Statement on the Senate Introduction of the Financial Data Transparency Act

Financial Regulation

Statement on the Senate Introduction of the Financial Data Transparency Act

Senators Mark Warner (D-VA) and Mike Crapo (R-ID) introduced the bipartisan Financial Data Transparency Act (S.4295), which will improve data quality and standardization in the U.S. financial regulatory system. The proposed legislation directs U.S. financial regulatory agencies to adopt consistent data fields and formats for regulatory information collected by agencies. Nick Hart, President of the Data Foundation, issued the following statement on behalf of the Data Coalition Initiative about the introduction of the bill: 

“The bipartisan Financial Data Transparency Act will modernize our national financial reporting infrastructure to leverage data in a smart, timely, and critical way. These necessary data reforms are a tremendous benefit to everyone whether they are on Wall Street or Main Street, because we all need reliable, quality information at hand to make good decisions. This legislation ensures our financial reporting system has the capability for modernized reporting to benefit investors, businesses, regulators, policymakers, and ultimately the American people with more accurate and timely information for decision-making that impacts our economy. On behalf of the members of the Data Coalition, I applaud the leadership of Senators Warner and Crapo. We look forward to the Senate rapidly approving the legislation.” 

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