.
TITLE VI--FEDERAL RESERVE SYSTEM
SEC. 601. DATA STANDARDS REQUIREMENTS FOR THE BOARD OF
GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
(a) Data Standards for Information Filed or Submitted by
Nonbank Financial Companies.--Section 161(a) of the Financial
Stability Act of 2010 (12 U.S.C. 5361(a)) is amended by
adding at the end the following:
``(4) Data standards for reports under this subsection.--
``(A) In general.--The Board of Governors shall adopt data
standards for all financial
[[Page H5845]]
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.
``(B) Characteristics.--The data standards required by this
section shall, to the extent practicable--
``(i) render data fully searchable and machine-readable (as
defined under section 3502 of title 44, United States Code);
``(ii) 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;
``(iii) 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;
``(iv) be nonproprietary or made available under an open
license (as defined under section 3502 of title 44, United
States Code);
``(v) incorporate standards developed and maintained by
voluntary consensus standards bodies; and
``(vi) use, be consistent with, and implement applicable
accounting and reporting principles.
``(C) Incorporation of standards.--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.''.
(b) Data Standards for Information Filed or Submitted by
Savings and Loan Holding Companies.--Section 10 of the Home
Owners' Loan Act (12 U.S.C. 1467a) is amended by adding at
the end the following:
``(u) Data Standards.--
``(1) Requirement.--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.
``(2) Characteristics.--The data standards required by this
subsection shall, to the extent practicable--
``(A) render data fully searchable and machine-readable (as
defined under section 3502 of title 44, United States Code);
``(B) 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;
``(C) 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;
``(D) be nonproprietary or made available under an open
license (as defined under section 3502 of title 44, United
States Code);
``(E) incorporate standards developed and maintained by
voluntary consensus standards bodies; and
``(F) use, be consistent with, and implement applicable
accounting and reporting principles.
``(3) Incorporation of standards.--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.''.
(c) Data Standards for Information Filed or Submitted by
Bank Holding Companies.--Section 5 of the Bank Holding
Company Act of 1956 (12 U.S.C. 1844) is amended by adding at
the end the following:
``(h) Data Standards.--
``(1) Requirement.--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).
``(2) Characteristics.--The data standards required by this
subsection shall, to the extent practicable--
``(A) render data fully searchable and machine-readable (as
defined under section 3502 of title 44, United States Code);
``(B) 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;
``(C) 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;
``(D) be nonproprietary or made available under an open
license (as defined under section 3502 of title 44, United
States Code);
``(E) incorporate standards developed and maintained by
voluntary consensus standards bodies; and
``(F) use, be consistent with, and implement applicable
accounting and reporting principles.
``(3) Incorporation of standards.--In adopting data
standards under this subsection, the Board shall incorporate
all applicable data standards promulgated by the Secretary of
the Treasury.''.
(d) Data Standards for Information Submitted by Financial
Market Utilities or Institutions Under the Payment, Clearing,
and Settlement Supervision Act of 2010.--Section 809 of the
Payment, Clearing, and Settlement Supervision Act of 2010 (12
U.S.C. 5468) is amended by adding at the end the following:
``(h) Data Standards.--
``(1) Requirement.--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).
``(2) Characteristics.--The data standards required by this
subsection shall, to the extent practicable--
``(A) render data fully searchable and machine-readable (as
defined under section 3502 of title 44, United States Code);
``(B) 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;
``(C) 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;
``(D) be nonproprietary or made available under an open
license (as defined under section 3502 of title 44, United
States Code);
``(E) incorporate standards developed and maintained by
voluntary consensus standards bodies; and
``(F) use, be consistent with, and implement applicable
accounting and reporting principles.
``(3) Incorporation of standards.--In adopting data
standards under this subsection, the Board of Governors shall
incorporate all applicable data standards promulgated by the
Secretary of the Treasury.''.
SEC. 602. OPEN DATA PUBLICATION BY THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
The Federal Reserve Act (12 U.S.C. 226 et seq.) is amended
by adding at the end the following:
``SEC. 32. OPEN DATA PUBLICATION BY THE BOARD OF GOVERNORS.
``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.''.
SEC. 603. RULEMAKING.
(a) In General.--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.
(b) Scaling of Regulatory Requirements.--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.
(c) Minimizing Disruption.--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.
SEC. 604. NO NEW DISCLOSURE REQUIREMENTS.
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.
TITLE VII--NATIONAL CREDIT UNION ADMINISTRATION
SEC. 701. DATA STANDARDS.
Title I of the Federal Credit Union Act (12 U.S.C. 1752 et
seq.) is amended by adding at the end the following:
``SEC. 132. DATA STANDARDS.
``(a) Requirement.--The Board shall, by rule, adopt data
standards for all information and reports regularly filed
with or submitted to the Administration under this Act.
``(b) Characteristics.--The data standards required by
subsection (a) shall, to the extent practicable--
``(1) render data fully searchable and machine-readable (as
defined under section 3502 of title 44, United States Code);
``(2) 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;
``(3) 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;
[[Page H5846]]
``(4) be nonproprietary or made available under an open
license (as defined under section 3502 of title 44, United
States Code);
``(5) incorporate standards developed and maintained by
voluntary consensus standards bodies; and
``(6) use, be consistent with, and implement applicable
accounting and reporting principles.
``(c) Incorporation of Standards.--In adopting data
standards by rule under this section, the Board shall
incorporate all applicable data standards promulgated by the
Secretary of the Treasury.''.
SEC. 702. OPEN DATA PUBLICATION BY THE NATIONAL CREDIT UNION
ADMINISTRATION.
Title I of the Federal Credit Union Act (12 U.S.C. 1752 et
seq.), as amended by section 801, is further amended by
adding at the end the following:
``SEC. 133. OPEN DATA PUBLICATION.
``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.''.
SEC. 703. RULEMAKING.
(a) In General.--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.
(b) Scaling of Regulatory Requirements.--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.
(c) Minimizing Disruption.--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.
SEC. 704. NO NEW DISCLOSURE REQUIREMENTS.
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.
TITLE VIII--FEDERAL HOUSING FINANCE AGENCY
SEC. 801. DATA STANDARDS REQUIREMENTS FOR THE FEDERAL HOUSING
FINANCE AGENCY.
Part 1 of subtitle A of the Federal Housing Enterprises
Financial Safety and Soundness Act of 1992 (12 U.S.C. 4501 et
seq.) is amended by adding at the end the following:
``SEC. 1319H. DATA STANDARDS.
``(a) Requirement.--The Agency shall, by rule, adopt data
standards for all information that is regularly filed with or
submitted to the Agency under this Act.
``(b) Characteristics.--The data standards required by
subsection (a) shall, to the extent practicable--
``(1) render data fully searchable and machine-readable (as
defined under section 3502 of title 44, United States Code);
``(2) 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;
``(3) 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;
``(4) be nonproprietary or made available under an open
license (as defined under section 3502 of title 44, United
States Code);
``(5) incorporate standards developed and maintained by
voluntary consensus standards bodies; and
``(6) use, be consistent with, and implement applicable
accounting and reporting principles.
``(c) Incorporation of Standards.--In adopting data
standards by rule under this section, the Agency shall
incorporate all applicable data standards promulgated by the
Secretary of the Treasury.''.
SEC. 802. OPEN DATA PUBLICATION BY THE FEDERAL HOUSING
FINANCE AGENCY.
Part 1 of subtitle A of the Federal Housing Enterprises
Financial Safety and Soundness Act of 1992 (12 U.S.C. 4501 et
seq.), as amended by section 901, is further amended by
adding at the end the following:
``SEC. 1319I. OPEN DATA PUBLICATION.
``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.''.
SEC. 803. RULEMAKING.
(a) In General.--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.
(b) Minimizing Disruption.--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.
SEC. 804. NO NEW DISCLOSURE REQUIREMENTS.
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.
TITLE IX--MISCELLANEOUS
SEC. 901. RULES OF CONSTRUCTION.
(a) No Effect on Intellectual Property.--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.
(b) No Effect on Monetary Policy.--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.
(c) Preservation of Agency Authority to Tailor
Regulations.--Nothing in this Act or the amendments made by
this Act may be construed to--
(1) require Federal agencies to incorporate identical data
standards to those promulgated by the Secretary of the
Treasury; or
(2) prohibit Federal agencies from tailoring such standards
when issuing rules under this Act and the amendments made by
this Act to adopt data standards.
SEC. 902. CLASSIFIED AND PROTECTED INFORMATION.
(a) In General.--Nothing in this Act or the amendments made
by this Act shall require the disclosure to the public of--
(1) information that would be exempt from disclosure under
section 552 of title 5, United States Code (commonly known as
the ``Freedom of Information Act''); or
(2) information protected under section 552a of title 5,
United States Code (commonly known as the ``Privacy Act of
1974''), or section 6103 of the Internal Revenue Code of
1986.
(b) Existing Agency Regulations.--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.
SEC. 903. DISCRETIONARY SURPLUS FUND.
(a) In General.--The dollar amount specified under section
7(a)(3)(A) of the Federal Reserve Act (12 U.S.C.
289(a)(3)(A)) is reduced by $100,000,000.
(b) Effective Date.--The amendment made by subsection (a)
shall take effect on September 30, 2031.
SEC. 904. DETERMINATION OF BUDGETARY EFFECTS.
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
``Budgetary Effects of PAYGO Legislation'' for this Act,
submitted for printing in the Congressional Record by the
Chairman of the House Budget Committee, provided that such
statement has been submitted prior to the vote on passage.
The SPEAKER pro tempore. Pursuant to the rule, the gentlewoman from
California (Ms. Waters) and the gentlewoman from Missouri (Mrs. Wagner)
each will control 20 minutes.
The Chair recognizes the gentlewoman from California.
General Leave
Ms. WATERS. Mr. Speaker, I ask unanimous consent that all Members may
have 5 legislative days in which to revise and extend their remarks on
this legislation and to insert extraneous material thereon.
The SPEAKER pro tempore. Is there objection to the request of the
gentlewoman from California?
There was no objection.
Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I rise in support of H.R. 2989, the Financial
Transparency Act of 2021.
As chairwoman of the House Financial Services Committee, I would like
to thank Representative Maloney for her leadership on this bill, as
well as Representative McHenry, the ranking member of the committee,
for working on this bill in a bipartisan manner.
[[Page H5847]]
The Financial Transparency Act takes a proactive approach to
modernizing our data standards and publication protocols within the
financial services industry. This bill requires that the SEC, FDIC,
OCC, CFPB, Federal Reserve, NCUA, and FHFA work with the Treasury
Department to adopt data standards for the information it collects and
to upgrade their reporting requirements so that reported data is stored
in an open, searchable, and accessible manner.
The bill also ensures that these standards are created in a
coordinated manner to enable searchability across these agencies,
helping to catch bad actors more easily while promoting greater
transparency and trust from the public in our financial system.
In this digital age, it is imperative that our regulators keep up
with our rapidly changing financial markets and utilize technology in a
way that safeguards our data while promoting the safety and soundness
of our financial system. This bill puts the United States on equal
footing with many other countries that already have begun using
searchable data formats in submissions to regulators.
This commonsense bill would also benefit retail investors, as they
will be able to search through publicly available documents, rather
than having to manually save each document in order to extract the
information they want.
In addition, companies that analyze this data will be able to more
quickly report their findings to the public, helping better inform the
investing public about the state of our capital markets.
{time} 1715
H.R. 2989 will also benefit regulated entities, like banks, credit
unions, asset managers, and public companies, as they will now have
clearly delineated criteria and frameworks to upload their data,
ensuring consistent data standards and the ability for financial
institutions to do more efficient compliance tasks that must be
performed manually today.
For these reasons, I urge my colleagues to support this bill, and I
reserve the balance of my time.
House of Representatives,
Committee on Agriculture,
Washington, DC, October 25, 2021.
Hon. Maxine Waters,
Chairwoman, Committee on Financial Services,
House of Representatives, Washington, DC.
Dear Madam Chairwoman: This letter confirms our mutual
understanding regarding H.R. 2989, the Financial Transparency
Act of 2021. Thank you for collaborating with the Committee
on Agriculture on the matters within our jurisdiction.
The Committee on Agriculture will forego any further
consideration of this bill so that it may proceed
expeditiously to the House floor for consideration. However,
by foregoing consideration at this time, we do not waive any
jurisdiction over any subject matter contained in this or
similar legislation. We request that our Committee be
consulted and involved as this bill moves forward so that we
may address any remaining issues in our jurisdiction. The
Committee on Agriculture also reserves the right to seek
appointment of an appropriate number of conferees to any
House-Senate conference involving this or similar legislation
and ask that you support any such request.
We would appreciate a response to this letter confirming
this understanding with respect to H.R. 2989, and request
that a copy of our letters on this matter be published in the
Congressional Record during Floor consideration.
Sincerely,
David Scott,
Chairman.
____
House of Representatives,
Committee on Financial Services,
Washington, DC, October 25, 2021.
Hon. David Scott,
Chairman, House Committee on Agriculture,
Washington, DC.
Dear Mister Chairman: I writing to acknowledge your letter
dated October 25, 2021, regarding the waiver by the Committee
on Agriculture of any jurisdictional claims over the matters
contained in H.R. 2989, the ``Financial Transparency Act of
2021.'' The Committee on Financial Services confirms our
mutual understanding that your Committee does not waive any
jurisdiction over the subject matter contained in this or
similar legislation, and your Committee will be appropriately
consulted and involved as this bill or similar legislation
moves forward so that we may address any remaining issues
within your jurisdiction.
The Committee on Financial Services further recognizes your
interest in appointment of outside conferees from the
Committee on Agriculture should this bill or similar language
be considered in a conference with the Senate.
Pursuant to your request, I will ensure that this exchange
of letters is included in the Congressional Record during
Floor consideration of the bill. I appreciate your
cooperation regarding this legislation and look forward to
continuing to work with you as this measure moves through the
legislative process.
Sincerely,
Maxine Waters,
Chairwoman.
Mrs. WAGNER. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I rise in support of Representative Maloney and Ranking
Member McHenry's bipartisan legislation, H.R. 2989, the Financial
Transparency Act of 2021.
Our securities and banking laws require financial regulatory agencies
to collect countless pieces of data from regulated entities each year.
Yet, there is no consistency in the manner in which they collect this
data. As a result, data is often difficult to find and to understand.
This commonsense legislation ensures our regulatory agencies are
working together to adopt consistent data fields and formats for the
information they collect.
The bill will require our banking and securities regulators to better
organize data and make this information available in open-source
formats. This, in turn, benefits investors, businesses, and even the
Federal Government.
Setting data standards will foster more transparency and increase the
efficiency for everyone who generates, collects, and uses the
information.
This bill will make financial data more easily available. It will
also reduce overhead costs and streamline workloads.
I applaud Congresswoman Maloney and Ranking Member McHenry for their
commitment to this issue.
Reforming our information management practices and establishing
uniform data standards for regulatory reporting is critical to ensuring
an efficient and effective regulatory framework.
I urge Members to support this commonsense piece of legislation and
vote ``yes'' on H.R. 2989, the Financial Transparency Act of 2021.
Mr. Speaker, I reserve the balance of my time.
Ms. WATERS. Mr. Speaker, I yield 5 minutes to the gentlewoman from
New York (Mrs. Carolyn B. Maloney), the sponsor of this legislation.
Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I thank the chair
of the Financial Services Committee for her leadership and support on
this legislation.
Mr. Speaker, I rise today in strong support of H.R. 2989, the
Financial Transparency Act of 2021, a bipartisan bill I introduced with
Financial Services Committee Ranking Member McHenry.
The Financial Transparency Act would require our Nation's financial
regulators to adopt a set of data collection and dispersion standards
for the information they collect under current law, including the
adoption of electronic forms to replace paper-based forms.
All data would be made available in an open-source format that is
electronically searchable, downloadable in bulk, and without license
restrictions.
Under the bill, Treasury is tasked with establishing common data
standards that would allow the standardization and sharing of data
across our financial regulators and the public at large. Such data
standards would include a common legal entity identifier that would
give Treasury an increased ability to provide effective oversight
across our financial markets.
The legal entity identifier is used throughout our financial markets
and regulations today, and this bill would encourage agencies to
continue moving in that direction.
Each financial regulator is then tasked with adopting standards for
the data reported to each agency. The regulators maintain the ability
to tailor its regulations as needed to fit the unique needs of each
entity and have the ability to scale any regulatory requirements in
order to reduce regulatory burdens on smaller entities.
I also want to be clear that this is not imposing new regulatory
burdens on market participants. This is modernizing and making more
transparent the data that is already reported to our regulators and
that the regulators publish today.
The bill also contains important protections to ensure confidential
business
[[Page H5848]]
and supervisory information remains protected.
The end result of this bill will be more transparent and open data
sources and data that is readily comparable across businesses and
sectors.
This is a win-win for regulators, for investors, for the public, for
accuracy, and for industry.
For regulators, they will more easily be able to analyze and search
the data its regulated entities are reporting. This will improve
efficiency and overall government operations.
For investors, open-data publications will allow for easy
searchability and comparability of companies and sectors, empowering
investors to act on up-to-date information.
Industries will be able to automatically report required information
using software in the format required by their regulators.
Mr. Speaker, the Financial Transparency Act builds on past
congressional efforts to make data more accessible, useful, and more
accurate.
This has clear benefits for our regulators, investors, and market
participants and would improve the ability of our regulators to monitor
financial stability and therefore the safety and soundness of our
financial markets.
Before I close, I want to take a moment to thank Ranking Member
McHenry and his staff for their work and coordination on this important
effort. I also want to thank Chairwoman Waters and her staff for
working with me on advancing this bill.
This was truly a bipartisan effort, and we would not be here without
everyone working in the same direction.
Mr. Speaker, I urge all of my colleagues to join me in supporting the
Financial Transparency Act.
Ms. WATERS. Mr. Speaker, I have no further speakers, and I am
prepared to close. I reserve the balance of my time until Mrs. Wagner
yields.
Mrs. WAGNER. Mr. Speaker, I urge my colleagues to support H.R. 2989,
and I yield back the balance of my time.
Ms. WATERS. Mr. Speaker, I yield myself the balance of my time to
close.
Mr. Speaker, I would again like to state that I support this
bipartisan bill. The Financial Transparency Act of 2021 helps modernize
our regulatory framework so that government, private industry, and the
public all benefit.
Now more than ever, it makes sense for Congress to harness technology
in a manner that provides greater transparency, accountability, and
efficiency, and this bill does exactly that.
I want to thank Representative Maloney and Ranking Member McHenry for
working with my staff in a bipartisan manner to get this bill across
the finish line.
Mr. Speaker, I yield back the balance of my time.
Mr. McHENRY. Mr. Speaker, I rise in strong support of H.R. 2989, the
Financial Transparency Act of 2021, introduced by my friend and
colleague, Mrs. Maloney.
I appreciate all her hard work on this important bill over the last
six years to help make data more available to Americans and establish a
framework to reduce regulatory compliance costs.
We can all agree that data is important.
In the 21st century, data is critical to growing our knowledge-based
economy.
Reliable data not only drives decisions in the private sector, but it
also drives decisions within the federal government.
Yet, data is only useful if one (1) can find it and (2) understand
it.
Trying to access data within the federal government, and in
particular financial services sector, is even more difficult.
Data is collected, maintained, and disclosed by the federal
government in outdated formats.
Moreover, the silos in the federal government and within the
financial services industry can make it more difficult for Americans to
access useful information.
H.R. 2989, the Financial Transparency Act of 2021, brings the
regulators and the financial industry into the 21st century.
This bill will require our regulatory agencies to work together to
establish data standards for regulatory reporting and to post the
information online in a publicly accessible format. This bill applies
to information the agencies already collect under current law.
This bill signals Congress' intent to have the information be
unambiguously identified in machine-readable data formats.
Automating how data is handled will make it easier for oversight
agencies to quickly identify what needs further investigation, keeping
small issues from becoming bigger ones, and allowing us to use
government resources more wisely and efficiently.
Automating how data is handled will allow regulated entities to
automate much of their reporting processes.
It is also important to note what this bill does not do.
H.R. 2989 does not support any particular technology. Nothing needs
to be invented to satisfy this bill. There are a range of technologies
available that have been developed exactly for these needs in the US
and globally.
It does not change what gets reported. That is, it explicitly leaves
to the agencies control over their disclosure requirements.
Passage of the Financial Transparency Act is long overdue.
I applaud my friend, Congresswoman Maloney, for her unwavering
commitment to foster more transparency of the data collected by our
federal government and increase the efficiency for everyone who
generates, collects, and uses the information collected by our
financial regulators.
The SPEAKER pro tempore. The question is on the motion offered by the
gentlewoman from California (Ms. Waters) that the House suspend the
rules and pass the bill, H.R. 2989, as amended.
The question was taken.
The SPEAKER pro tempore. In the opinion of the Chair, two-thirds
being in the affirmative, the ayes have it.
Mr. WEBER of Texas. Mr. Speaker, on that I demand the yeas and nays.
The SPEAKER pro tempore. Pursuant to section 3(s) of House Resolution
8, the yeas and nays are ordered.
Pursuant to clause 8 of rule XX, further proceedings on this motion
are postponed.
____________________