[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.
______