On March 24, 2015, at the Coalition’s Financial Regulation Summit, Rep. Darrell Issa announced he would introduce legislation to modernize U.S. financial reporting through data standards. His Financial Transparency Act, now cosponsored by 28 other Members of Congress, will get a close look from the tech and financial industries at a Transparency Caucus panel discussion this week.
Too often, U.S. financial regulatory agencies use PDF documents and plain-text formats to collect information from public companies, banks, financial firms, and funds. If the agencies modernized the reports they collect by transforming them from disconnected documents into open, searchable data, all users of financial information would benefit.
This transformation has been part of the Data Transparency Coalition’s policy agenda for years. Last spring, we celebrated when Rep. Darrell Issa, Rep. Mike Quigley, and several other bipartisan cosponsors introduced the Financial Transparency Act (H.R. 2477). The Financial Transparency Act, now cosponsored by nearly 30 Members of the House of Representatives, will provide a strong mandate for modernization by directing agencies to adopt consistent data standards for the information they are already collecting under securities, commodities, and banking laws.
Reps. Issa and Quigley co-chair the Congressional Transparency Caucus. Last week they announced to their colleagues that the Transparency Caucus’ next public briefing will focus on the Financial Transparency Act.
A panel of experts will explain how standardized data fields and formats can modernize financial regulatory reporting to better serve investors, agencies, and the financial industry. We hope you’ll join the briefing this Wednesday, Dec. 2, at 11 am in room 2226 of the Rayburn House Office Building.
What: Transparency Caucus briefing: “Modernizing Financial Regulation through Structured Data”
Where: Room: 2226 Rayburn House Office Building
When: Wednesday, December 2 2015 from 11am to 12pm
- Congressman Mike Quigley
- Congressman Darrell Issa
- Dr. Allan Mendelowitz, President, ACTUS Financial Research Foundation; Co-Founder and Co-Leader, Committee to Establish the National Institute of Finance; Former Chairman and Member of the Board of Directors, Federal Housing Finance Board
- Daniel Castro; Director, Center for Data Innovation; Vice President, Information Technology and Innovation Foundation
- Matt Rumsey, Senior Policy Analyst, the Sunlight Foundation
RSVP: All are welcome; RSVPs are encouraged. Click here for Google form to RSVP with Rep. Issa’s office.