[Congressional Record (Bound Edition), Volume 155 (2009), Part 23]
[House]
[Pages 31705-31709]
[From the U.S. Government Publishing Office, www.gpo.gov]




    FEDERAL FINANCIAL ASSISTANCE MANAGEMENT IMPROVEMENT ACT OF 2009

  Mr. LYNCH. Madam Speaker, I move to suspend the rules and pass the 
bill (S. 303) to reauthorize and improve the Federal Financial 
Assistance Management Improvement Act of 1999, as amended.
  The Clerk read the title of the bill.
  The text of the amendment is as follows:

       Amendment:
       Strike out all after the enacting clause and insert:

     SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

       (a) Short Title.--This Act may be cited as the ``Federal 
     Financial Assistance Management Improvement Act of 2009''.
       (b) Table of Contents.--The table of contents for this Act 
     is as follows:

Sec. 1. Short title; table of contents.
Sec. 2. Reauthorization.
Sec. 3. Website relating to Federal grants.
Sec. 4. Report on implementation.
Sec. 5. Strategic plan.
Sec. 6. Data standard requirements.

     SEC. 2. REAUTHORIZATION.

       Section 11 of the Federal Financial Assistance Management 
     Improvement Act of 1999 (31 U.S.C. 6101 note) is amended--
       (1) in the section heading, by striking ``and sunset''; and
       (2) by striking ``and shall cease to be effective 8 years 
     after such date of enactment''.

     SEC. 3. WEBSITE RELATING TO FEDERAL GRANTS.

       Section 6 of the Federal Financial Assistance Management 
     Improvement Act of 1999 (31 U.S.C. 6101 note) is amended--
       (1) by redesignating subsections (e) and (f) as subsections 
     (g) and (h), respectively;
       (2) by inserting after subsection (d) the following new 
     subsections:
       ``(e) Website Relating to Federal Grants.--
       ``(1) In general.--The Director shall establish and 
     maintain a public website that serves as a central point of 
     information and access for applicants for Federal grants.
       ``(2) Contents.--To the maximum extent possible, the 
     website established under this subsection shall include, at a 
     minimum, for each Federal grant--
       ``(A) the grant announcement;
       ``(B) the statement of eligibility relating to the grant;
       ``(C) the application requirements for the grant;
       ``(D) the purposes of the grant;
       ``(E) the Federal agency funding the grant;
       ``(F) the deadlines for applying for and awarding of the 
     grant.
       ``(G) all applications received for the grant, set forth in 
     the single data standard adopted under section 9(b); and
       ``(H) all reports relating to the use of the grant, set 
     forth in the single data standard adopted under section 9(b).

[[Page 31706]]

       ``(3) Use by applicants.--The website established under 
     this subsection shall, to the greatest extent practicable, 
     allow grant applicants to--
       ``(A) use the website with any computer platform;
       ``(B) search the website for all Federal grants by type, 
     purpose, funding agency, program source, and other relevant 
     criteria;
       ``(C) apply for a Federal grant using the website;
       ``(D) manage, track, and report on the use of Federal 
     grants using the website; and
       ``(E) provide all required certifications and assurances 
     for a Federal grant using the website.
       ``(4) Use by the public.--The website established under 
     this subsection shall, to the greatest extent practicable, 
     allow members of the public to--
       ``(A) view the items described in paragraph (2);
       ``(B) navigate easily among and between the items described 
     in paragraph (2) and other supporting materials;
       ``(C) download grant applications and reports, in the 
     single data standard adopted under section 9, individually or 
     as a single data set; and
       ``(D) access individual grant applications and reports at 
     web addresses that are distinct, permanent, unique, and 
     searchable.
       ``(f) Publication of Information.--Nothing in this section 
     shall be construed as requiring the publication of 
     information otherwise exempt under section 552 of title 5, 
     United States Code (popularly referred to as the `Freedom of 
     Information Act').''; and
       (3) in subsection (h), as so redesignated, by striking 
     ``All actions'' and inserting ``Except for actions relating 
     to establishing the website required under subsection (e), 
     all actions''.

     SEC. 4. REPORT ON IMPLEMENTATION.

       The Federal Financial Assistance Management Improvement Act 
     of 1999 (31 U.S.C. 6101 note) is amended by striking section 
     7 and inserting the following:

     ``SEC. 7. EVALUATION OF IMPLEMENTATION.

       ``(a) In General.--Not later than 9 months after the date 
     of the enactment of the Federal Financial Assistance 
     Management Improvement Act of 2009, and every 2 years 
     thereafter until the date that is 15 years after the date of 
     the enactment of the Federal Financial Assistance Management 
     Improvement Act of 2009, the Director shall submit to 
     Congress a report regarding the implementation of this Act.
       ``(b) Contents.--
       ``(1) In general.--Each report under subsection (a) shall 
     include, for the applicable period--
       ``(A) a list of all grants for which an applicant may 
     submit an application using the website established under 
     section 6(e);
       ``(B) a list of all Federal agencies that provide Federal 
     financial assistance to non-Federal entities;
       ``(C) a list of each Federal agency that has complied, in 
     whole or in part, with the requirements of this Act;
       ``(D) for each Federal agency listed under subparagraph 
     (C), a description of the extent of the compliance with this 
     Act by the Federal agency;
       ``(E) a list of all Federal agencies exempted under section 
     6(d);
       ``(F) for each Federal agency listed under subparagraph 
     (E)--
       ``(i) an explanation of why the Federal agency was 
     exempted; and
       ``(ii) a certification that the basis for the exemption of 
     the Federal agency is still applicable;
       ``(G) a list of all common application forms that have been 
     developed that allow non-Federal entities to apply, in whole 
     or in part, for multiple Federal financial assistance 
     programs (including Federal financial assistance programs 
     administered by different Federal agencies) through a single 
     common application;
       ``(H) a list of all common forms and requirements that have 
     been developed that allow non-Federal entities to report, in 
     whole or in part, on the use of funding from multiple Federal 
     financial assistance programs (including Federal financial 
     assistance programs administered by different Federal 
     agencies);
       ``(I) a description of the efforts made by the Director and 
     Federal agencies to communicate and collaborate with 
     representatives of non-Federal entities during the 
     implementation of the requirements under this Act;
       ``(J) a description of the efforts made by the Director to 
     work with Federal agencies to meet the goals of this Act, 
     including a description of working groups or other structures 
     used to coordinate Federal efforts to meet the goals of this 
     Act; and
       ``(K) identification and description of all systems being 
     used to disburse Federal financial assistance to non-Federal 
     entities.
       ``(2) Subsequent reports.--The second report submitted 
     under subsection (a), and each subsequent report submitted 
     under subsection (a), shall include--
       ``(A) a discussion of the progress made by the Federal 
     Government in meeting the goals of this Act, including the 
     amendments made by the Federal Financial Assistance 
     Management Improvement Act of 2009, and in implementing the 
     strategic plan submitted under section 8, including an 
     evaluation of the progress of each Federal agency that has 
     not received an exemption under section 6(d) towards 
     implementing the strategic plan; and
       ``(B) a compilation of the reports submitted under section 
     8(c)(3) during the applicable period.
       ``(c) Definition of Applicable Period.--In this section, 
     the term `applicable period' means--
       ``(1) for the first report submitted under subsection (a), 
     the most recent full fiscal year before the date of the 
     report; and
       ``(2) for the second report submitted under subsection (a), 
     and each subsequent report submitted under subsection (a), 
     the period beginning on the date on which the most recent 
     report under subsection (a) was submitted and ending on the 
     date of the report.''.

     SEC. 5. STRATEGIC PLAN.

       (a) In General.--The Federal Financial Assistance 
     Management Improvement Act of 1999 (31 U.S.C. 6101 note) is 
     further amended--
       (1) by redesignating sections 8, 9, 10, and 11 as sections 
     9, 10, 11, and 12, respectively; and
       (2) by inserting after section 7, as amended by this Act, 
     the following new section:

     ``SEC. 8. STRATEGIC PLAN.

       ``(a) In General.--Not later than 18 months after the date 
     of the enactment of the Federal Financial Assistance 
     Management Improvement Act of 2009, the Director shall submit 
     to Congress a strategic plan that--
       ``(1) identifies Federal financial assistance programs that 
     are suitable for common applications based on the common or 
     similar purposes of the Federal financial assistance;
       ``(2) identifies Federal financial assistance programs that 
     are suitable for common reporting forms or requirements based 
     on the common or similar purposes of the Federal financial 
     assistance;
       ``(3) identifies common aspects of multiple Federal 
     financial assistance programs that are suitable for common 
     application or reporting forms or requirements;
       ``(4) identifies changes in law, if any, needed to achieve 
     the goals of this Act; and
       ``(5) provides plans, timelines, and cost estimates for--
       ``(A) developing an entirely electronic, web-based process 
     for managing Federal financial assistance, including the 
     ability to--
       ``(i) apply for Federal financial assistance;
       ``(ii) track the status of applications for and payments of 
     Federal financial assistance;
       ``(iii) report on the use of Federal financial assistance, 
     including how such use has been in furtherance of the 
     objectives or purposes of the Federal financial assistance; 
     and
       ``(iv) provide required certifications and assurances;
       ``(B) ensuring full compliance by Federal agencies with the 
     requirements of this Act, including the amendments made by 
     the Federal Financial Assistance Management Improvement Act 
     of 2009;
       ``(C) creating common applications for the Federal 
     financial assistance programs identified under paragraph (1), 
     regardless of whether the Federal financial assistance 
     programs are administered by different Federal agencies;
       ``(D) establishing common financial and performance 
     reporting forms and requirements for the Federal financial 
     assistance programs identified under paragraph (2), 
     regardless of whether the Federal financial assistance 
     programs are administered by different Federal agencies;
       ``(E) establishing common applications and financial and 
     performance reporting forms and requirements for aspects of 
     the Federal financial assistance programs identified under 
     paragraph (3), regardless of whether the Federal financial 
     assistance programs are administered by different Federal 
     agencies;
       ``(F) developing mechanisms to ensure compatibility between 
     Federal financial assistance administration systems and State 
     systems to facilitate the importing and exporting of data;
       ``(G) developing common certifications and assurances, as 
     appropriate, for all Federal financial assistance programs 
     that have common or similar purposes, regardless of whether 
     the Federal financial assistance programs are administered by 
     different Federal agencies;
       ``(H) minimizing the number of different systems used to 
     disburse Federal financial assistance; and
       ``(I) applying the single data standard adopted under 
     section 9 to Federal grants and grant applications.
       ``(b) Consultation.--In developing and implementing the 
     strategic plan under subsection (a), the Director shall 
     consult with representatives of non-Federal entities and 
     Federal agencies that have not received an exemption under 
     section 6(d).
       ``(c) Federal Agencies.--
       ``(1) In general.--Not later than 6 months after the date 
     on which the Director submits the strategic plan under 
     subsection (a), the head of each Federal agency that has not 
     received an exemption under section 6(d) shall develop a plan 
     that describes how the Federal agency will carry out the 
     responsibilities of the Federal agency under the strategic 
     plan, which shall include--

[[Page 31707]]

       ``(A) clear performance objectives and timelines for action 
     by the Federal agency in furtherance of the strategic plan; 
     and
       ``(B) the identification of measures to improve 
     communication and collaboration with representatives of non-
     Federal entities on an on-going basis during the 
     implementation of this Act.
       ``(2) Consultation.--The head of each Federal agency that 
     has not received an exemption under section 6(d) shall 
     consult with representatives of non-Federal entities during 
     the development and implementation of the plan of the Federal 
     agency developed under paragraph (1).
       ``(3) Reporting.--Not later than 2 years after the date on 
     which the head of a Federal agency that has not received an 
     exemption under section 6(d) develops the plan under 
     paragraph (1), and every 2 years thereafter until the date 
     that is 15 years after the date of the enactment of the 
     Federal Financial Assistance Management Improvement Act of 
     2009, the head of the Federal agency shall submit to the 
     Director a report regarding the progress of the Federal 
     agency in achieving the objectives of the plan of the Federal 
     agency developed under paragraph (1).''.
       (b) Technical and Conforming Amendment.--Section 5(d) of 
     the Federal Financial Assistance Management Improvement Act 
     of 1999 (31 U.S.C. 6101 note) is amended by inserting ``, 
     until the date on which the Federal agency submits the first 
     report by the Federal agency required under section 8(c)(3)'' 
     after ``subsection (a)(7)''.

     SEC. 6. DATA STANDARD REQUIREMENTS.

       (a) Data Standard Requirements.--The Federal Financial 
     Assistance Management Improvement Act of 1999 (31 U.S.C. 6101 
     note) is further amended--
       (1) by redesignating sections 9, 10, 11, and 12 as sections 
     10, 11, 12, and 13, respectively; and
       (2) by inserting after section 8, as added by this Act, the 
     following new section:

     ``SEC. 9. DATA STANDARD REQUIREMENTS.

       ``(a) Data Standard Requirements.--
       ``(1) Requirement.--The Director of the Office of 
     Management and Budget shall adopt a single data standard for 
     the collection, analysis, and dissemination of business and 
     financial information for use by private sector entities in 
     accordance with subsection (b) for information required to be 
     reported to the Federal Government, and a single data 
     standard for use by agencies within the Federal Government in 
     accordance with subsection (c) for Federal financial 
     information.
       ``(2) Characteristics of data standards.--The single data 
     standards required by paragraph (1) shall--
       ``(A) be common across all agencies, to the maximum extent 
     practicable;
       ``(B) be a widely accepted, non-proprietary, searchable, 
     computer-readable format for business and financial data;
       ``(C) be consistent with and implement--
       ``(i) United States generally accepted accounting 
     principles or Federal financial accounting standards (as 
     appropriate);
       ``(ii) industry best practices; and
       ``(iii) Federal regulatory requirements;
       ``(D) improve the transparency, consistency, and usability 
     of business and financial information; and
       ``(E) be capable of being continually upgraded to be of 
     maximum use as technologies and content evolve over time.
       ``(b) Implementation of Single Data Standard for Private 
     Sector.--
       ``(1) OMB guidance.--Not later than 180 days after the date 
     of the enactment of the Federal Financial Assistance 
     Management Improvement Act of 2009, the Director of the 
     Office of Management and Budget shall issue guidance to 
     agencies on the use and implementation of the single data 
     standard required by subsection (a) for information required 
     to be reported to agencies by the private sector.
       ``(2) Agency requirements.--
       ``(A) Requirement.--To the maximum extent practicable and 
     consistent with the guidance provided by the Office of 
     Management and Budget under paragraph (1), the head of each 
     agency shall require the use of the single data standard 
     required by subsection (a) for business and financial 
     information reported to the agency by private sector 
     companies.
       ``(B) Implementation.--The head of the agency shall begin 
     implementing the requirement of subparagraph (A) within one 
     year after the date of the enactment of the Federal Financial 
     Assistance Management Improvement Act of 2009.
       ``(c) Implementation of Single Data Standard for Federal 
     Government.--
       ``(1) OMB development.--Not later than 1 year after the 
     date of the enactment of the Federal Financial Assistance 
     Management Improvement Act of 2009, the Director of the 
     Office of Management and Budget shall develop the single data 
     standard required by subsection (a) for use by agencies 
     within the Federal Government for Federal financial 
     information.
       ``(2) OMB guidance.--Not later than 18 months after the 
     date of the enactment of the Federal Financial Assistance 
     Management Improvement Act of 2009, the Director shall issue 
     guidance to agencies on the use and implementation of the 
     single data standard developed under paragraph (1).
       ``(d) Public Access to Data.--The head of each agency shall 
     ensure that information collected using the single data 
     standards required under this section is accessible to the 
     general public in that format to the extent permitted by law.
       ``(e) Report.--Within one year after the date of the 
     enactment of the Federal Financial Assistance Management 
     Improvement Act of 2009, the Director of the Office of 
     Management and Budget shall submit to the Committee on 
     Oversight and Government Reform of the House of 
     Representatives and the Committee on Homeland Security and 
     Governmental Affairs of the Senate a report on the status of 
     the implementation of this section.
       ``(f) Definitions.--In this section:
       ``(1) Agency.--The term `agency' means any executive 
     department, military department, Government corporation, 
     Government controlled corporation, independent establishment, 
     or other establishment in the executive branch of the 
     Government (including the Executive Office of the President), 
     or any independent regulatory agency, but does not include--
       ``(A) the Government Accountability Office;
       ``(B) the Federal Election Commission;
       ``(C) the governments of the District of Columbia and of 
     the territories and possessions of the United States, and 
     their various subdivisions; or
       ``(D) Government-owned contractor-operated facilities, 
     including laboratories engaged in national defense research 
     and production activities.
       ``(2) Executive department, military department, government 
     corporation, government controlled corporation, independent 
     establishment.--The terms `Executive department', `military 
     department', `Government corporation', `Government controlled 
     corporation', and `independent establishment' have the 
     meanings given those terms by chapter 1 of title 5, United 
     States Code.
       ``(3) Independent regulatory agency.--The term `independent 
     regulatory agency' has the meaning given that term by section 
     3502(5) of title 44, United States Code.''.
       (b) Requirement for Use of Single Data Standard by Federal 
     Agencies.--Section 5 of the Federal Financial Assistance 
     Management Improvement Act of 1999 (31 U.S.C. 6101 note) is 
     amended by adding at the end the following new subsection:
       ``(e) Single Data Standard Requirement.--To the maximum 
     extent practicable and consistent with the guidance provided 
     by the Director under section 9, each Federal agency shall 
     require the use of the single data standard adopted under 
     section 9(b) for--
       ``(1) all applications for Federal financial assistance; 
     and
       ``(2) all reports on the use of Federal financial 
     assistance that the agency requires non-Federal entities to 
     submit.''.

  The SPEAKER pro tempore. Pursuant to the rule, the gentleman from 
Massachusetts (Mr. Lynch) and the gentlewoman from Illinois (Mrs. 
Biggert) each will control 20 minutes.
  The Chair recognizes the gentleman from Massachusetts.


                             General Leave

  Mr. LYNCH. Madam Speaker, I ask unanimous consent that all Members 
may have 5 legislative days within which to revise and extend their 
remarks and to add any extraneous materials.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from Massachusetts?
  There was no objection.
  Mr. LYNCH. Madam Speaker, I yield myself such time as I may consume.
  Madam Speaker, on behalf of the Committee on Oversight and Government 
Reform and Chairman Ed Towns, I am proud to present S. 303, the Federal 
Financial Assistance Management Improvement Act of 2009, for 
consideration.

                              {time}  1645

  Senate 303 was introduced by Senator George Voinovich of Ohio on 
January 22, 2009, and passed by the United States Senate on March 17, 
2009, by unanimous consent. The legislation was subsequently referred 
to the House Oversight Committee on March 18, 2009, and approved with a 
manager's amendment on December 10, 2009, by voice vote.
  Madam Speaker, the legislation will reauthorize and enhance the 
Federal Financial Assistance Management Improvement Act of 1999. 
Specifically, Senate 303 reauthorizes and makes significant 
enhancements to the Web site, www.grants.gov, which serves as a central 
location for grant applicants to search and apply for Federal grants, 
as well as to submit the necessary financial reports. The Web site is a 
one-stop-shop for grant recipients, alleviating

[[Page 31708]]

much of the paperwork burden that has traditionally been associated 
with the grant application process and allowing recipients to focus 
their attention on serving the American public.
  In addition to reauthorizing the grants.gov Web site, Senate 303 
directs the Office of Management and Budget to improve the 
administration of Federal grants and submit corresponding reports to 
Congress on its progress towards this end.
  I'd also like to note that the gentleman from California, 
Representative Darrell Issa, and the ranking member of the Committee on 
Oversight and Government Reform joined Chairman Towns in offering a 
manager's amendment to this legislation during our committee business 
meeting last week.
  The amendment makes a number of important technical changes to the 
bill. Specifically, it incorporates the provisions of H.R. 2392, the 
Government Information Transparency Act, legislation directing the 
Office of Management and Budget to adopt a single data standard for the 
collection, analysis, and dissemination of business and financial 
information. The standard must be common across all Federal agencies 
and make the data widely available to the public.
  This standard will also be applied to the data on Federal grants, 
making it easier to evaluate the use of grant funds. This will make 
Federal financial information much more accessible to the public, 
thereby improving the transparency of this data and allowing the public 
to analyze it more easily. It will also improve the availability and 
interoperability of financial data reported to the government by the 
private sector, addressing concerns that the Committee on Oversight and 
Government Reform raised in their hearings earlier this year.
  Madam Speaker, Senate 303 will help strengthen a great resource for 
Federal grant recipients as well as improve the public's access to 
important financial data.
  I'd like to close my statement by thanking Chairman Ed Towns, the 
gentleman from Brooklyn, New York, and Ranking Member Darrell Issa, the 
gentleman from California, for their work on this measure, and I urge 
my colleagues to join both of those gentlemen in supporting S. 303.
  And I reserve the balance of our time.
  Mrs. BIGGERT. Madam Speaker, I yield myself such time as I may 
consume.
  Madam Speaker, this bill will bring some much-needed transparency to 
the Federal Government. Senate 303 reauthorizes and improves the 
Federal Financial Assistance Management Act of 1999, which sought to 
simplify the application and reporting requirements for Federal grants. 
It requires the OMB and Federal agencies to develop a strategic plan 
for streamlining Federal grant processes, and it codifies grants.gov, 
the Federal Government's one-stop-shop for grant announcements and 
applications submission.
  S. 303's new requirements are driven by a GAO assessment reporting 
that OMB and Federal agencies have made modest progress towards 
standardizing grant announcements and applications. The government has 
developed a standard format for grant announcements, began 
consolidating grant management systems, and set up a Web site, 
grants.gov. However, it, so far, has failed to develop a common system 
for a full-scale application, management, and reporting for financial 
assistance.
  Madam Speaker, I appreciate Chairman Towns' willingness to work with 
us to incorporate language from H.R. 2392, the Government Information 
Transparency Act, which was introduced by Ranking Member Issa. The 
provisions that were incorporated from the ranking member's bill will 
enhance the collection, analysis, and dissemination of business and 
financial information by the Federal Government through the use of a 
single data standard. Currently, the Federal Government mandates 
disclosure of large amounts of information in a multitude of ways. 
Financial reports in a uniform format will be more transparent and more 
easily analyzed and critiqued by the public, the media, and the 
oversight community.
  In addition, S. 303 will require grant applications and reports to be 
made public and prepared according to a single, consistent data 
standard. For the first time, watchdog groups, journalists, and 
ordinary citizens will be able to see for themselves the promises and 
projections that grant applicants make in order to receive taxpayer 
dollars and then hold them directly accountable. A watchdog group 
publicizing waste or abuse of taxpayer money could put up a blog post 
linking directly to applications and reports describing how the money 
has been appropriated and spent.
  A citizen or a news reporter searching for the name of a company 
might discover that the company had received taxpayer money to complete 
a local infrastructure project and be able to hold the company directly 
accountable for the use of public funds. Information about the amount 
of money requested, the amount of money spent, and progress on 
taxpayer-funded projects could be computed automatically and easily. 
Taxpayers could determine how much grant money had been awarded to a 
local business or nonprofit, and automatically compare the performance 
of different grant recipients and recognize disparities in grant 
funding between States or congressional districts.
  Madam Speaker, I want to thank Chairman Towns and his staff for 
working with the Republicans on this important legislation by 
incorporating bipartisan language to increase transparency in the 
Federal Government. I also want to commend Senator Voinovich for his 
hard work on this bill, and I ask my colleagues to support this 
legislation.
  We have no further speakers, and I would yield back the balance of my 
time.
  Mr. ISSA. Madam Speaker, earlier this year, I introduced H.R. 2392, 
the ``Government Information Transparency Act,'' to make federal 
reporting of taxpayer dollars more accessible to the American people. 
In Committee, Chairman Edolphus Towns and I were able to work on a 
bipartisan basis to get key provisions of this legislation into S. 303, 
which is now under consideration by the House.
  The Government Information Transparency Act instructs the Office of 
Management and Budget to designate a single data standard for the 
collection, analysis, and dissemination of business and financial 
information required to be reported to the federal government.
  The federal government mandates disclosure of large amounts of 
information: financial filings by public companies, call reports by 
financial institutions, various disclosures by federal contractors, 
reports by recipients of taxpayer-funded grant money, and the list goes 
on. Too often, these disclosures are in formats that don't permit 
electronic searches and comparisons. Some disclosures, in fact, are 
still made using paper. Moreover, the formats vary from agency to 
agency, and even within agencies. Unwieldy and incompatible data 
formats make reported information much less useful than it could be. 
Even worse, it creates complex and overlapping layers of reporting that 
serve as the breeding ground for wasteful government.
  Information reported to the federal government needs to become both 
fully searchable and fully standardized. Modern information technology 
can bridge these two gaps. An interactive data standard that relies on 
electronic tags to individually identify each element of information 
can render every piece of data separately readable by software. This 
interactivity allows the creation of databases that are far more useful 
than sequential, plain-text financial reports. And if the same standard 
were applied to every federal agency's disclosure programs--securities, 
banking, grants, contracts, and so on--unprecedented searches and 
comparisons would become possible.
  So, the Government Information Transparency Act requires the OMB to 
set up a single interactive data standard for reported information--a 
standardized, universal, and machine-readable format that will be made 
available to the general public. The use of a single data standard will 
still allow agencies to be flexible in how they require information to 
be submitted. Sophisticated companies might be asked to submit large 
data files; small companies and nonprofits could fill in Web-based 
forms that would automatically encode each element on their reports. 
The result: every report would be computer-readable, and the underlying 
data could be more easily extracted, searched, and analyzed.

[[Page 31709]]

  Financial and business information in a uniform format will be more 
transparent, and thus more accessible for public critique. Fraudulent 
transactions and irresponsible risk-taking can be more easily detected, 
search costs are reduced, and companies will be put under greater 
pressure to explain the underpinnings of the financial statements they 
release. Instead of assigning an immense oversight responsibility to a 
handful of federal employees, we can now enable the public to act as 
citizen-regulators. And because information reported to different 
agencies will become compatible, investors, watchdog groups, and 
analysts will have powerful new searches at their disposal.
  The Government Information Transparency Act also requires a single 
data standard for federal financial information, to bring the same 
interactivity and compatibility to the disclosures put out by federal 
agencies. By making this kind of information more accessible to the 
general public, we are unleashing the very best government watchdogs--
the American people themselves--to expose waste, fraud, and abuse of 
their tax dollars.
  For business and financial information, the sunlight of transparency 
has always been the best disinfectant. Our Government Information 
Transparency Act, added to S. 303, will make that sunlight brighter and 
clearer than ever.
  Mr. LYNCH. Madam Speaker, in closing, I would just ask all Members to 
join with Senator Voinovich, Chairman Towns, and Ranking Member Issa in 
support of this resolution, and I yield back the balance of our time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentleman from Massachusetts (Mr. Lynch) that the House suspend the 
rules and pass the bill, S. 303, as amended.
  The question was taken; and (two-thirds being in the affirmative) the 
rules were suspended and the bill, as amended, was passed.
  A motion to reconsider was laid on the table.

                          ____________________