The bill directs the Treasury Department's Office of Financial Research to set data standards, including a common identification code for regulated entities, for the whole financial regulatory sector. It also directs the eight other agency members of the Financial Stability Oversight Council, including the Securities and Exchange Commission and Commodity Futures Trading Commission, to adopt data standards for the regulatory information they collect, and to follow the OFR's lead where applicable.
"The Small Company Disclosure Simplification Act is based on justified frustration with the SEC's very real failure to make its existing data reporting requirement work properly for investors, companies, and internal use. But the proper response should be for Congress to direct the agency to improve the quality of the data."
Washington, D.C. – The Data Transparency Coalition, the only industry organization advocating for the transformation of the federal government’s information into open data, unveiled a brand new website this morning on the heels of its third anniversary. The new website, designed by CareTecher, showcases the issues critical to the industry and the leaders that make up the Coalition. […]
On the first full day of business for the new Republican Congress, the House of Representatives barely fell short of passing a regressive piece of legislation that would have set back data transparency efforts in financial regulation. H.R. 37, the “Promoting Job Creation and Reducing Small Business Burdens Act", includes Rep. Robert Hurt's Small Company Disclosure Simplification Act, which would exempt 60 percent of public companies from filing searchable financial data with the Securities and Exchange Commission (SEC).
In a release earlier today, the SEC announced that the thousands of XBRL submissions it receives, as separate files each quarter will, for the first time, be available as a single database. This is good news for investors, markets and companies because easier use of structured financial data means more use of financial data.
The Data Transparency Coalition is the nation’s only open data trade association. Representing 27 leading tech and consulting firms and growing startups, we advocate the publication of government information as standardized, machine-readable data.
Washington, D.C. - The Data Transparency Coalition (DTC) today urged the House of Representatives to postpone the vote on H.R. 5405, the Promoting Job Creation and Reducing Small Business Burdens Act , which is scheduled for this evening. Certain provisions in the bill would be detrimental to the push for more accountability and transparency in financial reporting.
Veterans Affairs Bill Provides Opportunity for Data Transparency at VA, Which Can Pick Up Where Congress Left OffThursday, Aug 7, 2014
he Data Transparency Coalition (DTC) and the Health Data Consortium today applauded Congress for including forward-looking open data provisions in the Veterans' Access to Care through Choice, Accountability, and Transparency Act but urged the Department of Veterans’ Affairs (VA) to standardize all the data that will now be produced.
Leading Federal IT Contractor Joins World’s Only Trade Group Advocating for Open Data Standards within Government Washington, D.C. – The Data Transparency Coalition (DTC) today welcomed Citizant to the outstanding community of public and private sector groups that are advocating for the publication of government information as standardized, machine-readable data. Based in Chantilly, VA, Citizant […]
Proposal Threatens to Deprive Investors and Markets of Searchable Corporate Financial Data WASHINGTON, DC — A group of tech sector firms issued a letter today calling on the House Financial Services Committee to direct the Securities and Exchange Commission (SEC) to fully enforce the quality of the financial disclosure data it collects, rather than eliminate […]
Landmark Open Data Legislation to Overhaul Federal Spending Transparency WASHINGTON, DC — The United States Senate approved an amended version of the Digital Accountability and Transparency Act (S. 994) today by unanimous consent. Advocates expect the landmark open data legislation, known as the DATA Act, to earn swift approval in the U.S. House of Representatives, […]
Senators Mark Warner (D-VA) and Rob Portman (R-OH) will join with Representative Darrell Issa (R-CA) and key executive branch leaders to present a vision for delivering transparency in federal spending data at the first-ever “Data Transparency Summit” on Tuesday, April 29, 2014 at Union Market in Washington, DC. “The Data Transparency Summit will chart a […]