[Congressional Record Volume 168, Number 157 (Wednesday, September 28, 2022)]
[Senate]
[Pages S5259-S5264]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 5788. Mr. WARNER submitted an amendment intended to be proposed to 
amendment SA 5499 submitted by Mr. Reed (for himself and Mr. Inhofe) 
and intended to be proposed to the bill H.R. 7900, to authorize 
appropriations for fiscal year 2023 for military activities of the 
Department of Defense, for military construction, and for defense 
activities of the Department of Energy, to prescribe military personnel 
strengths for such fiscal year, and for other purposes; which was 
ordered to lie on the table; as follows:

        After division D, insert the following:

                DIVISION E--FINANCIAL DATA TRANSPARENCY

     SEC. 5001. SHORT TITLE.

       This division may be cited as the ``Financial Data 
     Transparency Act of 2022''.

   TITLE LI--DATA STANDARDS FOR COVERED AGENCIES; DEPARTMENT OF THE 
                          TREASURY RULEMAKING

     SEC. 5101. DATA STANDARDS.

       (a) In General.--Subtitle A of the Financial Stability Act 
     of 2010 (12 U.S.C. 5321 et seq.) is amended by adding at the 
     end the following:

     ``SEC. 124. DATA STANDARDS.

       ``(a) Definitions.--In this section--
       ``(1) the term `covered agencies' means--
       ``(A) the Department of the Treasury;
       ``(B) the Board of Governors;
       ``(C) the Office of the Comptroller of the Currency;
       ``(D) the Bureau;
       ``(E) the Commission;
       ``(F) the Corporation;
       ``(G) the Federal Housing Finance Agency;
       ``(H) the National Credit Union Administration Board; and
       ``(I) any other primary financial regulatory agency 
     designated by the Secretary;
       ``(2) the term `data standard' means a standard that 
     specifies rules by which data is described and recorded; and
       ``(3) the terms `machine-readable', `metadata', and `open 
     license' have the meanings given the terms in section 3502 of 
     title 44, United States Code.
       ``(b) Promulgation of Standards.--Not later than 2 years 
     after the date of enactment of this section, the heads of the 
     covered agencies shall jointly promulgate final rules that 
     establish data standards for--
       ``(1) the collections of information reported to each 
     covered agency by financial entities under the jurisdiction 
     of the covered agency; and
       ``(2) the data collected from covered agencies on behalf of 
     the Council.
       ``(c) Data Standards.--
       ``(1) Common identifiers; quality.--The data standards 
     established in the final rules promulgated under subsection 
     (b) shall--
       ``(A) include common identifiers for collections of 
     information reported to covered agencies or collected on 
     behalf of the Council, which shall include a common 
     nonproprietary legal entity identifier that is available 
     under an open license for all entities required to report to 
     covered agencies; and
       ``(B) to the extent practicable--
       ``(i) render data fully searchable and machine-readable;
       ``(ii) enable high quality data through schemas, with 
     accompanying metadata documented in machine-readable taxonomy 
     or ontology models, which clearly define the semantic meaning 
     of the data, as defined by the underlying regulatory 
     information collection requirements;
       ``(iii) ensure 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;
       ``(v) incorporate standards developed and maintained by 
     voluntary consensus standards bodies; and
       ``(vi) use, be consistent with, and implement applicable 
     accounting and reporting principles.
       ``(2) Consultation; interoperability.--In establishing data 
     standards in the final rules promulgated under subsection 
     (b), the heads of the covered agencies shall--
       ``(A) consult with other Federal departments and agencies 
     and multi-agency initiatives responsible for Federal data 
     standards; and
       ``(B) seek to promote interoperability of financial 
     regulatory data across members of the Council.
       ``(d) Effective Date.--The data standards established in 
     the final rules promulgated under subsection (b) shall take 
     effect not later than 2 years after the date on which those 
     final rules are promulgated under that subsection.''.
       (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. 5102. OPEN DATA PUBLICATION BY THE DEPARTMENT OF THE 
                   TREASURY.

       (a) In General.--Subtitle A of the Financial Stability Act 
     of 2010 (12 U.S.C. 5321 et seq.), as amended by section 
     5101(a), is further amended by adding at the end the 
     following:

     ``SEC. 125. OPEN DATA PUBLICATION.

       ``All public data assets published by the Secretary under 
     this subtitle shall be--
       ``(1) made available as an open Government data asset (as 
     defined in section 3502 of title 44, United States Code);
       ``(2) freely available for download in bulk;
       ``(3) rendered in a human-readable format; and
       ``(4) accessible via application programming interface 
     where appropriate.''.
       (b) Clerical Amendment.--The table of contents under 
     section 1(b) of the Dodd-

[[Page S5260]]

     Frank Wall Street Reform and Consumer Protection Act, as 
     amended by section 5101(b), is further amended by inserting 
     after the item relating to section 124 the following:

``Sec. 125. Open data publication.''.
       (c) Rulemaking.--The Secretary of the Treasury shall issue 
     rules to carry out the amendments made by this section, which 
     shall take effect not later than 2 years after the date on 
     which final rules are promulgated under section 124(b) of the 
     Financial Stability Act of 2010, as added by section 5101(a) 
     of this division.

     SEC. 5103. 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 Financial Stability Act of 2010 (12 
     U.S.C. 5311 et seq.), beyond information that was collected 
     or made publicly available under that Act, as of the day 
     before the date of enactment of this Act.

             TITLE LII--SECURITIES AND EXCHANGE COMMISSION

     SEC. 5201. 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) Consistency.--The data standards required under 
     paragraph (1) shall incorporate, and ensure compatibility 
     with (to the extent feasible), all applicable data standards 
     established in the rules promulgated under section 124 of the 
     Financial Stability Act of 2010, including, to the extent 
     practicable, by having the characteristics described in 
     clauses (i) through (vi) of subsection (c)(1)(B) of such 
     section 124.''.
       (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 (15 U.S.C. 80a-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 those data standards.
       ``(2) Consistency.--The data standards required under 
     paragraph (1) shall incorporate, and ensure compatibility 
     with (to the extent feasible), all applicable data standards 
     established in the rules promulgated under section 124 of the 
     Financial Stability Act of 2010, including, to the extent 
     practicable, by having the characteristics described in 
     clauses (i) through (vi) of subsection (c)(1)(B) of such 
     section 124.''; and
       (2) in section 30 (15 U.S.C. 80a-29), 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 those 
     data standards.
       ``(2) Consistency.--The data standards required under 
     paragraph (1) shall incorporate, and ensure compatibility 
     with (to the extent feasible), all applicable data standards 
     established in the rules promulgated under section 124 of the 
     Financial Stability Act of 2010, including, to the extent 
     practicable, by having the characteristics described in 
     clauses (i) through (vi) of subsection (c)(1)(B) of such 
     section 124.''.
       (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 collections of information required to 
     be submitted or published by a nationally recognized 
     statistical rating organization under this section.
       ``(2) Consistency.--The data standards required under 
     paragraph (1) shall incorporate, and ensure compatibility 
     with (to the extent feasible), all applicable data standards 
     established in the rules promulgated under section 124 of the 
     Financial Stability Act of 2010, including, to the extent 
     practicable, by having the characteristics described in 
     clauses (i) through (vi) of subsection (c)(1)(B) of such 
     section 124.''.
       (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.
       ``(B) Consistency.--The data standards required under 
     subparagraph (A) shall incorporate, and ensure compatibility 
     with (to the extent feasible), all applicable data standards 
     established in the rules promulgated under section 124 of the 
     Financial Stability Act of 2010, including, to the extent 
     practicable, by having the characteristics described in 
     clauses (i) through (vi) of subsection (c)(1)(B) of such 
     section 124.''.
       (e) Data Standards for Corporate Disclosures Under the 
     Securities Act of 1933.--Title I of the Securities Act of 
     1933 (15 U.S.C. 77a et seq.) is amended by adding at the end 
     the following:

     ``SEC. 29. DATA STANDARDS.

       ``(a) 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 those data standards.
       ``(b) Consistency.--The data standards required under 
     subsection (a) shall incorporate, and ensure compatibility 
     with (to the extent feasible), all applicable data standards 
     established in the rules promulgated under section 124 of the 
     Financial Stability Act of 2010, including, to the extent 
     practicable, by having the characteristics described in 
     clauses (i) through (vi) of subsection (c)(1)(B) of such 
     section 124.''.
       (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 collections of information with 
     respect to 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 those data standards.
       ``(2) Consistency.--The data standards required under 
     paragraph (1) shall incorporate, and ensure compatibility 
     with (to the extent feasible), all applicable data standards 
     established in the rules promulgated under section 124 of the 
     Financial Stability Act of 2010, including, to the extent 
     practicable, by having the characteristics described in 
     clauses (i) through (vi) of subsection (c)(1)(B) of such 
     section 124.''.
       (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 those data standards.
       ``(2) Consistency.--The data standards required under 
     paragraph (1) shall incorporate, and ensure compatibility 
     with (to the extent feasible), all applicable data standards 
     established in the rules promulgated under section 124 of the 
     Financial Stability Act of 2010, including, to the extent 
     practicable, by having the characteristics described in 
     clauses (i) through (vi) of subsection (c)(1)(B) of such 
     section 124.''.
       (h) Data Standards for Security-Based Swap Reporting.--The 
     Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is 
     amended by adding at the end the following:

     ``SEC. 41. DATA STANDARDS FOR SECURITY-BASED SWAP REPORTING.

       ``(a) Requirement.--The Commission shall, by rule, adopt 
     data standards for all reports related to security-based 
     swaps that are required under this Act.
       ``(b) Consistency.--The data standards required under 
     subsection (a) shall incorporate, and ensure compatibility 
     with (to the extent feasible), all applicable data standards 
     established in the rules promulgated under section 124 of the 
     Financial Stability Act of 2010, including, to the extent 
     practicable, by having the characteristics described in 
     clauses (i) through (vi) of subsection (c)(1)(B) of such 
     section 124.''.
       (i) Rulemaking.--
       (1) In general.--The rules that the Securities and Exchange 
     Commission are required to issue under the amendments made by 
     this section shall take effect not later than 2 years after 
     the date on which final rules are promulgated under section 
     124(b) of the Financial Stability Act of 2010, as added by 
     section 5101(a) of this division.
       (2) Scaling of regulatory requirements; minimizing 
     disruption.--In issuing the rules required under the 
     amendments made by this section, as described in paragraph 
     (1), the Securities and Exchange Commission--
       (A) 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 any 
     study required under section 5205(b), while still providing 
     searchable information to investors; and
       (B) shall seek to minimize disruptive changes to the 
     persons affected by those rules.

[[Page S5261]]

  


     SEC. 5202. 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 data assets 
     published by the Commission under the securities laws and the 
     Dodd-Frank Wall Street Reform and Consumer Protection Act 
     (Public Law 111-203; 124 Stat. 1376) shall be--
       ``(1) made available as an open Government data asset (as 
     defined in section 3502 of title 44, United States Code);
       ``(2) freely available for download in bulk;
       ``(3) rendered in a human-readable format; and
       ``(4) accessible via application programming interface 
     where appropriate.''.

     SEC. 5203. 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)(A) If the Board establishes information systems under 
     paragraph (3), the Board shall adopt data standards for 
     information submitted through those systems.
       ``(B) Any data standards adopted under subparagraph (A) 
     shall incorporate, and ensure compatibility with (to the 
     extent feasible), all applicable data standards established 
     in the rules promulgated under section 124 of the Financial 
     Stability Act of 2010, including, to the extent practicable, 
     by having the characteristics described in clauses (i) 
     through (vi) of subsection (c)(1)(B) of such section 124.''.
       (b) Rulemaking.--
       (1) In general.--Not later than 2 years after the date on 
     which final rules are promulgated under section 124(b) of the 
     Financial Stability Act of 2010, as added by section 5101(a) 
     of this division, the Municipal Securities Rulemaking Board 
     shall issue rules to adopt the standards required under 
     paragraph (8) of section 15B(b) of the Securities Exchange 
     Act of 1934 (15 U.S.C. 78o-4(b)), as added by subsection (a), 
     if the Board has established information systems under 
     paragraph (3) of such section 15B(b).
       (2) Scaling of regulatory requirements; minimizing 
     disruption.--In issuing the rules described in paragraph (1), 
     the Municipal Securities Rulemaking Board--
       (A) may scale data reporting requirements in order to 
     reduce any unjustified burden on smaller regulated entities; 
     and
       (B) shall seek to minimize disruptive changes to the 
     persons affected by those regulations.

     SEC. 5204. 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) Consistency.--The data standards required under 
     paragraph (1) shall incorporate, and ensure compatibility 
     with (to the extent feasible), all applicable data standards 
     established in the rules promulgated under section 124 of the 
     Financial Stability Act of 2010, including, to the extent 
     practicable, by having the characteristics described in 
     clauses (i) through (vi) of subsection (c)(1)(B) of such 
     section 124.''.
       (b) Rulemaking.--
       (1) In general.--Not later than 2 years after the date on 
     which final rules are promulgated under section 124(b) of the 
     Financial Stability Act of 2010, as added by section 5101(a) 
     of this division, each national securities association 
     registered pursuant to section 15A(a) of the Securities 
     Exchange Act of 1934 (15 U.S.C. 78o-3(a)) shall issue rules 
     to adopt the standards required under subsection (n) of 
     section 15A of the Securities Exchange Act of 1934 (15 U.S.C. 
     78o-3), as added by subsection (a) of this section.
       (2) Scaling of regulatory requirements; minimizing 
     disruption.--In issuing the rules required under paragraph 
     (1), a national securities association described in that 
     paragraph--
       (A) may scale data reporting requirements in order to 
     reduce any unjustified burden on smaller regulated entities; 
     and
       (B) shall seek to minimize disruptive changes to the 
     persons affected by those standards.

     SEC. 5205. 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.--
       (A) In general.--Not later than 180 days after the date of 
     enactment of this Act, the Securities and Exchange Commission 
     shall establish a program to improve the quality of corporate 
     financial data filed or furnished by issuers under the 
     Securities Act of 1933 (15 U.S.C. 77a et seq.), the 
     Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.), and 
     the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.).
       (B) Contents.--The program established under subparagraph 
     (A) shall include the following:
       (i) The designation of an official in the Office of the 
     Chairman of the Securities and Exchange Commission 
     responsible for the improvement of the quality of data filed 
     with or furnished to the Commission by issuers.
       (ii) The issuance by the Division of Corporation Finance of 
     the Securities and Exchange Commission of comment letters 
     requiring correction of errors in data filings and 
     submissions, where necessary.
       (2) Goals.--In establishing the program required under this 
     subsection, the Securities and Exchange 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 180 days after the date of 
     enactment of this Act, and once every 180 days thereafter, 
     the Securities and Exchange Commission shall submit to the 
     Committee on Banking, Housing, and Urban Affairs of the 
     Senate and the Committee on Financial Services of the House 
     of Representatives a report regarding 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 (15 
     U.S.C. 77g), section 13 of the Securities Exchange Act of 
     1934 (15 U.S.C. 78m), and section 14 of the Securities 
     Exchange Act of 1934 (15 U.S.C. 78n) 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 Securities and Exchange Commission, and issuers;
       (C) a summary of enforcement actions that result from the 
     use or analysis of machine-readable data collected under the 
     provisions of law described in subparagraph (A); and
       (D) an analysis of how the Securities and Exchange 
     Commission uses the machine-readable data collected by the 
     Commission.
       (c) Sunset.--Beginning on the date that is 7 years after 
     the date of enactment of this Act, this section shall have no 
     force or effect.

     SEC. 5206. 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 any national securities association to collect or 
     make publicly available additional information under the 
     provisions of law amended by this title (or under any 
     provision of law referenced in an amendment made by this 
     title), beyond information that was collected or made 
     publicly available under any such provision, as of the day 
     before the date of enactment of this Act.

           TITLE LIII--FEDERAL DEPOSIT INSURANCE CORPORATION

     SEC. 5301. 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) Definition.--In this section, the term `financial 
     company' has the meaning given the term in section 201(a) of 
     the Dodd-Frank Wall Street Reform and Consumer Protection Act 
     (12 U.S.C. 5381(a)).
       ``(b) Requirement.--The Corporation shall, by rule, adopt 
     data standards for all collections of information with 
     respect to information received by the Corporation 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 (12 U.S.C. 5381 et seq.).
       ``(c) Consistency.--The data standards required under 
     subsection (b) shall incorporate, and ensure compatibility 
     with (to the extent feasible), all applicable data standards 
     established in the rules promulgated under section 124 of the 
     Financial Stability Act of 2010, including, to the extent 
     practicable, by having the characteristics described in 
     clauses (i) through (vi) of subsection (c)(1)(B) of such 
     section 124.''.

     SEC. 5302. 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 5301, is further amended by adding at 
     the end the following:

     ``SEC. 53. OPEN DATA PUBLICATION.

       ``All public data assets published by the Corporation under 
     this Act or under the Dodd-Frank Wall Street Reform and 
     Consumer Protection Act (Public Law 111-203; 124 Stat. 1376) 
     shall be--
       ``(1) made available as an open Government data asset (as 
     defined in section 3502 of title 44, United States Code);
       ``(2) freely available for download in bulk;
       ``(3) rendered in a human-readable format; and
       ``(4) accessible via application programming interface 
     where appropriate.''.

     SEC. 5303. RULEMAKING.

       (a) In General.--The Federal Deposit Insurance Corporation 
     shall issue rules to carry out the amendments made by this 
     title, which shall take effect not later than 2 years after 
     the date on which final rules are promulgated under section 
     124(b) of the Financial Stability Act of 2010, as added by 
     section 5101(a) of this division.

[[Page S5262]]

       (b) Scaling of Regulatory Requirements; Minimizing 
     Disruption.--In issuing the rules required under subsection 
     (a), the Federal Deposit Insurance Corporation--
       (1) may scale data reporting requirements in order to 
     reduce any unjustified burden on smaller regulated entities; 
     and
       (2) shall seek to minimize disruptive changes to the 
     persons affected by those regulations.

     SEC. 5304. 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 Acts amended by this title 
     (or under any provision of law referenced in an amendment 
     made by this title), beyond information that was collected or 
     made publicly available under any such provision, as of the 
     day before the date of enactment of this Act.

          TITLE LIV--OFFICE OF THE COMPTROLLER OF THE CURRENCY

     SEC. 5401. 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 collections of 
     information that are 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 in section 3 
     of the Federal Deposit Insurance Act (12 U.S.C. 1813)).
       ``(2) Consistency.--The data standards required under 
     paragraph (1) shall incorporate, and ensure compatibility 
     with (to the extent feasible), all applicable data standards 
     established in the rules promulgated under section 124 of the 
     Financial Stability Act of 2010, including, to the extent 
     practicable, by having the characteristics described in 
     clauses (i) through (vi) of subsection (c)(1)(B) of such 
     section 124.
       ``(b) Open Data Publication.--All public data assets 
     published by the Comptroller of the Currency under title LXII 
     or the Dodd-Frank Wall Street Reform and Consumer Protection 
     Act (Public Law 111-203; 124 Stat. 1376) shall be--
       ``(1) made available as an open Government data asset (as 
     defined in section 3502 of title 44, United States Code);
       ``(2) freely available for download in bulk;
       ``(3) rendered in a human-readable format; and
       ``(4) accessible via application programming interface 
     where appropriate.''.

     SEC. 5402. RULEMAKING.

       (a) In General.--The Comptroller of the Currency shall 
     issue rules to carry out the amendments made by section 5401, 
     which shall take effect not later than 2 years after the date 
     on which final rules are promulgated under section 124(b) of 
     the Financial Stability Act of 2010, as added by section 
     5101(a) of this division.
       (b) Scaling of Regulatory Requirements; Minimizing 
     Disruption.--In issuing the rules required under subsection 
     (a), the Comptroller of the Currency--
       (1) may scale data reporting requirements in order to 
     reduce any unjustified burden on smaller regulated entities; 
     and
       (2) shall seek to minimize disruptive changes to the 
     persons affected by those regulations.

     SEC. 5403. 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 Revised Statutes of the United States 
     (or under any other provision of law referenced in an 
     amendment made by this title), beyond information that was 
     collected or made publicly available under any such provision 
     of law, as of the day before the date of enactment of this 
     Act.

           TITLE LV--BUREAU OF CONSUMER FINANCIAL PROTECTION

     SEC. 5501. DATA STANDARDS AND OPEN DATA PUBLICATION 
                   REQUIREMENTS FOR THE BUREAU OF CONSUMER 
                   FINANCIAL PROTECTION.

       (a) In General.--Subtitle A of the Consumer Financial 
     Protection Act of 2010 (12 U.S.C. 5491 et seq.) is amended 
     by--
       (1) redesignating section 1018 (12 U.S.C. 5491 note) as 
     section 1020; and
       (2) by inserting after section 1017 (12 U.S.C. 5497) the 
     following:

     ``SEC. 1018. DATA STANDARDS.

       ``(a) Requirement.--The Bureau shall, by rule, adopt data 
     standards for all collections of information that are 
     regularly filed with or submitted to the Bureau.
       ``(b) Consistency.--The data standards required under 
     subsection (a) shall incorporate, and ensure compatibility 
     with (to the extent feasible), all applicable data standards 
     established in the rules promulgated under section 124 of the 
     Financial Stability Act of 2010, including, to the extent 
     practicable, by having the characteristics described in 
     clauses (i) through (vi) of subsection (c)(1)(B) of such 
     section 124.

     ``SEC. 1019. OPEN DATA PUBLICATION.

       ``All public data assets published by the Bureau shall be--
       ``(1) made available as an open Government data asset (as 
     defined in section 3502 of title 44, United States Code);
       ``(2) freely available for download in bulk;
       ``(3) rendered in a human-readable format; and
       ``(4) 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 striking the item 
     relating to section 1018 and inserting the following:

``Sec. 1018. Data standards.
``Sec. 1019. Open data publication.
``Sec. 1020. Effective date.''.

     SEC. 5502. RULEMAKING.

       (a) In General.--The Director of the Bureau of Consumer 
     Financial Protection shall issue rules to carry out the 
     amendments made by section 5501, which shall take effect not 
     later than 2 years after the date on which final rules are 
     promulgated under section 124(b) of the Financial Stability 
     Act of 2010, as added by section 5101(a) of this division.
       (b) Scaling of Regulatory Requirements; Minimizing 
     Disruption.--In issuing the rules required under subsection 
     (a), the Director of the Bureau of Consumer Financial 
     Protection--
       (1) may scale data reporting requirements in order to 
     reduce any unjustified burden on smaller regulated entities; 
     and
       (2) shall seek to minimize disruptive changes to the 
     persons affected by those regulations.

     SEC. 5503. 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 Consumer Financial 
     Protection Act of 2010 (12 U.S.C. 5481 et seq.), beyond 
     information that was collected or made publicly available 
     under that Act, as of the day before the date of enactment of 
     this Act.

                   TITLE LVI--FEDERAL RESERVE SYSTEM

     SEC. 5601. 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 information that, through a collection of 
     information, is regularly filed with or submitted to the 
     Board of Governors under this subsection by any nonbank 
     financial company supervised by the Board of Governors or any 
     subsidiary thereof.
       ``(B) Consistency.--The data standards required under 
     subparagraph (A) shall incorporate, and ensure compatibility 
     with (to the extent feasible), all applicable data standards 
     established in the rules promulgated under section 124, 
     including, to the extent practicable, by having the 
     characteristics described in clauses (i) through (vi) of 
     subsection (c)(1)(B) of section 124.''.
       (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, through a collection of 
     information, 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) Consistency.--The data standards required under 
     paragraph (1) shall incorporate, and ensure compatibility 
     with (to the extent feasible), all applicable data standards 
     established in the rules promulgated under section 124 of the 
     Financial Stability Act of 2010, including, to the extent 
     practicable, by having the characteristics described in 
     clauses (i) through (vi) of subsection (c)(1)(B) of such 
     section 124.''.
       (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, through a collection of 
     information, is regularly filed with or submitted to the 
     Board by any bank holding company in a report under 
     subsection (c).
       ``(2) Consistency.--The data standards required under 
     paragraph (1) shall incorporate, and ensure compatibility 
     with (to the extent feasible), all applicable data standards 
     established in the rules promulgated under section 124 of the 
     Financial Stability Act of 2010, including, to the extent 
     practicable, by having the characteristics described in 
     clauses (i) through (vi) of subsection (c)(1)(B) of such 
     section 124.''.
       (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:

[[Page S5263]]

       ``(h) Data Standards.--
       ``(1) Requirement.--The Board of Governors shall adopt data 
     standards for all information that, through a collection of 
     information, is regularly filed with or submitted to the 
     Board or the Council by any financial market utility or 
     financial institution under subsection (a) or (b).
       ``(2) Consistency.--The data standards required under 
     paragraph (1) shall incorporate, and ensure compatibility 
     with (to the extent feasible), all applicable data standards 
     established in the rules promulgated under section 124 of the 
     Financial Stability Act of 2010, including, to the extent 
     practicable, by having the characteristics described in 
     clauses (i) through (vi) of subsection (c)(1)(B) of such 
     section 124.''.

     SEC. 5602. 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 data assets published by the Board of 
     Governors under this Act, the Bank Holding Company Act of 
     1956 (12 U.S.C. 1841 et seq.), the Financial Stability Act of 
     2010 (12 U.S.C. 5311 et seq.), the Home Owners' Loan Act (12 
     U.S.C. 1461 et seq.), the Payment, Clearing, and Settlement 
     Supervision Act of 2010 (12 U.S.C. 5461 et seq.), or the 
     Enhancing Financial Institution Safety and Soundness Act of 
     2010 (title III of Public Law 111-203) (or any provision of 
     law amended by that Act) shall be--
       ``(1) made available as an open Government data asset (as 
     defined in section 3502 of title 44, United States Code);
       ``(2) freely available for download in bulk;
       ``(3) rendered in a human-readable format; and
       ``(4) accessible via application programming interface 
     where appropriate.''.

     SEC. 5603. RULEMAKING.

       (a) In General.--The Board of Governors of the Federal 
     Reserve System shall issue rules to carry out the amendments 
     made by this title, which shall take effect not later than 2 
     years after the date on which final rules are promulgated 
     under section 124(b) of the Financial Stability Act of 2010, 
     as added by section 5101(a) of this division.
       (b) Scaling of Regulatory Requirements; Minimizing 
     Disruption.--In issuing the rules required under subsection 
     (a), the Board of Governors of the Federal Reserve System--
       (1) may scale data reporting requirements in order to 
     reduce any unjustified burden on smaller regulated entities; 
     and
       (2) shall seek to minimize disruptive changes to the 
     persons affected by those regulations.

     SEC. 5604. 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 any Act amended by 
     this title, any Act referenced in an amendment made by this 
     title, or any Act amended by an Act referenced in an 
     amendment made by this title, beyond information that was 
     collected or made publicly available under any such provision 
     of law, as of the day before the date of enactment of this 
     Act.

            TITLE LVII--NATIONAL CREDIT UNION ADMINISTRATION

     SEC. 5701. 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 collections of information and reports 
     regularly filed with or submitted to the Administration under 
     this Act.
       ``(b) Consistency.--The data standards required under 
     subsection (a) shall incorporate, and ensure compatibility 
     with (to the extent feasible), all applicable data standards 
     established in the rules promulgated under section 124 of the 
     Financial Stability Act of 2010, including, to the extent 
     practicable, by having the characteristics described in 
     clauses (i) through (vi) of subsection (c)(1)(B) of such 
     section 124.''.

     SEC. 5702. 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 5701, is further amended by 
     adding at the end the following:

     ``SEC. 133. OPEN DATA PUBLICATION.

       ``All public data assets published by the Administration 
     under this title shall be--
       ``(1) made available as an open Government data asset (as 
     defined in section 3502 of title 44, United States Code);
       ``(2) freely available for download in bulk;
       ``(3) rendered in a human-readable format; and
       ``(4) accessible via application programming interface 
     where appropriate.''.

     SEC. 5703. RULEMAKING.

       (a) In General.--The National Credit Union Administration 
     Board shall issue rules to carry out the amendments made by 
     this title, which shall take effect not later than 2 years 
     after the date on which final rules are promulgated under 
     section 124(b) of the Financial Stability Act of 2010, as 
     added by section 5101(a) of this division.
       (b) Scaling of Regulatory Requirements; Minimizing 
     Disruption.--In issuing the rules required under subsection 
     (a), the National Credit Union Administration Board--
       (1) may scale data reporting requirements in order to 
     reduce any unjustified burden on smaller regulated entities; 
     and
       (2) shall seek to minimize disruptive changes to the 
     persons affected by those regulations.

     SEC. 5704. 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 Federal Credit 
     Union Act (12 U.S.C. 1751 et seq.), beyond information that 
     was collected or made publicly available under that Act, as 
     of the day before the date of enactment of this Act.

              TITLE LVIII--FEDERAL HOUSING FINANCE AGENCY

     SEC. 5801. 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. 4511 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 collections of information that are 
     regularly filed with or submitted to the Agency.
       ``(b) Consistency.--The data standards required under 
     subsection (a) shall incorporate, and ensure compatibility 
     with (to the extent feasible), all applicable data standards 
     established in the rules promulgated under section 124 of the 
     Financial Stability Act of 2010, including, to the extent 
     practicable, by having the characteristics described in 
     clauses (i) through (vi) of subsection (c)(1)(B) of such 
     section 124.''.

     SEC. 5802. 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. 4511 et 
     seq.), as amended by section 5801, is further amended by 
     adding at the end the following:

     ``SEC. 1319I. OPEN DATA PUBLICATION.

       ``All public data assets published by the Agency shall be--
       ``(1) made available as an open Government data asset (as 
     defined in section 3502 of title 44, United States Code);
       ``(2) freely available for download in bulk;
       ``(3) rendered in a human-readable format; and
       ``(4) accessible via application programming interface 
     where appropriate.''.

     SEC. 5803. RULEMAKING.

       (a) In General.--The Director of the Federal Housing 
     Finance Agency shall issue rules to carry out the amendments 
     made by this title, which shall take effect not later than 2 
     years after the date on which final rules are promulgated 
     under section 124(b) of the Financial Stability Act of 2010, 
     as added by section 5101(a) of this division.
       (b) Minimizing Disruption.--In issuing the regulations 
     required under subsection (a), the Director of the Federal 
     Housing Finance Agency shall seek to minimize disruptive 
     changes to the persons affected by those rules.

     SEC. 5804. 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 Federal Housing Enterprises 
     Financial Safety and Soundness Act of 1992 (12 U.S.C. 4501 et 
     seq.), beyond information that was collected or made publicly 
     available under that Act, as of the day before the date of 
     enactment of this Act.

                        TITLE LIX--MISCELLANEOUS

     SEC. 5901. RULES OF CONSTRUCTION.

       (a) No Effect on Intellectual Property.--Nothing in this 
     division, or the amendments made by this division, 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 
     division, or the amendments made by this division, may be 
     construed to apply to activities conducted, or data standards 
     used, in connection with 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 
     Requirements.--Nothing in this division, or the amendments 
     made by this division, may be construed to prohibit the head 
     of a covered agency, as defined in section 124(a) of the 
     Financial Stability Act of 2010, as added by section 5101(a) 
     of this division, from tailoring those standards when those 
     standards are adopted under this division and the amendments 
     made by this division.

     SEC. 5902. CLASSIFIED AND PROTECTED INFORMATION.

       (a) In General.--Nothing in this division, or the 
     amendments made by this division, 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--
       (A) section 552a of title 5, United States Code (commonly 
     known as the ``Privacy Act of 1974''); or
       (B) section 6103 of the Internal Revenue Code of 1986.

[[Page S5264]]

       (b) Existing Agency Regulations.--Nothing in this division, 
     or the amendments made by this division, 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 Director of 
     the Bureau of Consumer Financial Protection, the Board of 
     Governors of the Federal Reserve System, the National Credit 
     Union Administration Board, the Director of the Federal 
     Housing Finance Agency, or the head of any other primary 
     financial regulatory agency (as defined in section 2 of the 
     Dodd-Frank Wall Street Reform and Consumer Protection Act (12 
     U.S.C. 5301)) designated by the Secretary of the Treasury to 
     amend existing regulations and procedures regarding the 
     sharing and disclosure of nonpublic information, including 
     confidential supervisory information.

     SEC. 5903. DISCRETIONARY SURPLUS FUND.

       (a) In General.--Section 7(a)(3)(A) of the Federal Reserve 
     Act (12 U.S.C. 289(a)(3)(A)) is amended by striking 
     ``$6,825,000,000'' and inserting ``$6,725,000,000''.
       (b) Effective Date.--The amendment made by subsection (a) 
     shall take effect on September 30, 2031.

     SEC. 5904. REPORT.

       Not later than 3 years after the date of enactment of this 
     Act, 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 division, and the amendments made by this division, 
     to arrive at a Federal governmentwide regulatory compliance 
     standardization mechanism similar to Standard Business 
     Reporting.

     SEC. 5905. DETERMINATION OF BUDGETARY EFFECTS.

       The budgetary effects of this division, 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 division, 
     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.
                                 ______