McHenry and Maloney Applaud Inclusion of the Financial Transparency Act in FY 2023 NDAA
Washington,
December 8, 2022 -
Today, Congressman Patrick McHenry (R-NC, the top Republican on the House Financial Services Committee, and Congresswoman Carolyn B. Maloney (D-NY), a Senior Member of the House Financial Services Committee, applauded the final House passage of the Financial Transparency Act as an amendment to the FY 2023 National Defense Authorization Act. This legislation would require all 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,” said Rep. McHenry. “It just makes sense for financial regulators to use that same technology to make public data more easily accessible. Streamlining data sets benefits everyone from financial institutions to startups by increasing transparency and decreasing regulatory burdens. Members on both sides of the aisle and Capitol have worked with market participants to ensure the bill's implementation is practicable. I want to thank Congresswoman Maloney for her partnership and work on this important legislation.”
“I am thrilled we were able to include this bipartisan and much needed reform in the final text of the FY 23 NDAA,” said Rep. Maloney. “The Financial Transparency Act will vastly improve the transparency and legal compliance of our financial system. This transformational provision will finally make key information more accessible to regulators, investors, and the public while reducing the burden for company compliance. I have worked many years to make these reforms a reality. I thank Chairwoman Waters for her leadership on this issue. I look forward to seeing this legislation signed into law by President Biden.
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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