The U.S. financial regulatory system relies on reporting processes that are burdensome to comply with and also limit society’s ability to use information. Rep. Carolyn Maloney (D-NY) and Rep. Patrick McHenry (R-NC) co-sponsored legislation to transform reporting about the financial markets in the United States, the Financial Transparency Act (H.R. 4476). The bipartisan bill will enable companies and the American people to have more reliable information for making investment decisions. The Financial Transparency Act directs the major financial regulators in the United States to adopt consistent data standards and practices for the information that is already being collected from the financial services industry, creating a framework to improve the efficiency of regulatory reporting, reducing compliance burdens, and improving the quality of available information.
Join the Data Coalition and the EDM Council for a webinar on April 8, 2020, at 2 p.m. EDT to learn about the rationale for the proposal, the potential benefits, and what the likely implications for this legislation would be if enacted.