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Last week marked the one-year anniversary of the CEP’s report, “The Promise of Evidence-based Policymaking,” and we took the opportunity to join members of the Commission and other guests at the Bipartisan Policy Center’s event, “Evidence: Time for Act.”
Modernizing financial regulatory reporting is no easy task. Open data standards are the key: by replacing document-based reports with standardized data, regulators can spur modernization.
The U.S. regulatory reporting framework is fragmented resulting in reporting requirements that are often duplicative and overlapping. J.P. Morgan Chase has issued a call to action.
Thanks to a generous invitation from Terrapinn, Data Coalition leadership spent nine days in Sydney and Canberra meeting leaders at the vanguard of Australia’s digital transformation.
The benefits of contextualized, standardized data that can be brought about by the OPEN Government Data Act should also extend to an area that most workers and employers already have to deal with – retirement security.
Last week, the Data Coalition responded to the newly released Federal Data Strategy. Our response provided high-level commentary on the draft principles as well as six proposed use cases that the Administration could potentially work into the prospective Data Incubator Project.
On Wednesday, the House Oversight Subcommittee on Intergovernmental Affairs convened a hearing to assess the government’s management of the federal grants process. Detailed in our latest blog are key exchanges between the Subcommittee and witnesses.
On Thursday, July 12, the House Administration Committee hosted the 6th Annual Legislative Data and Transparency Conference, which brought individuals from government agencies together with data users and transparency advocates to foster a conversation about the use of legislative data, how agencies use technology, and how they can use it better in the future.
If you have been following along with the White House Performance Management Agenda (PMA), you will have noticed the release of the Second Quarter Action plans late last month. At the Data Coalition, we are zeroing in on Cross Agency Priority (CAP) Goal 2: Data as a Strategic Asset and Goal 8: Results-Oriented Accountability for Grants Management.
The Data Coalition’s Board of Directors announce that Hudson Hollister has decided to depart from his role as Executive Director of the Data Coalition effective October 1, 2018, and that a search process has started to replace him.
The transparency of IT spending will improve greatly when TBM is implemented across the federal government. Standardization of IT data will encourage organizations to benchmark their spending compared to other federal organizations and even commercial ones.
House Financial Services Committee Continues Four-Year Campaign to Eliminate Most Open Data on Corporate Finance
For over four years, the Biotechnology Innovation Organization and the leadership of the House Financial Services Committee have been trying to pass a bill that would prevent the U.S. Securities and Exchange Commission from collecting searchable financial data from most public companies. Fortunately, it is probably never going to become law. But why are the biotech industry and the Financial Services Committee leadership so fixated on the Small Company Disclosure Simplification Act?
The DATA Act was a significant piece of legislation that required the federal government to adopt a single data structure for spending information along with a goal of bringing together all spending information whether it be contract, loans or grants into one unified data set that would be easily searchable by the public.
We now have a full year’s worth of standardized spending data under the DATA Act of 2014. This has quietly been the largest federal financial data effort since the implementation of the CFO Act of 1990.
A more efficient, 21st Century approach is to retain all the data in “machine-readable form” rather than converting it into and the back out of a print format. The primary technology that enables the transfer of financial data from statement filers to users is eXtensible Business Reporting Language (XBRL).
The inaugural RegTech Data Summit’s thesis was that regulatory rules, technology, and data must be modernized in a coordinated fashion. If all three areas are modernized in tandem, new RegTech solutions will flourish, reducing reporting duplication, minimizing reporting errors, and enabling automation.
The White House endorsed a data-centric approach to modernizing and restoring trust in government. For data companies and data transparency, the newly-unveiled President’s Management Agenda (PMA) does not disappoint.
The White House has published a plan to transform federal grant reporting from disconnected documents into open, standardized data. We know the road will be long. If the federal grant system were one company, it would be, by far, the world’s largest, with over $600 billion in annual revenue.