"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."
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.