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McHenry and Maloney Celebrate Inclusion of the Financial Transparency Act in FY 2023 NDAA

Washington, Jul 14 -

Today, Congressman Patrick McHenry (R-NC), the top Republican on the House Financial Services Committee, and Congresswoman Carolyn B. Maloney (D-NY), Senior Member of the House Financial Services Committee applauded the passage of their Financial Transparency Act as an amendment to the FY 2023 National Defense Authorization Act. This legislation would require all of the financial regulators to adopt a set of data collection and dispersion standards, and to adopt electronic forms to replace paper-based forms. All data would be made available in an open-source format that is electronically searchable, downloadable in bulk and without license restrictions, and would ensure that confidential information remains protected.

“Technology is a pillar of our financial system. It just makes sense for financial regulators to use that same technology to make public data more easily accessible,” said Republican Leader McHenry. “Streamlining data sets benefits everyone from financial institutions to startups by increasing transparency and decreasing regulatory burdens. I want to thank Congresswoman Maloney for her continued partnership and work on this important legislation.”

“I am very proud that we were able to include this commonsense and bipartisan reform in the FY 23 NDAA,” said Rep. Maloney. “The Financial Transparency Act will finally bring financial reporting and transparency into the 21st Century – making information more easily accessible to both regulators and the public. This provision is a true win-win because it helps investors, businesses, and the government. I’ve long been an advocate for structured data in financial reporting, and I’m proud to have secured its inclusion in this legislation with Ranking Member McHenry.”  

Full text of the Amendment can be read here.

Background

The Financial Transparency Act would require financial regulators to adopt a set of data collection and dispersion standards for the information they collect under current law, including the adoption of electronic forms to replace paper-based forms.

All data would be made available in an open-source format that is electronically searchable, downloadable in bulk and without license restrictions.

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