Most financial regulatory agencies still use outdated document-based formats, instead of standardized, open data, to collect information from the financial industry. The Financial Transparency Act, introduced last year by Rep. Darrell Issa and bipartisan cosponsors, would direct the eight major financial agencies to adopt searchable open data formats for all the information they collect under the securities, commodities, and banking laws.
Open data would mean better transparency for investors, automated and cheaper reporting for financial companies, and better analytics for the agencies themselves. To learn more, check out our infographic.
To learn even more, join us at next week’s Financial Data Summit – Tuesday, March 29th, at the JW Marriott Washington.