I 

115TH CONGRESS 

1ST SESSION H. R. 1530 

To amend securities, commodities, and banking laws to make the information 

reported to financial regulatory agencies electronically searchable, to enable RegTech applications, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 15, 2017 

Mr. ISSA (for himself, Mr. WALKER, Mr. ROYCE of California, Mrs. CAROLYN

B. MALONEY of New York, Mr. HULTGREN, Mr. FRANKS of Arizona, Mr. 

PITTENGER, Mr. SANFORD, Mr. BABIN, Ms. BROWNLEY of California, 

Mr. FARENTHOLD, Mr. MOULTON, Mr. QUIGLEY, Mr. POE of Texas, Mr. 

SCHWEIKERT, Mr. POLIS, Mr. DELANEY, Mr. KING of New York, Mr. 

ROSS, Mrs. COMSTOCK, Mr. ABRAHAM, Ms. STEFANIK, Mr. HURD, Mr. 

WALBERG, Mr. BRIDENSTINE, Mr. WILSON of South Carolina, Mr. 

MCHENRY, Mr. BEYER, and Mr. JORDAN) introduced the following bill; 

which was referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions 

as fall within the jurisdiction of the committee concerned 

A BILL 

To amend securities, commodities, and banking laws to make 

the information reported to financial regulatory agencies 

electronically searchable, to enable RegTech applications, 

and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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1 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

2 (a) SHORT TITLE.—This Act may be cited as the 

3 ‘‘Financial Transparency Act of 2017’’. 

4 (b) TABLE OF CONTENTS.—The table of contents for 

5 this Act is as follows: 

Sec. 1. Short title; table of contents. 

TITLE I—DEPARTMENT OF THE TREASURY 

Sec. 101. Data standards. 

Sec. 102. Open data publication by the Department of the Treasury. 

Sec. 103. Rulemaking. 

Sec. 104. Classified and protected information. 

Sec. 105. No new disclosure requirements. 

Sec. 106. Conforming amendments to the Office of Financial Research. 

TITLE II—SECURITIES AND EXCHANGE COMMISSION 

Sec. 201. Data standards requirements for the Securities and Exchange Commission. 

Sec. 202. Open data publication by the Securities and Exchange Commission. 

Sec. 203. Data transparency at the Municipal Securities Rulemaking Board. 

Sec. 204. Data transparency at national securities associations. 

Sec. 205. Shorter-term burden reduction and disclosure simplification at the 

Securities and Exchange Commission; sunset. 

Sec. 206. No new disclosure requirements. 

TITLE III—FEDERAL DEPOSIT INSURANCE CORPORATION 

Sec. 301. Data standards requirements for the Federal Deposit Insurance Corporation. 

Sec. 302. Open data publication by the Federal Deposit Insurance Corporation. 

Sec. 303. Rulemaking. 

Sec. 304. No new disclosure requirements. 

TITLE IV—OFFICE OF THE COMPTROLLER OF THE CURRENCY 

Sec. 401. Data standards and open data publication requirements for the Office 

of the Comptroller of the Currency. 

Sec. 402. Rulemaking. 

Sec. 403. No new disclosure requirements. 

TITLE V—BUREAU OF CONSUMER FINANCIAL PROTECTION 

Sec. 501. Data standards and open data publication requirements for the Bureau of Consumer Financial Protection. 

Sec. 502. Rulemaking. 

Sec. 503. No new disclosure requirements. 

TITLE VI—FEDERAL RESERVE SYSTEM 


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Sec. 601. Data standards requirements for the Board of Governors of the Federal Reserve System. 

Sec. 602. Open data publication by the Board of Governors of the Federal Reserve System. 

Sec. 603. Rulemaking. 

Sec. 604. No new disclosure requirements. 

TITLE VII—COMMODITY FUTURES TRADING COMMISSION 

Sec. 701. Data standards. 

Sec. 702. Open data publication by the Commodity Futures Trading Commission. 

Sec. 703. Rulemaking. 

Sec. 704. No new disclosure requirements. 

TITLE VIII—NATIONAL CREDIT UNION ADMINISTRATION 

Sec. 801. Data standards. 

Sec. 802. Open data publication by the National Credit Union Administration. 

Sec. 803. Rulemaking. 

Sec. 804. No new disclosure requirements. 

TITLE IX—FEDERAL HOUSING FINANCE AGENCY 

Sec. 901. Data standards requirements for the Federal Housing Finance Agency. 

Sec. 902. Open data publication by the Federal Housing Finance Agency. 

Sec. 903. Rulemaking. 

Sec. 904. No new disclosure requirements. 

1 TITLE I—DEPARTMENT OF THE 

2 TREASURY 

3 SEC. 101. DATA STANDARDS. 

4 (a) IN GENERAL.—Subtitle A of title I of the Finan5 cial Stability Act of 2010 (12 U.S.C. 5311 et seq.) is 

6 amended by adding at the end the following: 

7 ‘‘SEC. 124. DATA STANDARDS. 

8 ‘‘(a) IN GENERAL.—The Secretary of the Treasury 

9 shall, by rule, promulgate data standards for the informa10 tion reported to member agencies by financial entities 

11 under the jurisdiction of the member agency and the data 

12 collected from member agencies on behalf of the Council. 


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1 ‘‘(b) STANDARDIZATION.—Member agencies, in con2 sultation with the Secretary of the Treasury, shall imple3 ment regulations promulgated by the Secretary of the 

4 Treasury under subsection (a) to standardize the types 

5 and formats of data reported to member agencies or col6 lected on behalf of the Council, as described under sub7 section (a). If a member agency fails to implement such 

8 regulations prior to the expiration of the 3-year period fol9 lowing the date of publication of final regulations, the Sec10 retary of the Treasury, in consultation with the Chair11 person, may implement such regulations with respect to 

12 the financial entities under the jurisdiction of the member 

13 agency. 

14 ‘‘(c) DATA STANDARDS.— 

15 ‘‘(1) COMMON IDENTIFIERS AND DATA FOR16 MATS.—The data standards promulgated under sub17 section (a) shall include— 

18 ‘‘(A) common identifiers for information 

19 reported to member agencies or collected on be20 half of the Council, including a common legal 

21 entity identifier for all entities required to re22 port to member agencies; and 

23 ‘‘(B) common data formats for information 

24 reported to member agencies or collected on be25 half of the Council. 


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1 ‘‘(2) DATA STANDARD REQUIREMENTS.—The 

2 data standards promulgated under subsection (a) 

3 shall, to the extent practicable— 

4 ‘‘(A) render information fully searchable 

5 and machine-readable; 

6 ‘‘(B) be nonproprietary; 

7 ‘‘(C) incorporate standards developed and 

8 maintained by voluntary consensus standards 

9 bodies; and 

10 ‘‘(D) be consistent with and implement ap11 plicable accounting and reporting principles. 

12 ‘‘(3) CONSULTATION.—In promulgating data 

13 standards under subsection (a), the Secretary of the 

14 Treasury shall consult with other Federal depart15 ments and agencies and multi-agency initiatives re16 sponsible for Federal data standards. 

17 ‘‘(4) INTEROPERABILITY OF DATA.—In promul18 gating data standards under subsection (a), the Sec19 retary of the Treasury shall seek to promote inter20 operability of financial regulatory data across mem21 bers of the Council.’’. 

22 (b) CLERICAL AMENDMENT.—The table of contents 

23 under section 1(b) of the Dodd-Frank Wall Street Reform 

24 and Consumer Protection Act is amended by inserting 

25 after the item relating to section 123 the following: 

‘‘Sec. 124. Data standards.’’. 


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1 SEC. 102. OPEN DATA PUBLICATION BY THE DEPARTMENT 

2 OF THE TREASURY. 

3 Section 124 of the Financial Stability Act of 2010, 

4 as added by section 101, is amended by adding at the end 

5 the following: 

6 ‘‘(d) OPEN DATA PUBLICATION.—All public informa7 tion published by the Secretary of the Treasury under this 

8 subtitle shall be published as open data, freely available 

9 for download in bulk, accessible via application program10 ming interface where appropriate, and offered without any 

11 registration requirement or reuse restriction.’’. 

12 SEC. 103. RULEMAKING. 

13 Not later than the end of the 2-year period beginning 

14 on the date of the enactment of this Act, the Secretary 

15 of the Treasury shall issue the regulations required under 

16 the amendments made by this title. The Secretary may 

17 delegate the functions required under the amendments 

18 made by this title to an appropriate office within the De19 partment of the Treasury. 

20 SEC. 104. CLASSIFIED AND PROTECTED INFORMATION. 

21 Nothing in this title or the amendments made by this 

22 title shall require the disclosure to the public of— 

23 (1) information that would be exempt from dis24 closure under section 552 of title 5, United States 

25 Code (commonly known as the ‘‘Freedom of Infor26 mation Act’’); or 


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1 (2) information protected under section 552a of 

2 title 5, United States Code (commonly known as the 

3 ‘‘Privacy Act of 1974’’), or section 6103 of the In4 ternal Revenue Code of 1986. 

5 SEC. 105. NO NEW DISCLOSURE REQUIREMENTS. 

6 Nothing in this title or the amendments made by this 

7 title shall be construed to require the Secretary of the 

8 Treasury to collect additional information under the stat9 utes amended by this title, beyond information that was 

10 collected under such statutes before the date of the enact11 ment of this Act. 

12 SEC. 106. CONFORMING AMENDMENTS TO THE OFFICE OF 

13 FINANCIAL RESEARCH. 

14 Section 153 of the Financial Stability Act of 2010 

15 (12 U.S.C. 5343) is amended— 

16 (1) in subsection (a)— 

17 (A) by striking paragraph (2); and 

18 (B) by redesignating paragraphs (3) 

19 through (7) as paragraphs (2) through (6), re20 spectively; and 

21 (2) by amending subsection (c) to read as fol22 lows: 

23 ‘‘(c) RULEMAKING AUTHORITY.—The Office, in con24 sultation with the Chairperson, shall issue rules, regula25 tions, and orders only to the extent necessary to carry out 


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1 the purposes and duties described in paragraphs (1) and 

2 (6) of subsection (a).’’. 

3 TITLE II—SECURITIES AND 

4 EXCHANGE COMMISSION 

5 SEC. 201. DATA STANDARDS REQUIREMENTS FOR THE SE6 CURITIES AND EXCHANGE COMMISSION. 

7 (a) DATA STANDARDS FOR INVESTMENT ADVISERS’ 

8 REPORTS UNDER THE INVESTMENT ADVISERS ACT OF

9 1940.—Section 204 of the Investment Advisers Act of 

10 1940 (15 U.S.C. 80b–4) is amended— 

11 (1) by redesignating the second subsection (d) 

12 (relating to Records of Persons With Custody of 

13 Use) as subsection (e); and 

14 (2) by adding at the end the following: 

15 ‘‘(f) DATA STANDARDS FOR REPORTS FILED UNDER

16 THIS SECTION.— 

17 ‘‘(1) REQUIREMENT.—The Commission shall, 

18 by rule, adopt data standards for all reports filed by 

19 investment advisers with the Commission under this 

20 section. 

21 ‘‘(2) CHARACTERISTICS.—The data standards 

22 required by paragraph (1) shall, to the extent prac23 ticable— 

24 ‘‘(A) render information fully searchable 

25 and machine-readable; 


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1 ‘‘(B) be nonproprietary; 

2 ‘‘(C) incorporate standards developed and 

3 maintained by voluntary consensus standards 

4 bodies; and 

5 ‘‘(D) be consistent with and implement ap6 plicable accounting and reporting principles. 

7 ‘‘(3) INCORPORATION OF STANDARDS.—In 

8 adopting data standards by rule under this sub9 section, the Commission shall incorporate all applica10 ble data standards promulgated by the Secretary of 

11 the Treasury.’’. 

12 (b) DATA STANDARDS FOR REGISTRATION STATE13 MENTS AND REPORTS UNDER THE INVESTMENT COM14 PANY ACT OF 1940.—The Investment Company Act of 

15 1940 (15 U.S.C. 80a–1 et seq.) is amended— 

16 (1) in section 8, by adding at the end the fol17 lowing: 

18 ‘‘(g) DATA STANDARDS FOR REGISTRATION STATE19 MENTS.— 

20 ‘‘(1) REQUIREMENT.—The Commission shall, 

21 by rule, adopt data standards for all registration 

22 statements required to be filed with the Commission 

23 under this section, except that the Commission may 

24 exempt exhibits, signatures, and certifications from 

25 such data standards. 


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1 ‘‘(2) CHARACTERISTICS.—The data standards 

2 required by paragraph (1) shall, to the extent prac3 ticable— 

4 ‘‘(A) render information fully searchable 

5 and machine-readable; 

6 ‘‘(B) be nonproprietary; 

7 ‘‘(C) incorporate standards developed and 

8 maintained by voluntary consensus standards 

9 bodies; and 

10 ‘‘(D) be consistent with and implement ap11 plicable accounting and reporting principles. 

12 ‘‘(3) INCORPORATION OF STANDARDS.—In 

13 adopting data standards by rule under this sub14 section, the Commission shall incorporate all applica15 ble data standards promulgated by the Secretary of 

16 the Treasury.’’; and 

17 (2) in section 30, by adding at the end the fol18 lowing: 

19 ‘‘(k) DATA STANDARDS FOR REPORTS.— 

20 ‘‘(1) REQUIREMENT.—The Commission shall, 

21 by rule, adopt data standards for all reports re22 quired to be filed with the Commission under this 

23 section, except that the Commission may exempt ex24 hibits, signatures, and certifications from such data 

25 standards. 


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1 ‘‘(2) CHARACTERISTICS.—The data standards 

2 required by paragraph (1) shall, to the extent prac3 ticable— 

4 ‘‘(A) render information fully searchable 

5 and machine-readable; 

6 ‘‘(B) be nonproprietary; 

7 ‘‘(C) incorporate standards developed and 

8 maintained by voluntary consensus standards 

9 bodies; and 

10 ‘‘(D) be consistent with and implement ap11 plicable accounting and reporting principles. 

12 ‘‘(3) INCORPORATION OF STANDARDS.—In 

13 adopting data standards by rule under this sub14 section, the Commission shall incorporate all applica15 ble data standards promulgated by the Secretary of 

16 the Treasury.’’. 

17 (c) DATA STANDARDS FOR INFORMATION REQUIRED

18 TO BE SUBMITTED OR PUBLISHED BY NATIONALLY REC19 OGNIZED STATISTICAL RATING ORGANIZATIONS.—Section 

20 15E of the Securities Exchange Act of 1934 (15 U.S.C. 

21 78o–7) is amended by adding at the end the following: 

22 ‘‘(w) DATA STANDARDS FOR INFORMATION RE23 QUIRED TO BE SUBMITTED OR PUBLISHED UNDER THIS

24 SECTION.— 


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1 ‘‘(1) REQUIREMENT.—The Commission shall, 

2 by rule, adopt data standards for all information re3 quired to be submitted or published by a nationally 

4 recognized statistical rating organization under this 

5 section. 

6 ‘‘(2) CHARACTERISTICS.—The data standards 

7 required by paragraph (1) shall, to the extent prac8 ticable— 

9 ‘‘(A) render information fully searchable 

10 and machine-readable; 

11 ‘‘(B) be nonproprietary; 

12 ‘‘(C) incorporate standards developed and 

13 maintained by voluntary consensus standards 

14 bodies; and 

15 ‘‘(D) be consistent with and implement ap16 plicable accounting and reporting principles. 

17 ‘‘(3) INCORPORATION OF STANDARDS.—In 

18 adopting data standards by rule under this sub19 section, the Commission shall incorporate all applica20 ble data standards promulgated by the Secretary of 

21 the Treasury.’’. 

22 (d) DATA STANDARDS FOR ASSET-BACKED SECURI23 TIES DISCLOSURES.—Section 7(c) of the Securities Act of 

24 1933 (15 U.S.C. 77g(c)) is amended by adding at the end 

25 the following: 


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1 ‘‘(3) DATA STANDARDS FOR ASSET-BACKED SE2 CURITIES DISCLOSURES.— 

3 ‘‘(A) REQUIREMENT.—The Commission 

4 shall, by rule, adopt data standards for all dis5 closures required under this subsection. 

6 ‘‘(B) CHARACTERISTICS.—The data stand7 ards required by subparagraph (A) shall, to the 

8 extent practicable— 

9 ‘‘(i) render information fully search10 able and machine-readable; 

11 ‘‘(ii) be nonproprietary; 

12 ‘‘(iii) incorporate standards developed 

13 and maintained by voluntary consensus 

14 standards bodies; and 

15 ‘‘(iv) be consistent with and imple16 ment applicable accounting and reporting 

17 principles. 

18 ‘‘(C) INCORPORATION OF STANDARDS.—In 

19 adopting data standards by rule under this 

20 paragraph, the Commission shall incorporate all 

21 applicable data standards promulgated by the 

22 Secretary of the Treasury.’’. 

23 (e) DATA STANDARDS FOR CORPORATE DISCLO24 SURES UNDER THE SECURITIES ACT OF 1933.—Section 


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1 7 of the Securities Act of 1933 (15 U.S.C. 77g) is amend2 ed by adding at the end the following: 

3 ‘‘(e) DATA STANDARDS.— 

4 ‘‘(1) REQUIREMENT.—The Commission shall, 

5 by rule, adopt data standards for all registration 

6 statements and for all prospectuses included in reg7 istration statements required to be filed with the 

8 Commission under this title, except that the Com9 mission may exempt exhibits, signatures, and certifi10 cations from such data standards. 

11 ‘‘(2) CHARACTERISTICS.—The data standards 

12 required by paragraph (1) shall, to the extent prac13 ticable— 

14 ‘‘(A) render information fully searchable 

15 and machine-readable; 

16 ‘‘(B) be nonproprietary; 

17 ‘‘(C) incorporate standards developed and 

18 maintained by voluntary consensus standards 

19 bodies; and 

20 ‘‘(D) be consistent with and implement ap21 plicable accounting and reporting principles. 

22 ‘‘(3) INCORPORATION OF STANDARDS.—In 

23 adopting data standards by rule under this sub24 section, the Commission shall incorporate all applicaVerDate Sep 11 2014 21:21 Mar 20, 2017 Jkt 069200 PO 00000 Frm 00014 Fmt 6652 Sfmt 6201 E:\BILLS\H1530.IH H1530

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1 ble data standards promulgated by the Secretary of 

2 the Treasury.’’. 

3 (f) DATA STANDARDS FOR PERIODIC AND CURRENT

4 CORPORATE DISCLOSURES UNDER THE SECURITIES EX5 CHANGE ACT OF 1934.—Section 13 of the Securities Ex6 change Act of 1934 (15 U.S.C. 78m) is amended by add7 ing at the end the following: 

8 ‘‘(s) DATA STANDARDS.— 

9 ‘‘(1) REQUIREMENT.—The Commission shall, 

10 by rule, adopt data standards for all information 

11 contained in periodic and current reports required to 

12 be filed or furnished under this section or under sec13 tion 15(d), except that the Commission may exempt 

14 exhibits, signatures, and certifications from such 

15 data standards. 

16 ‘‘(2) CHARACTERISTICS.—The data standards 

17 required by paragraph (1) shall, to the extent prac18 ticable— 

19 ‘‘(A) render information fully searchable 

20 and machine-readable; 

21 ‘‘(B) be nonproprietary; 

22 ‘‘(C) incorporate standards developed and 

23 maintained by voluntary consensus standards 

24 bodies; and 


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1 ‘‘(D) be consistent with and implement ap2 plicable accounting and reporting principles. 

3 ‘‘(3) INCORPORATION OF STANDARDS.—In 

4 adopting data standards by rule under this sub5 section, the Commission shall incorporate all applica6 ble data standards promulgated by the Secretary of 

7 the Treasury.’’. 

8 (g) DATA STANDARDS FOR CORPORATE PROXY AND

9 CONSENT SOLICITATION MATERIALS UNDER THE SECU10 RITIES EXCHANGE ACT OF 1934.—Section 14 of the Se11 curities Exchange Act of 1934 (15 U.S.C. 78n) is amend12 ed by adding at the end the following: 

13 ‘‘(k) DATA STANDARDS FOR PROXY AND CONSENT

14 SOLICITATION MATERIALS.— 

15 ‘‘(1) REQUIREMENT.—The Commission shall, 

16 by rule, adopt data standards for all information 

17 contained in any proxy or consent solicitation mate18 rial prepared by an issuer for an annual meeting of 

19 the shareholders of the issuer, except that the Com20 mission may exempt exhibits, signatures, and certifi21 cations from such data standards. 

22 ‘‘(2) CHARACTERISTICS.—The data standards 

23 required by paragraph (1) shall, to the extent prac24 ticable— 


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1 ‘‘(A) render information fully searchable 

2 and machine-readable; 

3 ‘‘(B) be nonproprietary; 

4 ‘‘(C) incorporate standards developed and 

5 maintained by voluntary consensus standards 

6 bodies; and 

7 ‘‘(D) be consistent with and implement ap8 plicable accounting and reporting principles. 

9 ‘‘(3) INCORPORATION OF STANDARDS.—In 

10 adopting data standards by rule under this sub11 section, the Commission shall incorporate all applica12 ble data standards promulgated by the Secretary of 

13 the Treasury.’’. 

14 (h) DATA STANDARDS FOR SECURITY-BASED SWAP

15 REPORTING.—Section 15F of the Securities Exchange Act 

16 of 1934 (15 U.S.C. 78o–10) is amended by adding at the 

17 end the following: 

18 ‘‘(m) DATA STANDARDS FOR SECURITY-BASED SWAP

19 REPORTING.— 

20 ‘‘(1) REQUIREMENT.—The Commission shall, 

21 by rule, adopt data standards for all reports related 

22 to security-based swaps that are required under this 

23 Act. 


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1 ‘‘(2) CHARACTERISTICS.—The data standards 

2 required by paragraph (1) shall, to the extent prac3 ticable— 

4 ‘‘(A) render information fully searchable 

5 and machine-readable; 

6 ‘‘(B) be nonproprietary; 

7 ‘‘(C) incorporate standards developed and 

8 maintained by voluntary consensus standards 

9 bodies; and 

10 ‘‘(D) be consistent with and implement ap11 plicable accounting and reporting principles. 

12 ‘‘(3) INCORPORATION OF STANDARDS.—In 

13 adopting data standards by rule under this sub14 section, the Commission shall incorporate all applica15 ble data standards promulgated by the Secretary of 

16 the Treasury.’’. 

17 (i) RULEMAKING.— 

18 (1) IN GENERAL.—Not later than the end of 

19 the 2-year period beginning on the date of the enact20 ment of this Act, the Securities and Exchange Com21 mission shall issue the regulations required under 

22 the amendments made by this section. 

23 (2) SCALING OF REGULATORY REQUIRE24 MENTS.—In issuing the regulations required under 

25 the amendments made by this section, the Securities 


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1 and Exchange Commission may scale data reporting 

2 requirements in order to reduce any unjustified bur3 den on emerging growth companies, lending institu4 tions, accelerated filers, smaller reporting companies, 

5 and other smaller issuers, as determined by the 

6 study required under section 205(c), while still pro7 viding searchable information to investors. 

8 (3) MINIMIZING DISRUPTION.—In issuing the 

9 regulations required under the amendments made by 

10 this section, the Securities and Exchange Commis11 sion shall seek to minimize disruptive changes to the 

12 persons affected by such regulations. 

13 SEC. 202. OPEN DATA PUBLICATION BY THE SECURITIES 

14 AND EXCHANGE COMMISSION. 

15 Section 4 of the Securities Exchange Act of 1934 (15 

16 U.S.C. 78d) is amended by adding at the end the fol17 lowing: 

18 ‘‘(j) OPEN DATA PUBLICATION.—All public informa19 tion published by the Commission under the securities 

20 laws and the Dodd-Frank Wall Street Reform and Con21 sumer Protection Act shall be published as open data, 

22 freely available for download in bulk, accessible via appli23 cation programming interface where appropriate, and of24 fered without any registration requirement or reuse re25 striction.’’. 


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1 SEC. 203. DATA TRANSPARENCY AT THE MUNICIPAL SECU2 RITIES RULEMAKING BOARD. 

3 (a) IN GENERAL.—Section 15B(b) of the Securities 

4 Exchange Act of 1934 (15 U.S.C. 78o–4(b)) is amended 

5 by adding at the end the following: 

6 ‘‘(8) DATA STANDARDS.— 

7 ‘‘(A) REQUIREMENT.—If the Board establishes 

8 information systems under paragraph (3), the Board 

9 shall adopt data standards for information sub10 mitted via such systems. 

11 ‘‘(B) CHARACTERISTICS.—The data standards 

12 required by subparagraph (A) shall, to the extent 

13 practicable— 

14 ‘‘(i) render information fully searchable 

15 and machine-readable; 

16 ‘‘(ii) be nonproprietary; 

17 ‘‘(iii) incorporate standards developed and 

18 maintained by voluntary consensus standards 

19 bodies; and 

20 ‘‘(iv) be consistent with and implement ap21 plicable accounting and reporting principles. 

22 ‘‘(C) INCORPORATION OF STANDARDS.—In 

23 adopting data standards under this paragraph, the 

24 Board shall incorporate all applicable data standards 

25 promulgated by the Secretary of the Treasury.’’. 

26 (b) RULEMAKING.— 


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1 (1) IN GENERAL.—Not later than the end of 

2 the 2-year period beginning on the date of the enact3 ment of this Act, the Municipal Securities Rule4 making Board shall issue the regulations required 

5 under the amendments made by this section. 

6 (2) SCALING OF REGULATORY REQUIRE7 MENTS.—In issuing the regulations required under 

8 the amendments made by this section, the Municipal 

9 Securities Rulemaking Board may scale data report10 ing requirements in order to reduce any unjustified 

11 burden on smaller regulated entities. 

12 (3) MINIMIZING DISRUPTION.—In issuing the 

13 regulations required under the amendments made by 

14 this section, the Municipal Securities Rulemaking 

15 Board shall seek to minimize disruptive changes to 

16 the persons affected by such regulations. 

17 SEC. 204. DATA TRANSPARENCY AT NATIONAL SECURITIES 

18 ASSOCIATIONS. 

19 (a) IN GENERAL.—Section 15A of the Securities Ex20 change Act of 1934 (15 U.S.C. 78o–3) is amended by add21 ing at the end the following: 

22 ‘‘(n) DATA STANDARDS.— 

23 ‘‘(1) REQUIREMENT.—A national securities as24 sociation registered pursuant to subsection (a) shall 


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1 adopt data standards for all information that is reg2 ularly filed with or submitted to the association. 

3 ‘‘(2) CHARACTERISTICS.—The data standards 

4 required by paragraph (1) shall, to the extent prac5 ticable— 

6 ‘‘(A) render information fully searchable 

7 and machine-readable; 

8 ‘‘(B) be nonproprietary; 

9 ‘‘(C) incorporate standards developed and 

10 maintained by voluntary consensus standards 

11 bodies; and 

12 ‘‘(D) be consistent with and implement ap13 plicable accounting and reporting principles. 

14 ‘‘(3) INCORPORATION OF STANDARDS.—In 

15 adopting data standards under this subsection, the 

16 association shall incorporate all applicable data 

17 standards promulgated by the Secretary of the 

18 Treasury.’’. 

19 (b) RULEMAKING.— 

20 (1) IN GENERAL.—Not later than the end of 

21 the 2-year period beginning on the date of the enact22 ment of this Act, a national securities association 

23 shall adopt the standards required under the amend24 ments made by this section. 


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1 (2) SCALING OF REGULATORY REQUIRE2 MENTS.—In adopting the standards required under 

3 the amendments made by this section, a national se4 curities association may scale data reporting require5 ments in order to reduce any unjustified burden on 

6 smaller regulated entities. 

7 (3) MINIMIZING DISRUPTION.—In adopting the 

8 standards required under the amendments made by 

9 this section, a national securities association shall 

10 seek to minimize disruptive changes to the persons 

11 affected by such standards. 

12 SEC. 205. SHORTER-TERM BURDEN REDUCTION AND DIS13 CLOSURE SIMPLIFICATION AT THE SECURI14 TIES AND EXCHANGE COMMISSION; SUNSET. 

15 (a) ADOPTION OF STANDARDS FOR CORPORATE FI16 NANCIAL DATA.— 

17 (1) IN GENERAL.—Not later than one year 

18 after the date of enactment of this Act, the Securi19 ties and Exchange Commission, shall, by rule, adopt 

20 a data standard that is both human-readable and 

21 machine-readable, and complies with the require22 ments under the amendments made by section 201, 

23 with respect to any corporate financial data for 

24 which the Commission was using the eXtensible 


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1 Business Reporting Language standard as of the 

2 date of enactment of this Act. 

3 (2) SCALING OF REGULATORY REQUIRE4 MENTS.—The Securities and Exchange Commission 

5 may scale data reporting requirements under this 

6 section in order to reduce any unjustified burden on 

7 emerging growth companies, lending institutions, ac8 celerated filers, smaller reporting companies, and 

9 other smaller issuers, as determined by the study re10 quired under subsection (c), while still providing 

11 searchable information to investors. 

12 (3) MINIMIZING DISRUPTION.—In issuing the 

13 regulations required under the amendments made by 

14 this section, the Securities and Exchange Commis15 sion shall seek to minimize disruptive changes to the 

16 persons affected by such regulations. 

17 (b) BETTER ENFORCEMENT OF THE QUALITY OF

18 CORPORATE FINANCIAL DATA SUBMITTED TO THE SECU19 RITIES AND EXCHANGE COMMISSION.— 

20 (1) DATA QUALITY IMPROVEMENT PROGRAM.— 

21 Within six months after the date of the enactment 

22 of this Act, the Commission shall establish a pro23 gram to improve the quality of corporate financial 

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1 ties Act of 1933 and the Securities Exchange Act of 

2 1934. The program shall include the following: 

3 (A) The designation of an official in the 

4 Office of the Chairman responsible for the im5 provement of the quality of eXtensible Business 

6 Reporting Language data filed with or fur7 nished to the Commission by issuers. 

8 (B) The issuance by the Division of Cor9 poration Finance of comment letters requiring 

10 correction of errors in data filings and submis11 sions, where necessary. 

12 (2) GOALS.—In establishing the program under 

13 this section, the Commission shall seek to— 

14 (A) improve the quality of data filed with 

15 or furnished to the Commission to a commer16 cially acceptable level; and 

17 (B) make data filed with or furnished to 

18 the Commission useful to investors. 

19 (c) REPORT ON THE USE OF MACHINE-READABLE

20 DATA FOR CORPORATE DISCLOSURES.— 

21 (1) IN GENERAL.—Not later than six months 

22 after the date of the enactment of this Act, and 

23 every six months thereafter, the Commission shall 

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1 mittee on Banking, Housing, and Urban Affairs of 

2 the Senate on the use of machine-readable data for 

3 corporate disclosures. 

4 (2) CONTENT.—Each report required under 

5 paragraph (1) shall include— 

6 (A) an identification of which corporate 

7 disclosures required under section 7 of the Se8 curities Act of 1933, section 13 of the Securi9 ties Exchange Act of 1934, or section 14 of the 

10 Securities Exchange Act of 1934 are expressed 

11 as machine-readable data and which are not; 

12 (B) an analysis of the costs and benefits of 

13 the use of machine-readable data in corporate 

14 disclosure to investors, markets, the Commis15 sion, and issuers; 

16 (C) a summary of enforcement actions that 

17 result from the use or analysis of machine-read18 able data collected under section 7 of the Secu19 rities Act of 1933, section 13 of the Securities 

20 Exchange Act of 1934, or section 14 of the Se21 curities Exchange Act of 1934; and 

22 (D) an analysis of how the Commission is 

23 itself using the machine-readable data collected 

24 by the Commission. 


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1 (d) SUNSET.—On and after the end of the 7-year pe2 riod beginning on the date of the enactment of this Act, 

3 this section shall have no force or effect. 

4 SEC. 206. NO NEW DISCLOSURE REQUIREMENTS. 

5 Nothing in this title or the amendments made by this 

6 title shall be construed to require the Securities and Ex7 change Commission, the Municipal Securities Rulemaking 

8 Board, or a national securities association to collect addi9 tional information under the statutes amended by this 

10 title, beyond information that was collected under such 

11 statutes before the date of the enactment of this Act. 

12 TITLE III—FEDERAL DEPOSIT 

13 INSURANCE CORPORATION 

14 SEC. 301. DATA STANDARDS REQUIREMENTS FOR THE FED15 ERAL DEPOSIT INSURANCE CORPORATION. 

16 The Federal Deposit Insurance Act (12 U.S.C. 1811 

17 et seq.) is amended by adding at the end the following: 

18 ‘‘SEC. 51. DATA STANDARDS. 

19 ‘‘(a) REQUIREMENT.—The Corporation shall, by rule, 

20 adopt data standards for all information that the Corpora21 tion receives from any depository institution or financial 

22 company under this Act or under title II of the Dodd23 Frank Wall Street Reform and Consumer Protection Act. 

24 ‘‘(b) CHARACTERISTICS.—The data standards re25 quired by subsection (a) shall, to the extent practicable— 


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1 ‘‘(1) render information fully searchable and 

2 machine-readable; 

3 ‘‘(2) be nonproprietary; 

4 ‘‘(3) incorporate standards developed and main5 tained by voluntary consensus standards bodies; and 

6 ‘‘(4) be consistent with and implement applica7 ble accounting and reporting principles. 

8 ‘‘(c) INCORPORATION OF STANDARDS.—In adopting 

9 data standards by rule under this section, the Corporation 

10 shall incorporate all applicable data standards promul11 gated by the Secretary of the Treasury. 

12 ‘‘(d) FINANCIAL COMPANY DEFINED.—For purposes 

13 of this section, the term ‘financial company’ has the mean14 ing given that term under section 201(a) of the Dodd15 Frank Wall Street Reform and Consumer Protection Act 

16 (12 U.S.C. 5381(a)).’’. 

17 SEC. 302. OPEN DATA PUBLICATION BY THE FEDERAL DE18 POSIT INSURANCE CORPORATION. 

19 The Federal Deposit Insurance Act (12 U.S.C. 1811 

20 et seq.), as amended by section 301, is further amended 

21 by adding at the end the following: 

22 ‘‘SEC. 52. OPEN DATA PUBLICATION. 

23 ‘‘All public information published by the Corporation 

24 under this Act or under the Dodd-Frank Wall Street Re25 form and Consumer Protection Act shall be published as 


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1 open data, freely available for download in bulk, accessible 

2 via application programming interface where appropriate, 

3 and offered without any registration requirement or reuse 

4 restriction.’’. 

5 SEC. 303. RULEMAKING. 

6 (a) IN GENERAL.—Not later than the end of the 2- 

7 year period beginning on the date of the enactment of this 

8 Act, the Federal Deposit Insurance Corporation shall 

9 issue the regulations required under the amendments 

10 made by this title. 

11 (b) SCALING OF REGULATORY REQUIREMENTS.—In 

12 issuing the regulations required under the amendments 

13 made by this title, the Federal Deposit Insurance Corpora14 tion may scale data reporting requirements in order to re15 duce any unjustified burden on smaller regulated entities. 

16 (c) MINIMIZING DISRUPTION.—In issuing the regula17 tions required under the amendments made by this title, 

18 the Federal Deposit Insurance Corporation shall seek to 

19 minimize disruptive changes to the persons affected by 

20 such regulations. 

21 SEC. 304. NO NEW DISCLOSURE REQUIREMENTS. 

22 Nothing in this title or the amendments made by this 

23 title shall be construed to require the Federal Deposit In24 surance Corporation to collect additional information 

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1 tion that was collected under such statutes before the date 

2 of the enactment of this Act. 

3 TITLE IV—OFFICE OF THE 

4 COMPTROLLER OF THE CUR5 RENCY 

6 SEC. 401. DATA STANDARDS AND OPEN DATA PUBLICATION 

7 REQUIREMENTS FOR THE OFFICE OF THE 

8 COMPTROLLER OF THE CURRENCY. 

9 The Revised Statutes of the United States is amend10 ed by inserting after section 332 (12 U.S.C. 14) the fol11 lowing: 

12 ‘‘SEC. 333. DATA STANDARDS; OPEN DATA PUBLICATION. 

13 ‘‘(a) DATA STANDARDS.— 

14 ‘‘(1) REQUIREMENT.—The Comptroller of the 

15 Currency shall, by rule, adopt data standards for all 

16 information that is regularly filed with or submitted 

17 to the Comptroller of the Currency by any entity 

18 with respect to which the Office of the Comptroller 

19 of the Currency is the appropriate Federal banking 

20 agency (as defined under section 3 of the Federal 

21 Deposit Insurance Act). 

22 ‘‘(2) CHARACTERISTICS.—The data standards 

23 required by paragraph (1) shall, to the extent prac24 ticable— 


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1 ‘‘(A) render information fully searchable 

2 and machine-readable; 

3 ‘‘(B) be nonproprietary; 

4 ‘‘(C) incorporate standards developed and 

5 maintained by voluntary consensus standards 

6 bodies; and 

7 ‘‘(D) be consistent with and implement ap8 plicable accounting and reporting principles. 

9 ‘‘(3) INCORPORATION OF STANDARDS.—In 

10 adopting data standards by rule under this sub11 section, the Comptroller of the Currency shall incor12 porate all applicable data standards promulgated by 

13 the Secretary of the Treasury. 

14 ‘‘(b) OPEN DATA PUBLICATION.—All public informa15 tion published by the Comptroller of the Currency under 

16 title LXII or the Dodd-Frank Wall Street Reform and 

17 Consumer Protection Act shall be published as open data, 

18 freely available for download in bulk, accessible via appli19 cation programming interface where appropriate, and of20 fered without any registration requirement or reuse re21 striction.’’. 

22 SEC. 402. RULEMAKING. 

23 (a) IN GENERAL.—Not later than the end of the 2- 

24 year period beginning on the date of the enactment of this 


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1 Act, the Comptroller of the Currency shall issue the regu2 lations required under the amendments made by this title. 

3 (b) SCALING OF REGULATORY REQUIREMENTS.—In 

4 issuing the regulations required under the amendments 

5 made by this title, the Comptroller of the Currency may 

6 scale data reporting requirements in order to reduce any 

7 unjustified burden on smaller regulated entities. 

8 (c) MINIMIZING DISRUPTION.—In issuing the regula9 tions required under the amendments made by this title, 

10 the Comptroller of the Currency shall seek to minimize 

11 disruptive changes to the persons affected by such regula12 tions. 

13 SEC. 403. NO NEW DISCLOSURE REQUIREMENTS. 

14 Nothing in this title or the amendments made by this 

15 title shall be construed to require the Comptroller of the 

16 Currency to collect additional information under the stat17 utes amended by this title, beyond information that was 

18 collected under such statutes before the date of the enact19 ment of this Act. 


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1 TITLE V—BUREAU OF CON2 SUMER FINANCIAL PROTEC3 TION 

4 SEC. 501. DATA STANDARDS AND OPEN DATA PUBLICATION 

5 REQUIREMENTS FOR THE BUREAU OF CON6 SUMER FINANCIAL PROTECTION. 

7 (a) IN GENERAL.—The Consumer Financial Protec8 tion Act of 2010 (12 U.S.C. 5481 et seq.) is amended by 

9 inserting after section 1018 the following: 

10 ‘‘SEC. 1019. DATA STANDARDS. 

11 ‘‘(a) REQUIREMENT.—The Bureau shall, by rule, 

12 adopt data standards for all information that is regularly 

13 filed with or submitted to the Bureau under this title. 

14 ‘‘(b) CHARACTERISTICS.—The data standards re15 quired by subsection (a) shall, to the extent practicable— 

16 ‘‘(1) render information fully searchable and 

17 machine-readable; 

18 ‘‘(2) be nonproprietary; 

19 ‘‘(3) incorporate standards developed and main20 tained by voluntary consensus standards bodies; and 

21 ‘‘(4) be consistent with and implement applica22 ble accounting and reporting principles. 

23 ‘‘(c) INCORPORATION OF STANDARDS.—In adopting 

24 data standards by rule under this section, the Bureau 


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1 shall incorporate all applicable data standards promul2 gated by the Secretary of the Treasury. 

3 ‘‘SEC. 1020. OPEN DATA PUBLICATION. 

4 ‘‘All public information published by the Bureau 

5 under this title shall be published as open data, freely 

6 available for download in bulk, accessible via application 

7 programming interface where appropriate, and offered 

8 without any registration requirement or reuse restric9 tion.’’. 

10 (b) CLERICAL AMENDMENT.—The table of contents 

11 under section 1(b) of the Dodd-Frank Wall Street Reform 

12 and Consumer Protection Act is amended by inserting 

13 after the item relating to section 1018 the following: 

‘‘Sec. 1019. Data standards. 

‘‘Sec. 1020. Open data publication.’’. 

14 SEC. 502. RULEMAKING. 

15 (a) IN GENERAL.—Not later than the end of the 2- 

16 year period beginning on the date of the enactment of this 

17 Act, the Bureau of Consumer Financial Protection shall 

18 issue the regulations required under the amendments 

19 made by this title. 

20 (b) SCALING OF REGULATORY REQUIREMENTS.—In 

21 issuing the regulations required under the amendments 

22 made by this title, the Bureau of Consumer Financial Pro23 tection may scale data reporting requirements in order to 


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1 reduce any unjustified burden on smaller regulated enti2 ties. 

3 (c) MINIMIZING DISRUPTION.—In issuing the regula4 tions required under the amendments made by this title, 

5 the Bureau of Consumer Financial Protection shall seek 

6 to minimize disruptive changes to the persons affected by 

7 such regulations. 

8 SEC. 503. NO NEW DISCLOSURE REQUIREMENTS. 

9 Nothing in this title or the amendments made by this 

10 title shall be construed to require the Bureau of Consumer 

11 Financial Protection to collect additional information 

12 under the statutes amended by this title, beyond informa13 tion that was collected under such statutes before the date 

14 of the enactment of this Act. 

15 TITLE VI—FEDERAL RESERVE 

16 SYSTEM 

17 SEC. 601. DATA STANDARDS REQUIREMENTS FOR THE 

18 BOARD OF GOVERNORS OF THE FEDERAL RE19 SERVE SYSTEM. 

20 (a) DATA STANDARDS FOR INFORMATION FILED OR

21 SUBMITTED BY NONBANK FINANCIAL COMPANIES.—Sec22 tion 161(a) of the Financial Stability Act of 2010 (12 

23 U.S.C. 5361(a)) is amended by adding at the end the fol24 lowing: 


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1 ‘‘(4) DATA STANDARDS FOR REPORTS UNDER

2 THIS SUBSECTION.— 

3 ‘‘(A) IN GENERAL.—The Board of Gov4 ernors shall adopt data standards for all finan5 cial data that is regularly filed with or sub6 mitted to the Board of Governors by any 

7 nonbank financial company pursuant to this 

8 subsection. 

9 ‘‘(B) CHARACTERISTICS.—The data stand10 ards required by this section shall, to the extent 

11 practicable— 

12 ‘‘(i) render information fully search13 able and machine-readable; 

14 ‘‘(ii) be nonproprietary; 

15 ‘‘(iii) incorporate standards developed 

16 and maintained by voluntary consensus 

17 standards bodies; and 

18 ‘‘(iv) be consistent with and imple19 ment applicable accounting and reporting 

20 principles. 

21 ‘‘(C) INCORPORATION OF STANDARDS.—In 

22 adopting data standards by rule under this 

23 paragraph, the Board of Governors shall incor24 porate all applicable data standards promul25 gated by the Secretary of the Treasury.’’. 


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1 (b) DATA STANDARDS FOR INFORMATION FILED OR

2 SUBMITTED BY SAVINGS AND LOAN HOLDING COMPA3 NIES.—Section 10 of the Home Owners’ Loan Act (12 

4 U.S.C. 1467a) is amended by adding at the end the fol5 lowing: 

6 ‘‘(u) DATA STANDARDS.— 

7 ‘‘(1) REQUIREMENT.—The Board shall adopt 

8 data standards for all information that is regularly 

9 filed with or submitted to the Board by any savings 

10 and loan holding company, or subsidiary of a savings 

11 and loan holding company, other than a depository 

12 institution, under this section. 

13 ‘‘(2) CHARACTERISTICS.—The data standards 

14 required by this subsection shall, to the extent prac15 ticable— 

16 ‘‘(A) render information fully searchable 

17 and machine-readable; 

18 ‘‘(B) be nonproprietary; 

19 ‘‘(C) incorporate standards developed and 

20 maintained by voluntary consensus standards 

21 bodies; and 

22 ‘‘(D) be consistent with and implement ap23 plicable accounting and reporting principles. 

24 ‘‘(3) INCORPORATION OF STANDARDS.—In 

25 adopting data standards by rule under this section, 


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1 the Board of Governors shall incorporate all applica2 ble data standards promulgated by the Secretary of 

3 the Treasury.’’. 

4 (c) DATA STANDARDS FOR INFORMATION FILED OR

5 SUBMITTED BY BANK HOLDING COMPANIES.—Section 5 

6 of the Bank Holding Company Act of 1956 (12 U.S.C. 

7 1844) is amended by adding at the end the following: 

8 ‘‘(h) DATA STANDARDS.— 

9 ‘‘(1) REQUIREMENT.—The Board shall adopt 

10 data standards for all information that is regularly 

11 filed with or submitted to the Board by any bank 

12 holding company in a report under subsection (c). 

13 ‘‘(2) CHARACTERISTICS.—The data standards 

14 required by this subsection shall, to the extent prac15 ticable— 

16 ‘‘(A) render information fully searchable 

17 and machine-readable; 

18 ‘‘(B) be nonproprietary; 

19 ‘‘(C) incorporate standards developed and 

20 maintained by voluntary consensus standards 

21 bodies; and 

22 ‘‘(D) be consistent with and implement ap23 plicable accounting and reporting principles. 

24 ‘‘(3) INCORPORATION OF STANDARDS.—In 

25 adopting data standards under this subsection, the 


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1 Board shall incorporate all applicable data standards 

2 promulgated by the Secretary of the Treasury.’’. 

3 (d) DATA STANDARDS FOR INFORMATION SUB4 MITTED BY FINANCIAL MARKET UTILITIES OR INSTITU5 TIONS UNDER THE PAYMENT, CLEARING, AND SETTLE6 MENT SUPERVISION ACT OF 2010.—Section 809 of the 

7 Payment, Clearing, and Settlement Supervision Act of 

8 2010 (12 U.S.C. 5468) is amended by adding at the end 

9 the following: 

10 ‘‘(h) DATA STANDARDS.— 

11 ‘‘(1) REQUIREMENT.—The Board of Governors 

12 shall adopt data standards for all information that 

13 is regularly filed with or submitted to the Board by 

14 any financial market utility or financial institution 

15 under subsection (a) or (b). 

16 ‘‘(2) CHARACTERISTICS.—The data standards 

17 required by this subsection shall, to the extent prac18 ticable— 

19 ‘‘(A) render information fully searchable 

20 and machine-readable; 

21 ‘‘(B) be nonproprietary; 

22 ‘‘(C) incorporate standards developed and 

23 maintained by voluntary consensus standards 

24 bodies; and 


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1 ‘‘(D) be consistent with and implement ap2 plicable accounting and reporting principles. 

3 ‘‘(3) INCORPORATION OF STANDARDS.—In 

4 adopting data standards under this subsection, the 

5 Board of Governors shall incorporate all applicable 

6 data standards promulgated by the Secretary of the 

7 Treasury.’’. 

8 SEC. 602. OPEN DATA PUBLICATION BY THE BOARD OF 

9 GOVERNORS OF THE FEDERAL RESERVE SYS10 TEM. 

11 The Federal Reserve Act (12 U.S.C. 226 et seq.) is 

12 amended by adding at the end the following: 

13 ‘‘SEC. 32. OPEN DATA PUBLICATION BY THE BOARD OF 

14 GOVERNORS. 

15 ‘‘All public information published by the Board of 

16 Governors under this Act, the Bank Holding Company Act 

17 of 1956, the Financial Stability Act of 2010, the Home 

18 Owners’ Loan Act, the Payment, Clearing, and Settlement 

19 Supervision Act of 2010, or the Enhancing Financial In20 stitution Safety and Soundness Act of 2010 shall be pub21 lished as open data, freely available for download in bulk, 

22 accessible via application programming interface where 

23 appropriate, and offered without any registration require24 ment or reuse restriction.’’. 


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1 SEC. 603. RULEMAKING. 

2 (a) IN GENERAL.—Not later than the end of the 2- 

3 year period beginning on the date of the enactment of this 

4 Act, the Board of Governors of the Federal Reserve Sys5 tem shall issue the regulations required under the amend6 ments made by this title. 

7 (b) SCALING OF REGULATORY REQUIREMENTS.—In 

8 issuing the regulations required under the amendments 

9 made by this title, the Board of Governors of the Federal 

10 Reserve System may scale data reporting requirements in 

11 order to reduce any unjustified burden on smaller regu12 lated entities. 

13 (c) MINIMIZING DISRUPTION.—In issuing the regula14 tions required under the amendments made by this title, 

15 the Board of Governors of the Federal Reserve System 

16 shall seek to minimize disruptive changes to the persons 

17 affected by such regulations. 

18 SEC. 604. NO NEW DISCLOSURE REQUIREMENTS. 

19 Nothing in this title or the amendments made by this 

20 title shall be construed to require the Board of Governors 

21 of the Federal Reserve System to collect additional infor22 mation under the statutes amended by this title, beyond 

23 information that was collected under such statutes before 

24 the date of the enactment of this Act. 


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1 TITLE VII—COMMODITY FU2 TURES TRADING COMMIS3 SION 

4 SEC. 701. DATA STANDARDS. 

5 The Commodity Exchange Act (7 U.S.C. 1 et seq.) 

6 is amended by adding at the end the following: 

7 ‘‘SEC. 24. DATA STANDARDS. 

8 ‘‘(a) REQUIREMENT.—The Commission shall, by rule, 

9 adopt data standards for all information that is regularly 

10 filed with or submitted to the Commission under this Act, 

11 all information that is required to be reported to a reg12 istered swap data repository under this Act, and all infor13 mation that is required to be publicly disclosed by parties 

14 to a swap under this Act. 

15 ‘‘(b) CHARACTERISTICS.—The data standards re16 quired by subsection (a) shall, to the extent practicable— 

17 ‘‘(1) render information fully searchable and 

18 machine-readable; 

19 ‘‘(2) be nonproprietary; 

20 ‘‘(3) incorporate standards developed and main21 tained by voluntary consensus standards bodies; and 

22 ‘‘(4) be consistent with and implement applica23 ble accounting and reporting principles. 

24 ‘‘(c) INCORPORATION OF STANDARDS.—In adopting 

25 data standards by rule under this section, the Commission 


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1 shall incorporate all applicable data standards promul2 gated by the Secretary of the Treasury.’’. 

3 SEC. 702. OPEN DATA PUBLICATION BY THE COMMODITY 

4 FUTURES TRADING COMMISSION. 

5 The Commodity Exchange Act (7 U.S.C. 1 et seq.), 

6 as amended by section 701, is further amended by adding 

7 at the end the following: 

8 ‘‘SEC. 25. OPEN DATA PUBLICATION. 

9 ‘‘All public information published by the Commission 

10 under this Act shall be published as open data, freely 

11 available for download in bulk, accessible via application 

12 programming interface where appropriate, and offered 

13 without any registration requirement or reuse restric14 tion.’’. 

15 SEC. 703. RULEMAKING. 

16 (a) IN GENERAL.—Not later than the end of the 2- 

17 year period beginning on the date of the enactment of this 

18 Act, the Commodity Futures Trading Commission shall 

19 issue the regulations required under the amendments 

20 made by this title. 

21 (b) SCALING OF REGULATORY REQUIREMENTS.—In 

22 issuing the regulations required under the amendments 

23 made by this title, the Commodity Futures Trading Com24 mission may scale data reporting requirements in order 


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1 to reduce any unjustified burden on smaller regulated en2 tities. 

3 (c) MINIMIZING DISRUPTION.—In issuing the regula4 tions required under the amendments made by this title, 

5 the Commodity Futures Trading Commission shall seek 

6 to minimize disruptive changes to the persons affected by 

7 such regulations. 

8 SEC. 704. NO NEW DISCLOSURE REQUIREMENTS. 

9 Nothing in this title or the amendments made by this 

10 title shall be construed to require the Commodity Futures 

11 Trading Commission to collect additional information 

12 under the statutes amended by this title, beyond informa13 tion that was collected under such statutes before the date 

14 of the enactment of this Act. 

15 TITLE VIII—NATIONAL CREDIT 

16 UNION ADMINISTRATION 

17 SEC. 801. DATA STANDARDS. 

18 Title I of the Federal Credit Union Act (12 U.S.C. 

19 1752 et seq.) is amended by adding at the end the fol20 lowing: 

21 ‘‘SEC. 132. DATA STANDARDS. 

22 ‘‘(a) REQUIREMENT.—The Board shall, by rule, 

23 adopt data standards for all information and reports regu24 larly filed with or submitted to the Administration under 

25 this Act. 


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1 ‘‘(b) CHARACTERISTICS.—The data standards re2 quired by subsection (a) shall, to the extent practicable— 

3 ‘‘(1) render information fully searchable and 

4 machine-readable; 

5 ‘‘(2) be nonproprietary; 

6 ‘‘(3) incorporate standards developed and main7 tained by voluntary consensus standards bodies; and 

8 ‘‘(4) be consistent with and implement applica9 ble accounting and reporting principles. 

10 ‘‘(c) INCORPORATION OF STANDARDS.—In adopting 

11 data standards by rule under this section, the Board shall 

12 incorporate all applicable data standards promulgated by 

13 the Secretary of the Treasury.’’. 

14 SEC. 802. OPEN DATA PUBLICATION BY THE NATIONAL 

15 CREDIT UNION ADMINISTRATION. 

16 Title I of the Federal Credit Union Act (12 U.S.C. 

17 1752 et seq.), as amended by section 801, is further 

18 amended by adding at the end the following: 

19 ‘‘SEC. 133. OPEN DATA PUBLICATION. 

20 ‘‘All public information published by the Administra21 tion under this title shall be published as open data, freely 

22 available for download in bulk, accessible via application 

23 programming interface where appropriate, and offered 

24 without any registration requirement or reuse restric25 tion.’’. 


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1 SEC. 803. RULEMAKING. 

2 (a) IN GENERAL.—Not later than the end of the 2- 

3 year period beginning on the date of the enactment of this 

4 Act, the National Credit Union Administration Board 

5 shall issue the regulations required under the amendments 

6 made by this title. 

7 (b) SCALING OF REGULATORY REQUIREMENTS.—In 

8 issuing the regulations required under the amendments 

9 made by this title, the National Credit Union Administra10 tion Board may scale data reporting requirements in order 

11 to reduce any unjustified burden on smaller regulated en12 tities. 

13 (c) MINIMIZING DISRUPTION.—In issuing the regula14 tions required under the amendments made by this title, 

15 the National Credit Union Administration Board shall 

16 seek to minimize disruptive changes to the persons af17 fected by such regulations. 

18 SEC. 804. NO NEW DISCLOSURE REQUIREMENTS. 

19 Nothing in this title or the amendments made by this 

20 title shall be construed to require the National Credit 

21 Union Administration Board to collect additional informa22 tion under the statutes amended by this title, beyond in23 formation that was collected under such statutes before 

24 the date of the enactment of this Act. 


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1 TITLE IX—FEDERAL HOUSING 

2 FINANCE AGENCY 

3 SEC. 901. DATA STANDARDS REQUIREMENTS FOR THE FED4 ERAL HOUSING FINANCE AGENCY. 

5 Part 1 of subtitle A of the Federal Housing Enter6 prises Financial Safety and Soundness Act of 1992 (12 

7 U.S.C. 4501 et seq.) is amended by adding at the end 

8 the following: 

9 ‘‘SEC. 1319H. DATA STANDARDS. 

10 ‘‘(a) REQUIREMENT.—The Agency shall, by rule, 

11 adopt data standards for all information that is regularly 

12 filed with or submitted to the Agency under this Act. 

13 ‘‘(b) CHARACTERISTICS.—The data standards re14 quired by subsection (a) shall, to the extent practicable— 

15 ‘‘(1) render information fully searchable and 

16 machine-readable; 

17 ‘‘(2) be nonproprietary; 

18 ‘‘(3) incorporate standards developed and main19 tained by voluntary consensus standards bodies; and 

20 ‘‘(4) be consistent with and implement applica21 ble accounting and reporting principles. 

22 ‘‘(c) INCORPORATION OF STANDARDS.—In adopting 

23 data standards by rule under this section, the Agency shall 

24 incorporate all applicable data standards promulgated by 

25 the Secretary of the Treasury.’’. 


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•HR 1530 IH

1 SEC. 902. OPEN DATA PUBLICATION BY THE FEDERAL 

2 HOUSING FINANCE AGENCY. 

3 Part 1 of subtitle A of the Federal Housing Enter4 prises Financial Safety and Soundness Act of 1992 (12 

5 U.S.C. 4501 et seq.), as amended by section 901, is fur6 ther amended by adding at the end the following: 

7 ‘‘SEC. 1319I. OPEN DATA PUBLICATION. 

8 ‘‘All public information published by the Agency 

9 under this Act shall be published as open data, freely 

10 available for download in bulk, accessible via application 

11 programming interface where appropriate, and offered 

12 without any registration requirement or reuse restric13 tion.’’. 

14 SEC. 903. RULEMAKING. 

15 (a) IN GENERAL.—Not later than the end of the 2- 

16 year period beginning on the date of the enactment of this 

17 Act, the Federal Housing Finance Agency shall issue the 

18 regulations required under the amendments made by this 

19 title. 

20 (b) MINIMIZING DISRUPTION.—In issuing the regula21 tions required under the amendments made by this title, 

22 the Federal Housing Finance Agency shall seek to mini23 mize disruptive changes to the persons affected by such 

24 regulations. 


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•HR 1530 IH

1 SEC. 904. NO NEW DISCLOSURE REQUIREMENTS. 

2 Nothing in this title or the amendments made by this 

3 title shall be construed to require the Federal Housing Fi4 nance Agency to collect additional information under the 

5 statutes amended by this title, beyond information that 

6 was collected under such statutes before the date of the 

7 enactment of this Act. 

Æ 


sradovich on DSK3GMQ082PROD with BILLS