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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6038 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 6038

To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act 
  to increase financial industry transparency, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             July 30, 2010

   Mr. Issa (for himself, Mr. Towns, and Mr. Bachus) 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 the Dodd-Frank Wall Street Reform and Consumer Protection Act 
  to increase financial industry transparency, and for other purposes.

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

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Financial Industry 
Transparency Act of 2010''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Financial data standards for the financial stability oversight 
                            council and the office of financial 
                            research.
Sec. 3. Financial data standards to improve the transparency of 
                            information received by the Board of 
                            Governors of the Federal Reserve System.
Sec. 4. Financial data standards to improve the transparency of 
                            information received by the Federal Deposit 
                            Insurance Corporation.
Sec. 5. Financial data standards to improve the transparency of 
                            information received by the Office of the 
                            Comptroller of the Currency.
Sec. 6. Data standards to modernize the disclosure system of the 
                            Securities and Exchange Commission.
Sec. 7. Financial data standards to ensure the transparency of 
                            information reported to the Office of 
                            National Insurance.
Sec. 8. Financial data standards to ensure the transparency of swap 
                            transaction data.

SEC. 2. FINANCIAL DATA STANDARDS FOR THE FINANCIAL STABILITY OVERSIGHT 
              COUNCIL AND THE OFFICE OF FINANCIAL RESEARCH.

    (a) Financial Data Standards.--Section 112(d) of the Financial 
Stability Act of 2010 is amended by adding at the end the following new 
paragraph:
            ``(6) Financial data standards.--
                    ``(A) In general.--The Council shall adopt data 
                standards for all financial data received by the 
                Council or the Office of Financial Research under this 
                subsection and section 153.
                    ``(B) Characteristics of financial data 
                standards.--The data standards required by subparagraph 
                (A) shall, to the extent practicable--
                            ``(i) incorporate a widely accepted, 
                        nonproprietary, searchable, computer-readable 
                        data format;
                            ``(ii) be consistent with and implement--
                                    ``(I) United States generally 
                                accepted accounting principles or 
                                Federal financial accounting standards 
                                (as appropriate);
                                    ``(II) demonstrated best practices; 
                                and
                                    ``(III) Federal regulatory 
                                requirements;
                            ``(iii) improve the transparency, 
                        consistency, and usability of business and 
                        financial information;
                            ``(iv) ensure interoperability and 
                        appropriate reuse of information;
                            ``(v) reuse, enhance, harmonize, and 
                        integrate existing standards as possible and 
                        appropriate; and
                            ``(vi) be capable of being continually 
                        upgraded to be of maximum use as technologies 
                        and content evolve over time.
                    ``(C) Consultation with office of financial 
                research.--In adopting the financial data standards 
                required by subparagraph (A), the Council shall consult 
                with the Office of Financial Research to ensure that 
                the financial data standards are appropriate to carry 
                out the purposes and duties described in paragraphs 
                (1), (2), and (7) of section 153(a) and section 
                153(c)(2).''.
    (b) Implementation of Financial Data Standards.--Section 153(c) of 
such Act is amended by adding at the end the following new paragraph:
            ``(3) Implementation of financial data standard.--
        Notwithstanding any other provision of this title, the Office, 
        in consultation with the Council, shall issue rules, 
        regulations, and orders to implement the financial data 
        standards required under section 112 for data reported and 
        collected on behalf of the Council.''.

SEC. 3. FINANCIAL DATA STANDARDS TO IMPROVE THE TRANSPARENCY OF 
              INFORMATION RECEIVED BY THE BOARD OF GOVERNORS OF THE 
              FEDERAL RESERVE SYSTEM.

    (a) Financial Data Standards for Financial Data Filed or Submitted 
by Nonbank Financial Companies.--Section 161(a) of the Financial 
Stability Act of 2010 is amended by adding at the end the following new 
paragraph:
            ``(4) Financial data standards and public availability for 
        reports under this subsection.--
                    ``(A) In general.--The Board of Governors shall 
                adopt data standards for all financial data that is 
                regularly filed with or submitted to the Board of 
                Governors by any nonbank financial company pursuant to 
                this subsection.
                    ``(B) Characteristics of financial data 
                standards.--The data standards required by subparagraph 
                (A) shall, to the extent practicable--
                            ``(i) incorporate a widely accepted, 
                        nonproprietary, searchable, computer-readable 
                        data format;
                            ``(ii) be consistent with and implement--
                                    ``(I) United States generally 
                                accepted accounting principles or 
                                Federal financial accounting standards 
                                (as appropriate);
                                    ``(II) demonstrated best practices; 
                                and
                                    ``(III) Federal regulatory 
                                requirements;
                            ``(iii) improve the transparency, 
                        consistency, and usability of business and 
                        financial information;
                            ``(iv) ensure interoperability and 
                        appropriate reuse of information;
                            ``(v) reuse, enhance, harmonize, and 
                        integrate existing standards as possible and 
                        appropriate;
                            ``(vi) be capable of being continually 
                        upgraded to be of maximum use as technologies 
                        and content evolve over time; and
                            ``(vii) be consistent and interoperable 
                        with one another.
                    ``(C) Consistency with data standard for reports 
                filed under the bank holding company act.--In adopting 
                the financial data standards required by subparagraph 
                (A), the Board of Governors shall, to the extent 
                practicable, ensure consistency and interoperability 
                with the financial data standards that are required for 
                financial information in reports filed with the Board 
                of Governors by bank holding companies under section 5 
                of the Bank Holding Company Act of 1956 (12 U.S.C. 
                1844).
                    ``(D) Implementation of financial data standards.--
                            ``(i) The Board of Governors shall adopt 
                        the financial data standards required by 
                        subparagraph (A) before the end of the 4-year 
                        period beginning with the date of the enactment 
                        of this title.
                            ``(ii) The Board of Governors shall issue 
                        rules requiring regulated entities to file and 
                        submit financial data using the financial data 
                        standard required by subparagraph (A).
                            ``(iii) To the extent necessary to avoid 
                        imposing an undue burden on financial 
                        institutions, the Board of Governors may issue 
                        rules providing exemptions from the 
                        requirements of this paragraph. Factors 
                        considered by the Board of Governors in making 
                        such rules may include the following: cost, 
                        burden, size of institution, available 
                        technology, and whether the information will be 
                        made public.
                    ``(E) Public availability.--To the extent 
                appropriate, practicable, and in accordance with law, 
                the Board of Governors shall ensure that reports 
                submitted pursuant to this section are accessible by 
                the public.''.
    (b) Financial Data Standards for Financial Data Filed or Submitted 
by Savings and Loan Holding Companies.--
            (1) Amendment.--Subtitle D of the Enhancing Financial 
        Institution Safety and Soundness Act of 2010 is amended by 
        adding at the end the following new section:

``SEC. 344. FINANCIAL DATA STANDARDS FOR FINANCIAL DATA RECEIVED BY THE 
              BOARD OF GOVERNORS.

    ``(a) In General.--The Board of Governors shall adopt data 
standards for all financial data that is regularly filed with or 
submitted to the Board of Governors by any savings and loan holding 
company, or subsidiary of a savings and loan holding company, other 
than a depository institution, pursuant to the powers transferred to 
the Board of Governors under this title.
    ``(b) Characteristics of Financial Data Standards.--The data 
standards required by subsection (a) shall, to the extent practicable--
            ``(1) incorporate widely accepted, nonproprietary, 
        searchable, computer readable data formats;
            ``(2) be consistent with and implement--
                    ``(A) United States generally accepted accounting 
                principles or Federal financial accounting standards 
                (as appropriate);
                    ``(B) demonstrated best practices; and
                    ``(C) Federal regulatory requirements;
            ``(3) improve the transparency, consistency, and usability 
        of business and financial information;
            ``(4) ensure interoperability and appropriate reuse of 
        information;
            ``(5) reuse, enhance, harmonize, and integrate existing 
        standards as possible and appropriate;
            ``(6) be capable of being continually upgraded to be of 
        maximum use as technologies and content evolve over time; and
            ``(7) be consistent and interoperable with one another.
    ``(c) Consistency With Data Standard for Reports Filed Under the 
Bank Holding Company Act.--In adopting the financial data standards 
required by subsection (a), the Board of Governors shall, to the extent 
practicable, ensure consistency and interoperability with the financial 
data standards that are required for financial information in reports 
filed with the Board by bank holding companies under section 5 of the 
Bank Holding Company Act of 1956 (12 U.S.C. 1844).
    ``(d) Implementation of Financial Data Standards.--
            ``(1) The Board of Governors shall adopt the financial data 
        standards required by subsection (a) before the end of the 4-
        year period beginning on the date of the enactment of the 
        Enhancing Financial Institution Safety and Soundness Act of 
        2010.
            ``(2) The Board of Governors shall issue rules requiring 
        savings and loan holding companies, and subsidiaries of savings 
        and loan holding companies, to file and submit financial data 
        using the data standards required by subsection (a).
            ``(3) To the extent necessary to avoid imposing an undue 
        burden on financial institutions, the Board of Governors may 
        issue rules providing exemptions from the requirements of the 
        provisions under this section. Factors considered by the Board 
        of Governors in making such rules may include the following: 
        cost, burden, size of institution, available technology, and 
        whether the information will be made public.
    ``(e) Public Availability.--To the extent appropriate, practicable, 
and in accordance with law, the Board of Governors shall ensure that 
financial data collected using a format consistent with the financial 
data standard required under this section is accessible by the public 
in that format.''.
            (2) Technical amendment.--The table of contents for the 
        Dodd-Frank Wall Street Reform and Consumer Protection Act is 
        amended by inserting after the item relating to section 343 the 
        following new item:

``Sec. 344. Financial data standards for financial data received by the 
                            Board of Governors.''.
    (c) Financial Data Standards for Financial Data Filed or Submitted 
by Bank Holding Companies.--Section 5 of the Bank Holding Company Act 
of 1956 (12 U.S.C. 1844) is amended by adding at the end the following 
new subsection:
    ``(h) Financial Data Standards.--
            ``(1) In general.--The Board shall adopt data standards for 
        all financial data that is regularly filed with or submitted to 
        the Board by any bank holding company in a report under 
        subsection (c).
            ``(2) Characteristics of financial data standards.--The 
        data standards required by paragraph (1) shall, to the extent 
        practicable--
                    ``(A) incorporate a widely accepted, 
                nonproprietary, searchable, computer readable data 
                format;
                    ``(B) be consistent with and implement--
                            ``(i) United States generally accepted 
                        accounting principles or Federal financial 
                        accounting standards (as appropriate);
                            ``(ii) demonstrated best practices; and
                            ``(iii) Federal regulatory requirements;
                    ``(C) improve the transparency, consistency, and 
                usability of business and financial information;
                    ``(D) ensure interoperability and appropriate reuse 
                of information;
                    ``(E) reuse, enhance, harmonize, and integrate 
                existing standards as possible and appropriate;
                    ``(F) be capable of being continually upgraded to 
                be of maximum use as technologies and content evolve 
                over time; and
                    ``(G) be consistent and interoperable with one 
                another.
            ``(3) Implementation of financial data standards.--
                    ``(A) The Board shall adopt the financial data 
                standards required by paragraph (1) not later than the 
                end of the 4-year period beginning on the date of the 
                enactment of the Bank and Savings Association Holding 
                Company and Depository Institution Regulatory 
                Improvements Act of 2010.
                    ``(B) The Board is empowered to make rules and 
                regulations to effectuate the purposes of this 
                subsection.
                    ``(C) To the extent necessary to avoid imposing an 
                undue burden on financial institutions, the Board may 
                issue rules providing exemptions from the provisions of 
                this subsection. Factors considered by the Board in 
                making such rules may include the following: cost, 
                burden, size of institution, available technology, and 
                whether the information will be made public.
            ``(4) Public availability.--To the extent appropriate, 
        practicable, and in accordance with law, the Board shall ensure 
        that financial data collected using a format consistent with 
        the financial data standards required under this subsection is 
        accessible by the public in that format.''.
    (d) Financial Data Standards for Financial Data Filed or Submitted 
by Financial Market Utilities or Institutions Under the Payment, 
Clearing, and Settlement Supervision Act of 2010.--Section 809 of the 
Payment, Clearing, and Settlement Supervision Act of 2010 is amended by 
adding at the end the following new subsection:
    ``(h) Financial Data Standards.--
            ``(1) In general.--The Board of Governors shall adopt data 
        standards for all financial data that is regularly filed with 
        or submitted to the Board of Governors by any financial market 
        utility or financial institution under subsection (a) or (b).
            ``(2) Characteristics of financial data standards.--The 
        data standards required by paragraph (1) shall, to the extent 
        practicable--
                    ``(A) incorporate a widely accepted, 
                nonproprietary, searchable, computer readable data 
                format;
                    ``(B) be consistent with and implement--
                            ``(i) United States generally accepted 
                        accounting principles or Federal financial 
                        accounting standards (as appropriate);
                            ``(ii) industry best practices; and
                            ``(iii) Federal regulatory requirements;
                    ``(C) improve the transparency, consistency, and 
                usability of business and financial information;
                    ``(D) ensure interoperability and appropriate reuse 
                of information;
                    ``(E) reuse, enhance, harmonize, and integrate 
                existing standards as possible and appropriate;
                    ``(F) be capable of being continually upgraded to 
                be of maximum use as technologies and content evolve 
                over time; and
                    ``(G) be consistent and interoperable with one 
                another.
            ``(3) Implementation of financial data standards.--
                    ``(A) The Board shall adopt the financial data 
                standard required by paragraph (1) before the end of 
                the 4-year period beginning on the date of the 
                enactment of this title.
                    ``(B) The Board is empowered to make rules and 
                regulations to effectuate the purposes of this 
                subsection.
                    ``(C) To the extent necessary to avoid imposing an 
                undue burden on financial institutions, the Board of 
                Governors may issue rules to provide exemptions from 
                the requirements of this subsection. Factors considered 
                by the Board of Governors in making such rules may 
                include the following: cost, burden, size of 
                institution, available technology, and whether the 
                information will be made public.
            ``(4) Public availability.--To the extent appropriate, 
        practicable, and in accordance with law, the Board of Governors 
        shall ensure that financial data received and submitted under 
        this subsection is accessible by the public.''.
    (e) Financial Data Standard for Information Provided by the Board 
Under the Federal Reserve Act.--Section 2B of the Federal Reserve Act 
is amended by adding at the end the following new subsection:
    ``(d) Financial Data Standard for Public Information.--
            ``(1) In general.--To the extent appropriate and permitted 
        by law, the Board shall ensure that all of the information 
        provided on the Web site required under subsection (c) is 
        available in a format consistent with a financial data 
        standard.
            ``(2) Characteristics of financial data standard.--The 
        financial data standard required under paragraph (1) shall--
                    ``(A) incorporate a widely accepted, 
                nonproprietary, searchable, computer readable data 
                format;
                    ``(B) be consistent with and implement--
                            ``(i) United States generally accepted 
                        accounting principles or Federal financial 
                        accounting standards (as appropriate);
                            ``(ii) industry best practices; and
                            ``(iii) Federal regulatory requirements;
                    ``(C) improve the transparency, consistency, and 
                usability of business and financial information;
                    ``(D) ensure interoperability and appropriate reuse 
                of information through business process 
                standardization;
                    ``(E) reuse, enhance, harmonize, and integrate 
                existing standards as possible and appropriate; and
                    ``(F) be capable of being continually upgraded to 
                be of maximum use as technologies and content evolve 
                over time.''.

SEC. 4. FINANCIAL DATA STANDARDS TO IMPROVE THE TRANSPARENCY OF 
              INFORMATION RECEIVED BY THE FEDERAL DEPOSIT INSURANCE 
              CORPORATION.

    The Federal Deposit Insurance Act is amended by adding at the end 
the following new section:

``SEC. 51. FINANCIAL DATA STANDARDS.

    ``(a) In General.--The Corporation shall adopt data standards for 
all financial data that the Corporation receives from any financial 
company or submits to the Congress under title II of the Dodd-Frank 
Wall Street Reform and Consumer Protection Act, including reports to 
the Congress and the public under sections 203(c) and 210(o) of such 
Act and information collected under section 210 (o)(5) of such Act.
    ``(b) Characteristics of Financial Data Standards.--The data 
standards required by subsection (a) shall, to the extent practicable--
            ``(1) incorporate a widely accepted, nonproprietary, 
        searchable, computer readable data format;
            ``(2) be consistent with and implement--
                    ``(A) United States generally accepted accounting 
                principles or Federal financial accounting standards 
                (as appropriate);
                    ``(B) demonstrated best practices; and
                    ``(C) Federal regulatory requirements;
            ``(3) improve the transparency, consistency, and usability 
        of business and financial information;
            ``(4) ensure interoperability and appropriate reuse of 
        information;
            ``(5) reuse, enhance, harmonize, and integrate existing 
        standards as possible and appropriate;
            ``(6) be capable of being continually upgraded to be of 
        maximum use as technologies and content evolve over time; and
            ``(7) be consistent and interoperable with one another.
    ``(c) Implementation of Financial Data Standards.--
            ``(1) The Corporation shall adopt the financial data 
        standards required by subsection (a) before the end of the 4-
        year period beginning on the date of the enactment of this 
        section.
            ``(2) The Corporation shall issue rules or regulations to 
        carry out this section.
            ``(3) To the extent necessary to avoid imposing an undue 
        burden on financial institutions, the Corporation may issue 
        rules to provide exemptions from the provisions of this 
        section. Factors considered by the Corporation in making such 
        rules may include the following: cost, burden, size of 
        institution, available technology, and whether the information 
        will be made public.
    ``(d) Public Availability.--To the extent appropriate, practicable, 
and in accordance with law, the Corporation shall ensure that financial 
data received and submitted under this section is accessible by the 
public.''.

SEC. 5. FINANCIAL DATA STANDARDS TO IMPROVE THE TRANSPARENCY OF 
              INFORMATION RECEIVED BY THE OFFICE OF THE COMPTROLLER OF 
              THE CURRENCY.

    (a) In General.--Chapter one of title LXII of the Revised Statutes 
of the United States is amended by adding at the end the following new 
section:

``SEC. 5156B. FINANCIAL DATA STANDARDS.

    ``(a) In General.--The Comptroller of the Currency shall adopt data 
standards for all financial data that is regularly filed with or 
submitted to the Comptroller of the Currency by any financial 
institution.
    ``(b) Characteristics of Financial Data Standards.--The data 
standards required by subsection (a) shall, to the extent practicable--
            ``(1) incorporate widely accepted, nonproprietary, 
        searchable, computer readable data formats;
            ``(2) be consistent with and implement--
                    ``(A) United States generally accepted accounting 
                principles or Federal financial accounting standards 
                (as appropriate);
                    ``(B) demonstrated best practices; and
                    ``(C) Federal regulatory requirements;
            ``(3) improve the transparency, consistency, and usability 
        of business and financial information;
            ``(4) ensure interoperability and appropriate reuse of 
        information;
            ``(5) reuse, enhance, harmonize, and integrate existing 
        standards as possible and appropriate;
            ``(6) be capable of being continually upgraded to be of 
        maximum use as technologies and content evolve over time; and
            ``(7) be consistent and interoperable with one another.
    ``(c) Implementation of Financial Data Standards.--
            ``(1) The Comptroller of the Currency shall adopt the 
        financial data standards required by subsection (a) before the 
        end of the 4-year period beginning on the date of the enactment 
        of this section.
            ``(2) The Comptroller of the Currency shall issue rules 
        requiring financial institutions to file and submit financial 
        data using the financial data standards required by subsection 
        (a).
            ``(3) To the extent necessary to avoid imposing an undue 
        burden on financial institutions, the Comptroller of the 
        Currency may issue rules to provide exemptions from the 
        provisions of this section. Factors considered by the 
        Comptroller of the Currency in making such rules may include 
        the following: cost, burden, size of institution, available 
        technology, and whether the information will be made public.
    ``(d) Public Availability.--To the extent appropriate, practicable, 
and in accordance with law, the Comptroller of the Currency shall 
ensure that financial data collected using formats consistent with the 
financial data standards required under this section is accessible by 
the public in those formats.''.
    (b) Technical Amendment.--The table of contents for chapter one of 
title LXII of the Revised Statutes of the United States is amended by 
inserting after the item relating to section 5156A the following new 
item:

``Sec. 5156B. Financial data standards.''.

SEC. 6. DATA STANDARDS TO MODERNIZE THE DISCLOSURE SYSTEM OF THE 
              SECURITIES AND EXCHANGE COMMISSION.

    (a) Financial Data Standard for Investment Advisers' Reports Under 
the Investment Advisers Act.--Section 204 of the Investment Advisers 
Act of 1940 (15 U.S.C. 80b-4) is amended by adding at the end the 
following new subsection:
    ``(e) Financial Data Standard for Reports Filed Under This 
Section.--
            ``(1) The Commission shall, by rule, adopt a data standard 
        for any financial data that is included in reports filed by 
        investment advisers with the Commission under this section.
            ``(2) The data standard adopted under paragraph (1) shall 
        be consistent and interoperable with the data standard 
        prescribed by the Commission under part 232 of title 17, Code 
        of Federal Regulations (or any successor thereto) for the 
        financial statements contained in periodic and current reports 
        filed with the Commission under sections 13(a) and 15(d) of the 
        Securities Exchange Act of 1934.
            ``(3) The Commission shall, by rule, require any financial 
        data contained in reports filed by investment advisers with the 
        Commission under this section to be in a format consistent with 
        the financial data standard adopted under paragraph (1).
            ``(4) The Commission may, by rule, exempt reports regarding 
        private funds advised by investment advisers under subsection 
        (b) from the requirements of this subsection.''.
    (b) Financial Data Standard for Quantitative Data Required To Be 
Submitted or Published by Nationally Recognized Statistical Rating 
Organizations.--Section 15E of the Securities Exchange Act of 1934 (15 
U.S.C. 78o-7) is amended by adding at the end the following new 
subsection:
    ``(v) Data Standard for Quantitative Data Required To Be Submitted 
or Published by Nationally Recognized Statistical Rating 
Organization.--
            ``(1) The Commission shall, by rule, adopt a data standard 
        for all quantitative data that nationally recognized 
        statistical rating organizations are required to either submit 
        to the Commission or publicly disclose under this section.
            ``(2) The data standard adopted under paragraph (1) shall 
        be consistent and interoperable with the data standard 
        prescribed by the Commission under parts 240 and 249b of title 
        17, Code of Federal Regulations (or any successors thereto) for 
        ratings histories.''.
    (c) Data Standard for Asset-Backed Securities.--Section 7(c) of the 
Securities Act of 1933 is amended by adding at the end the following 
new paragraphs:
            ``(3) Data standard for asset-backed securities 
        disclosures.--
                    ``(A) The Commission shall, by rule, adopt a data 
                standard for all disclosures required under this 
                subsection.
                    ``(B) The data standard adopted under paragraph (1) 
                shall be consistent and interoperable with the data 
                standard prescribed by the Commission under part 232 of 
                title 17, Code of Federal Regulations (or any successor 
                thereto) for the financial statements contained in 
                periodic and current reports filed with the Commission 
                under sections 13(a) and 15(d) of the Securities 
                Exchange Act of 1934.
                    ``(C) The Commission may exempt particular 
                disclosure information from the requirements of this 
                paragraph--
                            ``(i) to the extent necessary to avoid 
                        undue burden on entities filing asset-backed 
                        securities disclosures; or
                            ``(ii) for information that will not be 
                        made public.
            ``(4) Public availability.--To the extent appropriate and 
        permitted by law, the Commission shall ensure that data filed 
        or received under this subsection is accessible by the 
        public.''.
    (d) Data Standard for Corporate Disclosures Under the Securities 
Act of 1933.--Section 7 of the Securities Act of 1933 (15 U.S.C. 77g) 
is amended by adding at the end the following new subsection:
    ``(d) Data Standard for the Registration Statement.--
            ``(1) The Commission shall, by rule, adopt a data standard 
        for all registration statements and for all prospectuses 
        included in registration statements required to be filed with 
        the Commission under this title, except that the Commission may 
        exempt exhibits, signatures, and certifications from this 
        requirement.
            ``(2) The data standard adopted under paragraph (1) shall 
        be consistent and interoperable with the data standard 
        prescribed by the Commission under section 232 of title 17, 
        Code of Federal Regulations (or any successor thereto) for the 
        financial statements contained in periodic and current reports 
        filed with the Commission under sections 13(a) and 15(d) of the 
        Securities Exchange Act of 1934.
            ``(3) The Commission may exempt particular disclosure 
        information from the requirements of this subsection--
                    ``(A) to the extent necessary to avoid undue burden 
                on issuers; or
                    ``(B) for information that will not be made 
                public.''.
    (e) Data Standard for Periodic and Current Corporate Disclosures 
Under the Securities Exchange Act of 1934.--Section 13 of the 
Securities Exchange Act of 1934 (15. U.S.C. 78m) by adding at the end 
the following:
    ``(r) Data Standard for Periodic and Current Reports.--
            ``(1) The Commission, shall, by rule, adopt a data standard 
        for all information contained in periodic and current reports 
        required to be filed or furnished under this section or under 
        section 15(d), except that the Commission may exempt exhibits, 
        signatures, and certifications from this requirement.
            ``(2) The data standard required under paragraph (1) shall 
        be consistent and interoperable with the data standard 
        prescribed by the Commission under section 232 of title 17, 
        Code of Federal Regulations (or any successor thereto) for the 
        financial statements contained in periodic and current reports 
        filed with the Commission under this section and section 15(d).
            ``(3) The Commission may exempt particular disclosure 
        information from the requirements of this subsection--
                    ``(A) to the extent necessary to avoid undue burden 
                on issuers; or
                    ``(B) for information that will not be made 
                public.''.
    (f) Data Standard for Corporate Proxy and Consent Solicitation 
Materials Under the Securities Exchange Act of 1934.--Amend section 14 
of the Securities Exchange Act of 1934 (15 U.S.C. 78n) by adding at the 
end the following:
    ``(k) Data Standard for Proxy and Consent Solicitation Materials.--
            ``(1) The Commission shall, by rule, adopt a data standard 
        for all information contained in any proxy or consent 
        solicitation material prepared by an issuer for an annual 
        meeting of the shareholders of the issuer, except that the 
        Commission may exempt exhibits, signatures, and certifications 
        from this requirement.
            ``(2) The data standard required under paragraph (1) shall 
        be consistent and interoperable with the data standard 
        prescribed by the Commission under section 232 of title 17, 
        Code of Federal Regulations (or any successor thereto) for the 
        financial statements contained in periodic and current reports 
        filed with the Commission under sections 13 and 15(d).
            ``(3) The Commission may exempt particular disclosure 
        information from the requirements of this subsection--
                    ``(A) to the extent necessary to avoid undue burden 
                on issuers; or
                    ``(B) for information that will not be made 
                public.''.

SEC. 7. FINANCIAL DATA STANDARDS TO ENSURE THE TRANSPARENCY OF 
              INFORMATION REPORTED TO THE OFFICE OF NATIONAL INSURANCE.

    Section 313(e) of title 31, United States Code, is amended by 
adding at the end the following new paragraph:
            ``(7) Financial data standard.--
                    ``(A) In general.--The Office shall adopt a data 
                standard for all financial data that it requires any 
                insurer or affiliate to submit directly to the Office 
                under this subsection.
                    ``(B) Characteristics of financial data standard.--
                The data standard required by subparagraph (A) shall--
                            ``(i) incorporate a widely accepted, 
                        nonproprietary, searchable, computer-readable 
                        data format;
                            ``(ii) be consistent with and implement--
                                    ``(I) United States generally 
                                accepted accounting principles or 
                                Federal financial accounting standards 
                                (as appropriate);
                                    ``(II) demonstrated best practices; 
                                and
                                    ``(III) Federal regulatory 
                                requirements;
                            ``(iii) improve the transparency, 
                        consistency, and usability of business and 
                        financial information;
                            ``(iv) ensure interoperability and 
                        appropriate reuse of information through 
                        business process standardization;
                            ``(v) reuse, enhance, harmonize, and 
                        integrate existing standards as possible and 
                        appropriate; and
                            ``(vi) be capable of being continually 
                        upgraded to be of maximum use as technologies 
                        and content evolve over time.
                    ``(C) Implementation of financial data standard.--
                            ``(i) The Office shall adopt the financial 
                        data standard required by subparagraph (A) 
                        before the end of the 1-year period beginning 
                        on the date of the enactment of the Federal 
                        Insurance Office Act of 2010.
                            ``(ii) The Office shall issue rules 
                        requiring insurers and affiliates that submit 
                        financial data directly to the Office to submit 
                        such financial data using the financial data 
                        standard required by subparagraph (A).
                            ``(iii) To the extent necessary to avoid 
                        imposing an undue burden on small insurers and 
                        affiliates, the Office may issue rules 
                        exempting small insurers and affiliates from 
                        the requirements of this paragraph.
                    ``(D) Public availability.--To the extent 
                appropriate and permitted by law, the Office shall 
                ensure that information submitted under to this 
                subsection is accessible by the public.
                    ``(E) Application.--The requirements of this 
                paragraph shall not apply to information obtained by 
                the Office from State insurance regulators, other 
                regulatory agencies, or publicly available sources 
                under subparagraph (4). However, the Office shall 
                permit State insurance regulators, at their option, to 
                submit financial data to the office using the financial 
                data standard required by subparagraph (A).''.

SEC. 8. FINANCIAL DATA STANDARDS TO ENSURE THE TRANSPARENCY OF SWAP 
              TRANSACTION DATA.

    (a) Financial Data Standard for Nonsecurity-Based Swap Transaction 
Data.--Section 2(a) of the Commodity Exchange Act (7 U.S.C. 2(a)) is 
amended by adding at the end the following new paragraph:
            ``(16) Swap transaction data standard.--
                    ``(A) In general.--The Commission shall adopt a 
                data standard for swap transaction data that is subject 
                to the public availability requirements of subparagraph 
                (13)(C).
                    ``(B) Characteristics of swap transaction data 
                standard.--The data standard required by subparagraph 
                (A) shall--
                            ``(i) incorporate a widely accepted, 
                        nonproprietary, searchable, computer-readable 
                        data format; and
                            ``(ii) be consistent with and implement--
                                    ``(I) United States generally 
                                accepted accounting principles or 
                                Federal financial accounting standards 
                                (as appropriate);
                                    ``(II) demonstrated best practices; 
                                and
                                    ``(III) Federal regulatory 
                                requirements;
                            ``(iii) improve the transparency, 
                        consistency, and usability of business and 
                        financial information;
                            ``(iv) ensure interoperability and 
                        appropriate reuse of information through 
                        business process standardization;
                            ``(v) reuse, enhance, harmonize, and 
                        integrate existing standards as possible and 
                        appropriate; and
                            ``(vi) be capable of being continually 
                        upgraded to be of maximum use as technologies 
                        and content evolve over time.
                    ``(C) Consistency with data standard for security-
                based swap transaction data.--In adopting the data 
                standard required by subparagraph (A), the Commission 
                shall ensure consistency and interoperability with the 
                data standard that is required for security-based swap 
                transaction data under section 13A of the Securities 
                Exchange Act of 1934.
                    ``(D) Implementation of swap transaction data 
                standard.--Not later than the end of the 2-year period 
                beginning on the date of the enactment of the Financial 
                Industry Transparency Act of 2010, the Commission shall 
                provide, by rule, for the reporting and dissemination 
                of swap transaction data in a format consistent with 
                the data standard required by subparagraph (A).''.
    (b) Financial Data Standard for Security-Based Swap Transaction 
Data.--Section 13A of the Securities Exchange Act of 1934 is amended by 
adding at the end the following new subsection:
    ``(e) Security-Based Swap Transaction Data Standard.--
            ``(1) In general.--The Commission shall adopt a data 
        standard for all reporting to the Commission or to a security-
        based swap data repository under subsection (a)(1).
            ``(2) Characteristics of security-based swap transaction 
        data standard.--The data standard required by paragraph (1) 
        shall--
                    ``(A) incorporate a widely accepted, 
                nonproprietary, searchable, computer readable data 
                format;
                    ``(B) be consistent with and implement--
                            ``(i) United States generally accepted 
                        accounting principles or Federal financial 
                        accounting standards (as appropriate);
                            ``(ii) demonstrated best practices; and
                            ``(iii) Federal regulatory requirements;
                    ``(C) improve the transparency, consistency, and 
                usability of business and financial information;
                    ``(D) insure interoperability and appropriate reuse 
                of information through business process 
                standardization;
                    ``(E) reuse, enhance, harmonize, and integrate 
                existing standards as possible and appropriate; and
                    ``(F) be capable of being continually upgraded to 
                be of maximum use as technologies and content evolve 
                over time.
            ``(3) Consistency with data standard for swap transaction 
        data.--In adopting the data standard required by paragraph (1), 
        the Commission shall ensure consistency and interoperability 
        with the data standard that is required for swap transaction 
        data under section 2 of the Commodity Exchange Act (7 U.S.C. 
        2).
            ``(4) Implementation of security-based swap transaction 
        data standard.--Not later than the end of the 2-year period 
        beginning on the date of the enactment of the Financial 
        Industry Transparency Act of 2010, the Commission shall, by 
        rule or regulation, adopt the data standard required by 
        paragraph (1) and require it to be used for all reporting to 
        the Commission or to a security-based swap data repository 
        pursuant to subsection (a)(1).
            ``(5) Public availability.--To the extent appropriate and 
        permitted by law, the Commission shall ensure that security-
        based swap transaction data received and reported under this 
        section is accessible by the public.''.
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