[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.

                          ____________________