Washington, D.C. — Today, the House Financial Services Committee Ranking Member Patrick McHenry (R-NC) and Subcommittee Chairwoman Carolyn Maloney (D-NY) re-introduced the Financial Transparency Act (H.R. 4476). Nick Hart, CEO of the Data Coalition, issued the following statement on the bill’s re-introduction:
The Data Coalition strongly supports the bipartisan Financial Transparency Act, as re-introduced by Representatives Carolyn Maloney (D-NY) and Patrick McHenry (R-NC). The benefits of applying data standards to financial regulatory information as proposed by this legislation are clear: reduced compliance costs for businesses, better information for investors, and a more efficient regulatory oversight system that can effectively identify and address bad actors. The Financial Transparency Act encourages common-sense reforms that benefit the business community and regulators alike, which is a tremendous benefit to the American people. The Data Coalition endorses this important legislation and strongly encourages Congress to quickly take action to advance the bill.
To read the Data Coalition’s letter of support for the Financial Transparency Act, click here.