Press Releases

SEC Takes a Leap Towards Modernized Corporate Data

Today the Securities and Exchange Commission’s two sitting commissioners, Michael Piwowar and Kara Stein, unanimously voted to propose rule changes to require public companies to file their financial statements using the Inline XBRL (Extensible Business Reporting Language) open data format.

Senate Unanimously Passes Broad Open Data Mandate, OPEN Government Data Act; Now the 115th Congress Must Take Action

Early this morning the Senate approved by unanimous consent the Open, Public, Electronic and Necessary (OPEN) Government Data Act (S.2852), sending a strong signal to the incoming 115th Congress that the bill can quickly be passed by both chambers upon re-introduction in January.

DATA Act Leadership Optimistic about May 2017 Reporting Deadline Amidst Administrative Transition

Subcommittee Chairman Mark Meadows (NC-11) opened the hearing stating that while agencies are ultimately responsible for their own data reporting, his committee is dedicated to conducting oversight and exploring what needs to be tweaked to assure success. The Chairman recognized the Data Coalition’s efforts to bring these issues to the Subcommittee's attention.

Fintech Leaders: Time to Modernize Financial Reporting

The Data Coalition and seven other financial and technology organizations today sent a letter to the Financial Services Committee of the U.S. House of Representatives requesting that the committee convene a hearing on the need for regulatory agencies to modernize the way they collect information from public companies, banks, markets, and financial firms.

XBRL and LEI Gain Another Advocate Within the SEC

Fleming outlined how the SEC’s outdated “disclosure delivery methods have not kept pace with changes in technology.” Fleming said his agency should replace document-based corporate disclosures with standardized, open data, as the Data Coalition has long advocated.

Clinton to Fully Back DATA Act Implementation

On June 28, 216 presumptive Democratic presidential nominee Hillary Clinton unveiled her campaign’s Technology and Innovation Agenda. The Agenda includes a commitment to open up more government data for public uses. The Data Coalition welcomed Secretary Clinton’s strong support for fully implementing the DATA Act of 2014 and replacing document-based regulatory reporting with structured data.

SEC Announces Voluntary Inline XBRL Filings: XBRL will end duplicative regulatory reporting but only till 2020

Today the U.S. Securities and Exchange Commission (SEC) announced that it is allowing public companies to file their financial statements in the inline XBRL (eXtensible Business Reporting Language) open data format, effective immediately.

Senate Committee Approves OPEN Government Data Act

Today, the Senate Homeland Security and Governmental Affairs Committee unanimously approved S. 2852, the Open, Public, Electronic and Necessary (OPEN) Government Data Act. The sweeping open data proposal will set a presumption that all public federal information should be expressed in searchable formats and freely available for everyone to use.

Treasury Department Publishes Long-­Awaited Data Format for Federal Spending

Last Friday, Treasury released the final schema on its Federal Spending Transparency GitHub portal. Friday's announcement also included specific instructions to agencies on how to create and upload standardized data files that conform to the 57 DATA Act elements and the DATA Act Schema.

Panelists: Open Data Standards Enable Oversight

At this morning’s Data Breakfast, hosted by the Data Coalition and presented by Esri, current and former federal analytics leaders, moderated by former Postal Service Inspector General Dave Williams, explored the use of analytics for oversight. The panelists were unanimous: if agencies invest in consistent data standards for the wealth of information that they collect and generate, anti­fraud analytics can generate outsized returns.

Congress to Executive Branch: Don’t just “go through the motions” on the DATA Act

Today the Data Coalition commended the House Oversight Committee’s subcommittees on Information Technology and Government Operations on an effective oversight hearing on the implementation of the DATA Act of 2014, the nation’s first open data law. Jointly chaired by IT subcommittee chairman Will Hurd (R-TX) and Government Operations subcommittee chairman Mark Meadows (R-NC), the hearing revealed that federal agencies are on track to transform their spending information from disconnected documents into standardized, open data by May 2017, as the DATA Act requires.

Data Coalition Endorses OPEN Government Data Act

The Data Coalition, which represents the growing open data industry, today applauded the introduction of the Open, Public, Electronic, and Necessary (OPEN) Government Data Act by Reps. Derek Kilmer (D-WA) and Blake Farenthold (R-TX). The OPEN Government Data Act directs all federal agencies to publish their information as machine-readable data, using searchable formats. Sens. Brian Schatz (D-HI) and Ben Sasse (R-NE) are expected to introduce the OPEN Government Data Act in the Senate shortly.