I 

116TH CONGRESS 

1ST SESSION H. R. 4476 

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

reported to financial regulatory agencies electronically searchable, to further enable the development of RegTech and Artificial Intelligence applications, to put the United States on a path towards building a comprehensive Standard Business Reporting program to ultimately harmonize and reduce the private sector’s regulatory compliance burden, 

while enhancing transparency and accountability, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 24, 2019 

Mrs. CAROLYN B. MALONEY of New York (for herself and Mr. MCHENRY) 

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 further enable the development of RegTech and Artificial Intelligence applications, 

to put the United States on a path towards building 

a comprehensive Standard Business Reporting program 

to ultimately harmonize and reduce the private sector’s 

regulatory compliance burden, while enhancing transparency and accountability, and for other purposes. 


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

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

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

5 ‘‘Financial Transparency Act of 2019’’. 

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

7 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. Report. 

Sec. 107. 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. 


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Sec. 502. Rulemaking. 

Sec. 503. No new disclosure requirements. 

TITLE VI—FEDERAL RESERVE SYSTEM 

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. 

TITLE X—MISCELLANEOUS 

Sec. 1001. Rule of construction. 

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, meaning a 


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1 standard that specifies rules by which data is described 

2 and recorded, for the information reported to member 

3 agencies by financial entities under the jurisdiction of the 

4 member agency and the data collected from member agen5 cies on behalf of the Council. 

6 ‘‘(b) STANDARDIZATION.—Member agencies, in con7 sultation with the Secretary of the Treasury, shall imple8 ment regulations promulgated by the Secretary of the 

9 Treasury under subsection (a) to standardize data re10 ported to member agencies or collected on behalf of the 

11 Council, as described under subsection (a). If a member 

12 agency fails to implement such regulations prior to the 

13 expiration of the 3-year period following the date of publi14 cation of final regulations, the Secretary of the Treasury, 

15 in consultation with the Chairperson, may implement such 

16 regulations with respect to the financial entities under the 

17 jurisdiction of the member agency. 

18 ‘‘(c) DATA STANDARDS.— 

19 ‘‘(1) COMMON IDENTIFIERS.—The data stand20 ards promulgated under subsection (a) shall include 

21 common identifiers for information reported to mem22 ber agencies or collected on behalf of the Council, in23 cluding a common nonproprietary legal entity identi24 fier that is available under an open license (as de25 fined under section 3502 of title 44, United States 


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1 Code) for all entities required to report to member 

2 agencies. 

3 ‘‘(2) DATA STANDARD.—The data standards 

4 promulgated under subsection (a) shall, to the extent 

5 practicable— 

6 ‘‘(A) render data fully searchable and ma7 chine-readable (as defined under section 3502 

8 of title 44, United States Code); 

9 ‘‘(B) enable high quality data through 

10 schemas, with accompanying metadata (as de11 fined under section 3502 of title 44, United 

12 States Code) documented in machine-readable 

13 taxonomy or ontology models, which clearly de14 fine the data’s semantic meaning as defined by 

15 the underlying regulatory information collection 

16 requirements; 

17 ‘‘(C) assure that a data element or data 

18 asset that exists to satisfy an underlying regu19 latory information collection requirement be 

20 consistently identified as such in associated ma21 chine-readable metadata; 

22 ‘‘(D) be nonproprietary or made available 

23 under an open license; 


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1 ‘‘(E) incorporate standards developed and 

2 maintained by voluntary consensus standards 

3 bodies; and 

4 ‘‘(F) use, be consistent with, and imple5 ment applicable accounting and reporting prin6 ciples. 

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

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

9 Treasury shall consult with other Federal depart10 ments and agencies and multi-agency initiatives re11 sponsible for Federal data standards. 

12 ‘‘(4) INTEROPERABILITY OF DATA.—In promul13 gating data standards under subsection (a), the Sec14 retary of the Treasury shall seek to promote inter15 operability of financial regulatory data across mem16 bers of the Council.’’. 

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

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

19 and Consumer Protection Act is amended by inserting 

20 after the item relating to section 123 the following: 

‘‘Sec. 124. Data standards.’’. 

21 SEC. 102. OPEN DATA PUBLICATION BY THE DEPARTMENT 

22 OF THE TREASURY. 

23 Section 124 of the Financial Stability Act of 2010, 

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

25 the following: 


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1 ‘‘(d) OPEN DATA PUBLICATION.—All public informa2 tion published by the Secretary of the Treasury under this 

3 subtitle shall be made available as an open Government 

4 data asset (as defined under section 3502 of title 44, 

5 United States Code), freely available for download in bulk, 

6 and rendered in a human-readable format and accessible 

7 via application programming interface where appro8 priate.’’. 

9 SEC. 103. RULEMAKING. 

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

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

12 of the Treasury shall issue the regulations required under 

13 the amendments made by this title. The Secretary may 

14 delegate the functions required under the amendments 

15 made by this title to an appropriate office within the De16 partment of the Treasury. 

17 SEC. 104. CLASSIFIED AND PROTECTED INFORMATION. 

18 Nothing in this title or the amendments made by this 

19 title shall require the disclosure to the public of— 

20 (1) information that would be exempt from dis21 closure under section 552 of title 5, United States 

22 Code (commonly known as the ‘‘Freedom of Infor23 mation Act’’); or 

24 (2) information protected under section 552a of 

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


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1 ‘‘Privacy Act of 1974’’), or section 6103 of the In2 ternal Revenue Code of 1986. 

3 SEC. 105. NO NEW DISCLOSURE REQUIREMENTS. 

4 Nothing in this title or the amendments made by this 

5 title shall be construed to require the Secretary of the 

6 Treasury to collect additional information under the stat7 utes amended by this title, beyond information that was 

8 collected under such statutes before the date of the enact9 ment of this Act. 

10 SEC. 106. REPORT. 

11 Not later than 1 year after the end of the 2-year pe12 riod described in section 103, the Comptroller General of 

13 the United States shall submit to Congress a report on 

14 the feasibility, costs, and potential benefits of building 

15 upon the taxonomy established by this Act to arrive at 

16 a Federal Government-wide regulatory compliance stand17 ardization mechanism similar to Standard Business Re18 porting. 

19 SEC. 107. CONFORMING AMENDMENTS TO THE OFFICE OF 

20 FINANCIAL RESEARCH. 

21 Section 153 of the Financial Stability Act of 2010 

22 (12 U.S.C. 5343) is amended— 

23 (1) in subsection (a)— 

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


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1 (B) by redesignating paragraphs (3) 

2 through (7) as paragraphs (2) through (6), re3 spectively; and 

4 (2) by amending subsection (c) to read as fol5 lows: 

6 ‘‘(c) RULEMAKING AUTHORITY.—The Office, in con7 sultation with the Chairperson, shall issue rules, regula8 tions, and orders only to the extent necessary to carry out 

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

10 (6) of subsection (a).’’. 

11 TITLE II—SECURITIES AND 

12 EXCHANGE COMMISSION 

13 SEC. 201. DATA STANDARDS REQUIREMENTS FOR THE SE14 CURITIES AND EXCHANGE COMMISSION. 

15 (a) DATA STANDARDS FOR INVESTMENT ADVISERS’ 

16 REPORTS UNDER THE INVESTMENT ADVISERS ACT OF

17 1940.—Section 204 of the Investment Advisers Act of 

18 1940 (15 U.S.C. 80b–4) is amended— 

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

20 (relating to Records of Persons With Custody of 

21 Use) as subsection (e); and 

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

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

24 THIS SECTION.— 


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

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

3 investment advisers with the Commission under this 

4 section. 

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

6 required by paragraph (1) shall, to the extent prac7 ticable— 

8 ‘‘(A) render data fully searchable and ma9 chine-readable (as defined under section 3502 

10 of title 44, United States Code); 

11 ‘‘(B) enable high quality data through 

12 schemas, with accompanying metadata (as de13 fined under section 3502 of title 44, United 

14 States Code) documented in machine-readable 

15 taxonomy or ontology models, which clearly de16 fine the data’s semantic meaning as defined by 

17 the underlying regulatory information collection 

18 requirements; 

19 ‘‘(C) assure that a data element or data 

20 asset that exists to satisfy an underlying regu21 latory information collection requirement be 

22 consistently identified as such in associated ma23 chine-readable metadata; 


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1 ‘‘(D) be nonproprietary or made available 

2 under an open license (as defined under section 

3 3502 of title 44, United States Code); 

4 ‘‘(E) incorporate standards developed and 

5 maintained by voluntary consensus standards 

6 bodies; and 

7 ‘‘(F) use, be consistent with, and imple8 ment applicable accounting and reporting prin9 ciples. 

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

11 adopting data standards by rule under this sub12 section, the Commission shall incorporate all applica13 ble data standards promulgated by the Secretary of 

14 the Treasury.’’. 

15 (b) DATA STANDARDS FOR REGISTRATION STATE16 MENTS AND REPORTS UNDER THE INVESTMENT COM17 PANY ACT OF 1940.—The Investment Company Act of 

18 1940 (15 U.S.C. 80a–1 et seq.) is amended— 

19 (1) in section 8, by adding at the end the fol20 lowing: 

21 ‘‘(g) DATA STANDARDS FOR REGISTRATION STATE22 MENTS.— 

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

24 by rule, adopt data standards for all registration 

25 statements required to be filed with the Commission 


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1 under this section, except that the Commission may 

2 exempt exhibits, signatures, and certifications from 

3 such data standards. 

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

5 required by paragraph (1) shall, to the extent prac6 ticable— 

7 ‘‘(A) render data fully searchable and ma8 chine-readable (as defined under section 3502 

9 of title 44, United States Code); 

10 ‘‘(B) enable high quality data through 

11 schemas, with accompanying metadata (as de12 fined under section 3502 of title 44, United 

13 States Code) documented in machine-readable 

14 taxonomy or ontology models, which clearly de15 fine the data’s semantic meaning as defined by 

16 the underlying regulatory information collection 

17 requirements; 

18 ‘‘(C) assure that a data element or data 

19 asset that exists to satisfy an underlying regu20 latory information collection requirement be 

21 consistently identified as such in associated ma22 chine-readable metadata; 

23 ‘‘(D) be nonproprietary or made available 

24 under an open license (as defined under section 

25 3502 of title 44, United States Code); 


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1 ‘‘(E) incorporate standards developed and 

2 maintained by voluntary consensus standards 

3 bodies; and 

4 ‘‘(F) use, be consistent with, and imple5 ment applicable accounting and reporting prin6 ciples. 

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.’’; and 

12 (2) in section 30, by adding at the end the fol13 lowing: 

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

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

16 by rule, adopt data standards for all reports re17 quired to be filed with the Commission under this 

18 section, except that the Commission may exempt ex19 hibits, signatures, and certifications from such data 

20 standards. 

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

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


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1 ‘‘(A) render data fully searchable and ma2 chine-readable (as defined under section 3502 

3 of title 44, United States Code); 

4 ‘‘(B) enable high quality data through 

5 schemas, with accompanying metadata (as de6 fined under section 3502 of title 44, United 

7 States Code) documented in machine-readable 

8 taxonomy or ontology models, which clearly de9 fine the data’s semantic meaning as defined by 

10 the underlying regulatory information collection 

11 requirements; 

12 ‘‘(C) assure that a data element or data 

13 asset that exists to satisfy an underlying regu14 latory information collection requirement be 

15 consistently identified as such in associated ma16 chine-readable metadata; 

17 ‘‘(D) be nonproprietary or made available 

18 under an open license (as defined under section 

19 3502 of title 44, United States Code); 

20 ‘‘(E) incorporate standards developed and 

21 maintained by voluntary consensus standards 

22 bodies; and 

23 ‘‘(F) use, be consistent with, and imple24 ment applicable accounting and reporting prin25 ciples. 


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

2 adopting data standards by rule under this sub3 section, the Commission shall incorporate all applica4 ble data standards promulgated by the Secretary of 

5 the Treasury.’’. 

6 (c) DATA STANDARDS FOR INFORMATION REQUIRED

7 TO BE SUBMITTED OR PUBLISHED BY NATIONALLY REC8 OGNIZED STATISTICAL RATING ORGANIZATIONS.—Section 

9 15E of the Securities Exchange Act of 1934 (15 U.S.C. 

10 78o–7) is amended by adding at the end the following: 

11 ‘‘(w) DATA STANDARDS FOR INFORMATION RE12 QUIRED TO BE SUBMITTED OR PUBLISHED UNDER THIS

13 SECTION.— 

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

15 by rule, adopt data standards for all information re16 quired to be submitted or published by a nationally 

17 recognized statistical rating organization under this 

18 section. 

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

20 required by paragraph (1) shall, to the extent prac21 ticable— 

22 ‘‘(A) render data fully searchable and ma23 chine-readable (as defined under section 3502 

24 of title 44, United States Code); 


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1 ‘‘(B) enable high quality data through 

2 schemas, with accompanying metadata (as de3 fined under section 3502 of title 44, United 

4 States Code) documented in machine-readable 

5 taxonomy or ontology models, which clearly de6 fine the data’s semantic meaning as defined by 

7 the underlying regulatory information collection 

8 requirements; 

9 ‘‘(C) assure that a data element or data 

10 asset that exists to satisfy an underlying regu11 latory information collection requirement be 

12 consistently identified as such in associated ma13 chine-readable metadata; 

14 ‘‘(D) be nonproprietary or made available 

15 under an open license (as defined under section 

16 3502 of title 44, United States Code); 

17 ‘‘(E) incorporate standards developed and 

18 maintained by voluntary consensus standards 

19 bodies; and 

20 ‘‘(F) use, be consistent with, and imple21 ment applicable accounting and reporting prin22 ciples. 

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

24 adopting data standards by rule under this sub25 section, the Commission shall incorporate all applicaVerDate Sep 11 2014 20:54 Oct 01, 2019 Jkt 099200 PO 00000 Frm 00016 Fmt 6652 Sfmt 6201 E:\BILLS\H4476.IH H4476

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1 ble data standards promulgated by the Secretary of 

2 the Treasury.’’. 

3 (d) DATA STANDARDS FOR ASSET-BACKED SECURI4 TIES DISCLOSURES.—Section 7(c) of the Securities Act of 

5 1933 (15 U.S.C. 77g(c)) is amended by adding at the end 

6 the following: 

7 ‘‘(3) DATA STANDARDS FOR ASSET-BACKED SE8 CURITIES DISCLOSURES.— 

9 ‘‘(A) REQUIREMENT.—The Commission 

10 shall, by rule, adopt data standards for all dis11 closures required under this subsection. 

12 ‘‘(B) CHARACTERISTICS.—The data stand13 ards required by subparagraph (A) shall, to the 

14 extent practicable— 

15 ‘‘(i) render data fully searchable and 

16 machine-readable (as defined under section 

17 3502 of title 44, United States Code); 

18 ‘‘(ii) enable high quality data through 

19 schemas, with accompanying metadata (as 

20 defined under section 3502 of title 44, 

21 United States Code) documented in ma22 chine-readable taxonomy or ontology mod23 els, which clearly define the data’s seman24 tic meaning as defined by the underlying 


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1 regulatory information collection require2 ments; 

3 ‘‘(iii) assure that a data element or 

4 data asset that exists to satisfy an under5 lying regulatory information collection re6 quirement be consistently identified as 

7 such in associated machine-readable 

8 metadata; 

9 ‘‘(iv) be nonproprietary or made avail10 able under an open license (as defined 

11 under section 3502 of title 44, United 

12 States Code); 

13 ‘‘(v) incorporate standards developed 

14 and maintained by voluntary consensus 

15 standards bodies; and 

16 ‘‘(vi) use, be consistent with, and im17 plement applicable accounting and report18 ing principles. 

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

20 adopting data standards by rule under this 

21 paragraph, the Commission shall incorporate all 

22 applicable data standards promulgated by the 

23 Secretary of the Treasury.’’. 

24 (e) DATA STANDARDS FOR CORPORATE DISCLO25 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 data fully searchable and ma15 chine-readable (as defined under section 3502 

16 of title 44, United States Code); 

17 ‘‘(B) enable high quality data through 

18 schemas, with accompanying metadata (as de19 fined under section 3502 of title 44, United 

20 States Code) documented in machine-readable 

21 taxonomy or ontology models, which clearly de22 fine the data’s semantic meaning as defined by 

23 the underlying regulatory information collection 

24 requirements; 


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1 ‘‘(C) assure that a data element or data 

2 asset that exists to satisfy an underlying regu3 latory information collection requirement be 

4 consistently identified as such in associated ma5 chine-readable metadata; 

6 ‘‘(D) be nonproprietary or made available 

7 under an open license (as defined under section 

8 3502 of title 44, United States Code); 

9 ‘‘(E) incorporate standards developed and 

10 maintained by voluntary consensus standards 

11 bodies; and 

12 ‘‘(F) use, be consistent with, and imple13 ment applicable accounting and reporting prin14 ciples. 

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

16 adopting data standards by rule under this sub17 section, the Commission shall incorporate all applica18 ble data standards promulgated by the Secretary of 

19 the Treasury.’’. 

20 (f) DATA STANDARDS FOR PERIODIC AND CURRENT

21 CORPORATE DISCLOSURES UNDER THE SECURITIES EX22 CHANGE ACT OF 1934.—Section 13 of the Securities Ex23 change Act of 1934 (15 U.S.C. 78m) is amended by add24 ing at the end the following: 

25 ‘‘(s) DATA STANDARDS.— 


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

2 by rule, adopt data standards for all information 

3 contained in periodic and current reports required to 

4 be filed or furnished under this section or under sec5 tion 15(d), except that the Commission may exempt 

6 exhibits, signatures, and certifications from such 

7 data standards. 

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

9 required by paragraph (1) shall, to the extent prac10 ticable— 

11 ‘‘(A) render data fully searchable and ma12 chine-readable (as defined under section 3502 

13 of title 44, United States Code); 

14 ‘‘(B) enable high quality data through 

15 schemas, with accompanying metadata (as de16 fined under section 3502 of title 44, United 

17 States Code) documented in machine-readable 

18 taxonomy or ontology models, which clearly de19 fine the data’s semantic meaning as defined by 

20 the underlying regulatory information collection 

21 requirements; 

22 ‘‘(C) assure that a data element or data 

23 asset that exists to satisfy an underlying regu24 latory information collection requirement be 


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1 consistently identified as such in associated ma2 chine-readable metadata; 

3 ‘‘(D) be nonproprietary or made available 

4 under an open license (as defined under section 

5 3502 of title 44, United States Code); 

6 ‘‘(E) incorporate standards developed and 

7 maintained by voluntary consensus standards 

8 bodies; and 

9 ‘‘(F) use, be consistent with, and imple10 ment applicable accounting and reporting prin11 ciples. 

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 (g) DATA STANDARDS FOR CORPORATE PROXY AND

18 CONSENT SOLICITATION MATERIALS UNDER THE SECU19 RITIES EXCHANGE ACT OF 1934.—Section 14 of the Se20 curities Exchange Act of 1934 (15 U.S.C. 78n) is amend21 ed by adding at the end the following: 

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

23 SOLICITATION MATERIALS.— 

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

25 by rule, adopt data standards for all information 


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1 contained in any proxy or consent solicitation mate2 rial prepared by an issuer for an annual meeting of 

3 the shareholders of the issuer, except that the Com4 mission may exempt exhibits, signatures, and certifi5 cations from such data standards. 

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

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

9 ‘‘(A) render data fully searchable and ma10 chine-readable (as defined under section 3502 

11 of title 44, United States Code); 

12 ‘‘(B) enable high quality data through 

13 schemas, with accompanying metadata (as de14 fined under section 3502 of title 44, United 

15 States Code) documented in machine-readable 

16 taxonomy or ontology models, which clearly de17 fine the data’s semantic meaning as defined by 

18 the underlying regulatory information collection 

19 requirements; 

20 ‘‘(C) assure that a data element or data 

21 asset that exists to satisfy an underlying regu22 latory information collection requirement be 

23 consistently identified as such in associated ma24 chine-readable metadata; 


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1 ‘‘(D) be nonproprietary or made available 

2 under an open license (as defined under section 

3 3502 of title 44, United States Code); 

4 ‘‘(E) incorporate standards developed and 

5 maintained by voluntary consensus standards 

6 bodies; and 

7 ‘‘(F) use, be consistent with, and imple8 ment applicable accounting and reporting prin9 ciples. 

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

11 adopting data standards by rule under this sub12 section, the Commission shall incorporate all applica13 ble data standards promulgated by the Secretary of 

14 the Treasury.’’. 

15 (h) DATA STANDARDS FOR SECURITY-BASED SWAP

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

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

18 end the following: 

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

20 REPORTING.— 

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

22 by rule, adopt data standards for all reports related 

23 to security-based swaps that are required under this 

24 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 data fully searchable and ma5 chine-readable (as defined under section 3502 

6 of title 44, United States Code); 

7 ‘‘(B) enable high quality data through 

8 schemas, with accompanying metadata (as de9 fined under section 3502 of title 44, United 

10 States Code) documented in machine-readable 

11 taxonomy or ontology models, which clearly de12 fine the data’s semantic meaning as defined by 

13 the underlying regulatory information collection 

14 requirements; 

15 ‘‘(C) assure that a data element or data 

16 asset that exists to satisfy an underlying regu17 latory information collection requirement be 

18 consistently identified as such in associated ma19 chine-readable metadata; 

20 ‘‘(D) be nonproprietary or made available 

21 under an open license (as defined under section 

22 3502 of title 44, United States Code); 

23 ‘‘(E) incorporate standards developed and 

24 maintained by voluntary consensus standards 

25 bodies; and 


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1 ‘‘(F) use, be consistent with, and imple2 ment applicable accounting and reporting prin3 ciples. 

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

5 adopting data standards by rule under this sub6 section, the Commission shall incorporate all applica7 ble data standards promulgated by the Secretary of 

8 the Treasury.’’. 

9 (i) RULEMAKING.— 

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

11 the 2-year period beginning on the date of the enact12 ment of this Act, the Securities and Exchange Com13 mission shall issue the regulations required under 

14 the amendments made by this section. 

15 (2) SCALING OF REGULATORY REQUIRE16 MENTS.—In issuing the regulations required under 

17 the amendments made by this section, the Securities 

18 and Exchange Commission may scale data reporting 

19 requirements in order to reduce any unjustified bur20 den on emerging growth companies, lending institu21 tions, accelerated filers, smaller reporting companies, 

22 and other smaller issuers, as determined by the 

23 study required under section 205(c), while still pro24 viding searchable information to investors. 


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1 (3) MINIMIZING DISRUPTION.—In issuing the 

2 regulations required under the amendments made by 

3 this section, the Securities and Exchange Commis4 sion shall seek to minimize disruptive changes to the 

5 persons affected by such regulations. 

6 SEC. 202. OPEN DATA PUBLICATION BY THE SECURITIES 

7 AND EXCHANGE COMMISSION. 

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

9 U.S.C. 78d) is amended by adding at the end the fol10 lowing: 

11 ‘‘(j) OPEN DATA PUBLICATION.—All public informa12 tion published by the Commission under the securities 

13 laws and the Dodd-Frank Wall Street Reform and Con14 sumer Protection Act shall be made available as an open 

15 Government data asset (as defined under section 3502 of 

16 title 44, United States Code), freely available for download 

17 in bulk and rendered in a human-readable format and ac18 cessible via application programming interface where ap19 propriate.’’. 

20 SEC. 203. DATA TRANSPARENCY AT THE MUNICIPAL SECU21 RITIES RULEMAKING BOARD. 

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

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

24 by adding at the end the following: 

25 ‘‘(8) DATA STANDARDS.— 


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

2 information systems under paragraph (3), the Board 

3 shall adopt data standards for information sub4 mitted via such systems. 

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

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

7 practicable— 

8 ‘‘(i) render data fully searchable and ma9 chine-readable (as defined under section 3502 

10 of title 44, United States Code); 

11 ‘‘(ii) enable high quality data through 

12 schemas, with accompanying metadata (as de13 fined under section 3502 of title 44, United 

14 States Code) documented in machine-readable 

15 taxonomy or ontology models, which clearly de16 fine the data’s semantic meaning as defined by 

17 the underlying regulatory information collection 

18 requirements; 

19 ‘‘(iii) assure that a data element or data 

20 asset that exists to satisfy an underlying regu21 latory information collection requirement be 

22 consistently identified as such in associated ma23 chine-readable metadata; 


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1 ‘‘(iv) be nonproprietary or made available 

2 under an open license (as defined under section 

3 3502 of title 44, United States Code); 

4 ‘‘(v) incorporate standards developed and 

5 maintained by voluntary consensus standards 

6 bodies; and 

7 ‘‘(vi) use, be consistent with, and imple8 ment applicable accounting and reporting prin9 ciples. 

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

11 adopting data standards under this paragraph, the 

12 Board shall incorporate all applicable data standards 

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

14 (b) RULEMAKING.— 

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

16 the 2-year period beginning on the date of the enact17 ment of this Act, the Municipal Securities Rule18 making Board shall issue the regulations required 

19 under the amendments made by this section. 

20 (2) SCALING OF REGULATORY REQUIRE21 MENTS.—In issuing the regulations required under 

22 the amendments made by this section, the Municipal 

23 Securities Rulemaking Board may scale data report24 ing requirements in order to reduce any unjustified 

25 burden on smaller regulated entities. 


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1 (3) MINIMIZING DISRUPTION.—In issuing the 

2 regulations required under the amendments made by 

3 this section, the Municipal Securities Rulemaking 

4 Board shall seek to minimize disruptive changes to 

5 the persons affected by such regulations. 

6 SEC. 204. DATA TRANSPARENCY AT NATIONAL SECURITIES 

7 ASSOCIATIONS. 

8 (a) IN GENERAL.—Section 15A of the Securities Ex9 change Act of 1934 (15 U.S.C. 78o–3) is amended by add10 ing at the end the following: 

11 ‘‘(n) DATA STANDARDS.— 

12 ‘‘(1) REQUIREMENT.—A national securities as13 sociation registered pursuant to subsection (a) shall 

14 adopt data standards for all information that is reg15 ularly filed with or submitted to the association. 

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

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

19 ‘‘(A) render data fully searchable and ma20 chine-readable (as defined under section 3502 

21 of title 44, United States Code); 

22 ‘‘(B) enable high quality data through 

23 schemas, with accompanying metadata (as de24 fined under section 3502 of title 44, United 

25 States Code) documented in machine-readable 


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1 taxonomy or ontology models, which clearly de2 fine the data’s semantic meaning as defined by 

3 the underlying regulatory information collection 

4 requirements; 

5 ‘‘(C) assure that a data element or data 

6 asset that exists to satisfy an underlying regu7 latory information collection requirement be 

8 consistently identified as such in associated ma9 chine-readable metadata; 

10 ‘‘(D) be nonproprietary or made available 

11 under an open license (as defined under section 

12 3502 of title 44, United States Code); 

13 ‘‘(E) incorporate standards developed and 

14 maintained by voluntary consensus standards 

15 bodies; and 

16 ‘‘(F) use, be consistent with, and imple17 ment applicable accounting and reporting prin18 ciples. 

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

20 adopting data standards under this subsection, the 

21 association shall incorporate all applicable data 

22 standards promulgated by the Secretary of the 

23 Treasury.’’. 

24 (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, a national securities association 

4 shall adopt the standards required under the amend5 ments made by this section. 

6 (2) SCALING OF REGULATORY REQUIRE7 MENTS.—In adopting the standards required under 

8 the amendments made by this section, a national se9 curities association may scale data reporting require10 ments in order to reduce any unjustified burden on 

11 smaller regulated entities. 

12 (3) MINIMIZING DISRUPTION.—In adopting the 

13 standards required under the amendments made by 

14 this section, a national securities association shall 

15 seek to minimize disruptive changes to the persons 

16 affected by such standards. 

17 SEC. 205. SHORTER-TERM BURDEN REDUCTION AND DIS18 CLOSURE SIMPLIFICATION AT THE SECURI19 TIES AND EXCHANGE COMMISSION; SUNSET. 

20 (a) BETTER ENFORCEMENT OF THE QUALITY OF

21 CORPORATE FINANCIAL DATA SUBMITTED TO THE SECU22 RITIES AND EXCHANGE COMMISSION.— 

23 (1) DATA QUALITY IMPROVEMENT PROGRAM.— 

24 Within six months after the date of the enactment 

25 of this Act, the Commission shall establish a proVerDate Sep 11 2014 20:54 Oct 01, 2019 Jkt 099200 PO 00000 Frm 00032 Fmt 6652 Sfmt 6201 E:\BILLS\H4476.IH H4476

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1 gram to improve the quality of corporate financial 

2 data filed or furnished by issuers under the Securi3 ties Act of 1933, the Securities Exchange Act of 

4 1934, and the Investment Company Act of 1940. 

5 The program shall include the following: 

6 (A) The designation of an official in the 

7 Office of the Chairman responsible for the im8 provement of the quality of data filed with or 

9 furnished to the Commission by issuers. 

10 (B) The issuance by the Division of Cor11 poration Finance of comment letters requiring 

12 correction of errors in data filings and submis13 sions, where necessary. 

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

15 this section, the Commission shall seek to— 

16 (A) improve the quality of data filed with 

17 or furnished to the Commission to a commer18 cially acceptable level; and 

19 (B) make data filed with or furnished to 

20 the Commission useful to investors. 

21 (b) REPORT ON THE USE OF MACHINE-READABLE

22 DATA FOR CORPORATE DISCLOSURES.— 

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

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

25 every six months thereafter, the Commission shall 


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1 issue a report to the Committee on Financial Serv2 ices of the House of Representatives and the Com3 mittee on Banking, Housing, and Urban Affairs of 

4 the Senate on the public and internal use of ma5 chine-readable data for corporate disclosures. 

6 (2) CONTENT.—Each report required under 

7 paragraph (1) shall include— 

8 (A) an identification of which corporate 

9 disclosures required under section 7 of the Se10 curities Act of 1933, section 13 of the Securi11 ties Exchange Act of 1934, or section 14 of the 

12 Securities Exchange Act of 1934 are expressed 

13 as machine-readable data and which are not; 

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

15 the use of machine-readable data in corporate 

16 disclosure to investors, markets, the Commis17 sion, and issuers; 

18 (C) a summary of enforcement actions that 

19 result from the use or analysis of machine-read20 able data collected under section 7 of the Secu21 rities Act of 1933, section 13 of the Securities 

22 Exchange Act of 1934, or section 14 of the Se23 curities Exchange Act of 1934; and 


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1 (D) an analysis of how the Commission is 

2 itself using the machine-readable data collected 

3 by the Commission. 

4 (c) SUNSET.—On and after the end of the 7-year pe5 riod beginning on the date of the enactment of this Act, 

6 this section shall have no force or effect. 

7 SEC. 206. NO NEW DISCLOSURE REQUIREMENTS. 

8 Nothing in this title or the amendments made by this 

9 title shall be construed to require the Securities and Ex10 change Commission, the Municipal Securities Rulemaking 

11 Board, or a national securities association to collect addi12 tional information under the statutes amended by this 

13 title, beyond information that was collected under such 

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

15 TITLE III—FEDERAL DEPOSIT 

16 INSURANCE CORPORATION 

17 SEC. 301. DATA STANDARDS REQUIREMENTS FOR THE FED18 ERAL DEPOSIT INSURANCE CORPORATION. 

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

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

21 ‘‘SEC. 52. DATA STANDARDS. 

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

23 adopt data standards for all information that the Corpora24 tion receives from any depository institution or financial 


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1 company under this Act or under title II of the Dodd2 Frank Wall Street Reform and Consumer Protection Act. 

3 ‘‘(b) CHARACTERISTICS.—The data standards re4 quired by subsection (a) shall, to the extent practicable— 

5 ‘‘(1) render data fully searchable and machine6 readable (as defined under section 3502 of title 44, 

7 United States Code); 

8 ‘‘(2) enable high quality data through schemas, 

9 with accompanying metadata (as defined under sec10 tion 3502 of title 44, United States Code) docu11 mented in machine-readable taxonomy or ontology 

12 models, which clearly define the data’s semantic 

13 meaning as defined by the underlying regulatory in14 formation collection requirements; 

15 ‘‘(3) assure that a data element or data asset 

16 that exists to satisfy an underlying regulatory infor17 mation collection requirement be consistently identi18 fied as such in associated machine-readable 

19 metadata; 

20 ‘‘(4) be nonproprietary or made available under 

21 an open license (as defined under section 3502 of 

22 title 44, United States Code); 

23 ‘‘(5) incorporate standards developed and main24 tained by voluntary consensus standards bodies; and 


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1 ‘‘(6) use, be consistent with, and implement ap2 plicable accounting and reporting principles. 

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

4 data standards by rule under this section, the Corporation 

5 shall incorporate all applicable data standards promul6 gated by the Secretary of the Treasury. 

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

8 of this section, the term ‘financial company’ has the mean9 ing given that term under section 201(a) of the Dodd10 Frank Wall Street Reform and Consumer Protection Act 

11 (12 U.S.C. 5381(a)).’’. 

12 SEC. 302. OPEN DATA PUBLICATION BY THE FEDERAL DE13 POSIT INSURANCE CORPORATION. 

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

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

16 by adding at the end the following: 

17 ‘‘SEC. 53. OPEN DATA PUBLICATION. 

18 ‘‘All public information published by the Corporation 

19 under this Act or under the Dodd-Frank Wall Street Re20 form and Consumer Protection Act shall be made available 

21 as an open Government data asset (as defined under sec22 tion 3502 of title 44, United States Code), freely available 

23 for download in bulk and rendered in a human-readable 

24 format and accessible via application programming inter25 face where appropriate.’’. 


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1 SEC. 303. 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 Federal Deposit Insurance Corporation shall 

5 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 Federal Deposit Insurance Corpora10 tion may scale data reporting requirements in order to re11 duce any unjustified burden on smaller regulated entities. 

12 (c) MINIMIZING DISRUPTION.—In issuing the regula13 tions required under the amendments made by this title, 

14 the Federal Deposit Insurance Corporation shall seek to 

15 minimize disruptive changes to the persons affected by 

16 such regulations. 

17 SEC. 304. NO NEW DISCLOSURE REQUIREMENTS. 

18 Nothing in this title or the amendments made by this 

19 title shall be construed to require the Federal Deposit In20 surance Corporation to collect additional information 

21 under the statutes amended by this title, beyond informa22 tion that was collected under such statutes before the date 

23 of the enactment of this Act. 


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1 TITLE IV—OFFICE OF THE 

2 COMPTROLLER OF THE CUR3 RENCY 

4 SEC. 401. DATA STANDARDS AND OPEN DATA PUBLICATION 

5 REQUIREMENTS FOR THE OFFICE OF THE 

6 COMPTROLLER OF THE CURRENCY. 

7 The Revised Statutes of the United States is amend8 ed by inserting after section 332 (12 U.S.C. 14) the fol9 lowing: 

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

11 ‘‘(a) DATA STANDARDS.— 

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

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

14 information that is regularly filed with or submitted 

15 to the Comptroller of the Currency by any entity 

16 with respect to which the Office of the Comptroller 

17 of the Currency is the appropriate Federal banking 

18 agency (as defined under section 3 of the Federal 

19 Deposit Insurance Act). 

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

21 required by paragraph (1) shall, to the extent prac22 ticable— 

23 ‘‘(A) render data fully searchable and ma24 chine-readable (as defined under section 3502 

25 of title 44, United States Code); 


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1 ‘‘(B) enable high quality data through 

2 schemas, with accompanying metadata (as de3 fined under section 3502 of title 44, United 

4 States Code) documented in machine-readable 

5 taxonomy or ontology models, which clearly de6 fine the data’s semantic meaning as defined by 

7 the underlying regulatory information collection 

8 requirements; 

9 ‘‘(C) assure that a data element or data 

10 asset that exists to satisfy an underlying regu11 latory information collection requirement be 

12 consistently identified as such in associated ma13 chine-readable metadata; 

14 ‘‘(D) be nonproprietary or made available 

15 under an open license (as defined under section 

16 3502 of title 44, United States Code); 

17 ‘‘(E) incorporate standards developed and 

18 maintained by voluntary consensus standards 

19 bodies; and 

20 ‘‘(F) use, be consistent with, and imple21 ment applicable accounting and reporting prin22 ciples. 

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

24 adopting data standards by rule under this sub25 section, the Comptroller of the Currency shall incorVerDate Sep 11 2014 20:54 Oct 01, 2019 Jkt 099200 PO 00000 Frm 00040 Fmt 6652 Sfmt 6201 E:\BILLS\H4476.IH H4476

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1 porate all applicable data standards promulgated by 

2 the Secretary of the Treasury. 

3 ‘‘(b) OPEN DATA PUBLICATION.—All public informa4 tion published by the Comptroller of the Currency under 

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

6 Consumer Protection Act shall be made available as an 

7 open Government data asset (as defined under section 

8 3502 of title 44, United States Code), freely available for 

9 download in bulk and rendered in a human-readable for10 mat and accessible via application programming interface 

11 where appropriate.’’. 

12 SEC. 402. RULEMAKING. 

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

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

15 Act, the Comptroller of the Currency shall issue the regu16 lations required under the amendments made by this title. 

17 (b) SCALING OF REGULATORY REQUIREMENTS.—In 

18 issuing the regulations required under the amendments 

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

20 scale data reporting requirements in order to reduce any 

21 unjustified burden on smaller regulated entities. 

22 (c) MINIMIZING DISRUPTION.—In issuing the regula23 tions required under the amendments made by this title, 

24 the Comptroller of the Currency shall seek to minimize 


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1 disruptive changes to the persons affected by such regula2 tions. 

3 SEC. 403. NO NEW DISCLOSURE REQUIREMENTS. 

4 Nothing in this title or the amendments made by this 

5 title shall be construed to require the Comptroller of the 

6 Currency to collect additional information under the stat7 utes amended by this title, beyond information that was 

8 collected under such statutes before the date of the enact9 ment of this Act. 

10 TITLE V—BUREAU OF CON11 SUMER FINANCIAL PROTEC12 TION 

13 SEC. 501. DATA STANDARDS AND OPEN DATA PUBLICATION 

14 REQUIREMENTS FOR THE BUREAU OF CON15 SUMER FINANCIAL PROTECTION. 

16 (a) IN GENERAL.—The Consumer Financial Protec17 tion Act of 2010 (12 U.S.C. 5481 et seq.) is amended by 

18 inserting after section 1018 the following: 

19 ‘‘SEC. 1019. DATA STANDARDS. 

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

21 adopt data standards for all information that is regularly 

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

23 ‘‘(b) CHARACTERISTICS.—The data standards re24 quired by subsection (a) shall, to the extent practicable— 


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1 ‘‘(1) render data fully searchable and machine2 readable (as defined under section 3502 of title 44, 

3 United States Code); 

4 ‘‘(2) enable high quality data through schemas, 

5 with accompanying metadata (as defined under sec6 tion 3502 of title 44, United States Code) docu7 mented in machine-readable taxonomy or ontology 

8 models, which clearly define the data’s semantic 

9 meaning as defined by the underlying regulatory in10 formation collection requirements; 

11 ‘‘(3) assure that a data element or data asset 

12 that exists to satisfy an underlying regulatory infor13 mation collection requirement be consistently identi14 fied as such in associated machine-readable 

15 metadata; 

16 ‘‘(4) be nonproprietary or made available under 

17 an open license (as defined under section 3502 of 

18 title 44, United States Code); 

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

21 ‘‘(6) use, be consistent with, and implement ap22 plicable 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 made available as an open Govern6 ment data asset (as defined under section 3502 of title 

7 44, United States Code), freely available for download in 

8 bulk and rendered in a human-readable format and acces9 sible via application programming interface where appro10 priate.’’. 

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

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

13 and Consumer Protection Act is amended by inserting 

14 after the item relating to section 1018 the following: 

‘‘Sec. 1019. Data standards. 

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

15 SEC. 502. 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 Bureau of Consumer Financial Protection 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 Bureau of Consumer Financial Pro24 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 data fully searchable and 

13 machine-readable (as defined under section 

14 3502 of title 44, United States Code); 

15 ‘‘(ii) enable high quality data through 

16 schemas, with accompanying metadata (as 

17 defined under section 3502 of title 44, 

18 United States Code) documented in ma19 chine-readable taxonomy or ontology mod20 els, which clearly define the data’s seman21 tic meaning as defined by the underlying 

22 regulatory information collection require23 ments; 

24 ‘‘(iii) assure that a data element or 

25 data asset that exists to satisfy an underVerDate Sep 11 2014 20:54 Oct 01, 2019 Jkt 099200 PO 00000 Frm 00046 Fmt 6652 Sfmt 6201 E:\BILLS\H4476.IH H4476

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1 lying regulatory information collection re2 quirement be consistently identified as 

3 such in associated machine-readable 

4 metadata; 

5 ‘‘(iv) be nonproprietary or made avail6 able under an open license (as defined 

7 under section 3502 of title 44, United 

8 States Code); 

9 ‘‘(v) incorporate standards developed 

10 and maintained by voluntary consensus 

11 standards bodies; and 

12 ‘‘(vi) use, be consistent with, and im13 plement applicable accounting and report14 ing principles. 

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

16 adopting data standards by rule under this 

17 paragraph, the Board of Governors shall incor18 porate all applicable data standards promul19 gated by the Secretary of the Treasury.’’. 

20 (b) DATA STANDARDS FOR INFORMATION FILED OR

21 SUBMITTED BY SAVINGS AND LOAN HOLDING COMPA22 NIES.—Section 10 of the Home Owners’ Loan Act (12 

23 U.S.C. 1467a) is amended by adding at the end the fol24 lowing: 

25 ‘‘(u) DATA STANDARDS.— 


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

2 data standards for all information that is regularly 

3 filed with or submitted to the Board by any savings 

4 and loan holding company, or subsidiary of a savings 

5 and loan holding company, other than a depository 

6 institution, under this section. 

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

8 required by this subsection shall, to the extent prac9 ticable— 

10 ‘‘(A) render data fully searchable and ma11 chine-readable (as defined under section 3502 

12 of title 44, United States Code); 

13 ‘‘(B) enable high quality data through 

14 schemas, with accompanying metadata (as de15 fined under section 3502 of title 44, United 

16 States Code) documented in machine-readable 

17 taxonomy or ontology models, which clearly de18 fine the data’s semantic meaning as defined by 

19 the underlying regulatory information collection 

20 requirements; 

21 ‘‘(C) assure that a data element or data 

22 asset that exists to satisfy an underlying regu23 latory information collection requirement be 

24 consistently identified as such in associated ma25 chine-readable metadata; 


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1 ‘‘(D) be nonproprietary or made available 

2 under an open license (as defined under section 

3 3502 of title 44, United States Code); 

4 ‘‘(E) incorporate standards developed and 

5 maintained by voluntary consensus standards 

6 bodies; and 

7 ‘‘(F) use, be consistent with, and imple8 ment applicable accounting and reporting prin9 ciples. 

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

11 adopting data standards by rule under this section, 

12 the Board of Governors shall incorporate all applica13 ble data standards promulgated by the Secretary of 

14 the Treasury.’’. 

15 (c) DATA STANDARDS FOR INFORMATION FILED OR

16 SUBMITTED BY BANK HOLDING COMPANIES.—Section 5 

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

18 1844) is amended by adding at the end the following: 

19 ‘‘(h) DATA STANDARDS.— 

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

21 data standards for all information that is regularly 

22 filed with or submitted to the Board by any bank 

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


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

2 required by this subsection shall, to the extent prac3 ticable— 

4 ‘‘(A) render data fully searchable and ma5 chine-readable (as defined under section 3502 

6 of title 44, United States Code); 

7 ‘‘(B) enable high quality data through 

8 schemas, with accompanying metadata (as de9 fined under section 3502 of title 44, United 

10 States Code) documented in machine-readable 

11 taxonomy or ontology models, which clearly de12 fine the data’s semantic meaning as defined by 

13 the underlying regulatory information collection 

14 requirements; 

15 ‘‘(C) assure that a data element or data 

16 asset that exists to satisfy an underlying regu17 latory information collection requirement be 

18 consistently identified as such in associated ma19 chine-readable metadata; 

20 ‘‘(D) be nonproprietary or made available 

21 under an open license (as defined under section 

22 3502 of title 44, United States Code); 

23 ‘‘(E) incorporate standards developed and 

24 maintained by voluntary consensus standards 

25 bodies; and 


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1 ‘‘(F) use, be consistent with, and imple2 ment applicable accounting and reporting prin3 ciples. 

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

5 adopting data standards under this subsection, the 

6 Board shall incorporate all applicable data standards 

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

8 (d) DATA STANDARDS FOR INFORMATION SUB9 MITTED BY FINANCIAL MARKET UTILITIES OR INSTITU10 TIONS UNDER THE PAYMENT, CLEARING, AND SETTLE11 MENT SUPERVISION ACT OF 2010.—Section 809 of the 

12 Payment, Clearing, and Settlement Supervision Act of 

13 2010 (12 U.S.C. 5468) is amended by adding at the end 

14 the following: 

15 ‘‘(h) DATA STANDARDS.— 

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

17 shall adopt data standards for all information that 

18 is regularly filed with or submitted to the Board by 

19 any financial market utility or financial institution 

20 under subsection (a) or (b). 

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

22 required by this subsection shall, to the extent prac23 ticable— 


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1 ‘‘(A) render data fully searchable and ma2 chine-readable (as defined under section 3502 

3 of title 44, United States Code); 

4 ‘‘(B) enable high quality data through 

5 schemas, with accompanying metadata (as de6 fined under section 3502 of title 44, United 

7 States Code) documented in machine-readable 

8 taxonomy or ontology models, which clearly de9 fine the data’s semantic meaning as defined by 

10 the underlying regulatory information collection 

11 requirements; 

12 ‘‘(C) assure that a data element or data 

13 asset that exists to satisfy an underlying regu14 latory information collection requirement be 

15 consistently identified as such in associated ma16 chine-readable metadata; 

17 ‘‘(D) be nonproprietary or made available 

18 under an open license (as defined under section 

19 3502 of title 44, United States Code); 

20 ‘‘(E) incorporate standards developed and 

21 maintained by voluntary consensus standards 

22 bodies; and 

23 ‘‘(F) use, be consistent with, and imple24 ment applicable accounting and reporting prin25 ciples. 


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

2 adopting data standards under this subsection, the 

3 Board of Governors shall incorporate all applicable 

4 data standards promulgated by the Secretary of the 

5 Treasury.’’. 

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

7 GOVERNORS OF THE FEDERAL RESERVE SYS8 TEM. 

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

10 amended by adding at the end the following: 

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

12 GOVERNORS. 

13 ‘‘All public information published by the Board of 

14 Governors under this Act, the Bank Holding Company Act 

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

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

17 Supervision Act of 2010, or the Enhancing Financial In18 stitution Safety and Soundness Act of 2010 shall be made 

19 available as an open Government data asset (as defined 

20 under section 3502 of title 44, United States Code), freely 

21 available for download in bulk and rendered in a human22 readable format and accessible via application program23 ming interface where appropriate.’’. 


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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 data fully searchable and machine18 readable (as defined under section 3502 of title 44, 

19 United States Code); 

20 ‘‘(2) enable high quality data through schemas, 

21 with accompanying metadata (as defined under sec22 tion 3502 of title 44, United States Code) docu23 mented in machine-readable taxonomy or ontology 

24 models, which clearly define the data’s semantic 


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1 meaning as defined by the underlying regulatory in2 formation collection requirements; 

3 ‘‘(3) assure that a data element or data asset 

4 that exists to satisfy an underlying regulatory infor5 mation collection requirement be consistently identi6 fied as such in associated machine-readable 

7 metadata; 

8 ‘‘(4) be nonproprietary or made available under 

9 an open license (as defined under section 3502 of 

10 title 44, United States Code); 

11 ‘‘(5) incorporate standards developed and main12 tained by voluntary consensus standards bodies; and 

13 ‘‘(6) use, be consistent with, and implement ap14 plicable accounting and reporting principles. 

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

16 data standards by rule under this section, the Commission 

17 shall incorporate all applicable data standards promul18 gated by the Secretary of the Treasury.’’. 

19 SEC. 702. OPEN DATA PUBLICATION BY THE COMMODITY 

20 FUTURES TRADING COMMISSION. 

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

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

23 at the end the following: 


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1 ‘‘SEC. 25. OPEN DATA PUBLICATION. 

2 ‘‘All public information published by the Commission 

3 under this Act shall be made available as an open Govern4 ment data asset (as defined under section 3502 of title 

5 44, United States Code), freely available for download in 

6 bulk and rendered in a human-readable format and acces7 sible via application programming interface where appro8 priate.’’. 

9 SEC. 703. RULEMAKING. 

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

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

12 Act, the Commodity Futures Trading Commission shall 

13 issue the regulations required under the amendments 

14 made by this title. 

15 (b) SCALING OF REGULATORY REQUIREMENTS.—In 

16 issuing the regulations required under the amendments 

17 made by this title, the Commodity Futures Trading Com18 mission may scale data reporting requirements in order 

19 to reduce any unjustified burden on smaller regulated en20 tities. 

21 (c) MINIMIZING DISRUPTION.—In issuing the regula22 tions required under the amendments made by this title, 

23 the Commodity Futures Trading Commission shall seek 

24 to minimize disruptive changes to the persons affected by 

25 such regulations. 


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1 SEC. 704. NO NEW DISCLOSURE REQUIREMENTS. 

2 Nothing in this title or the amendments made by this 

3 title shall be construed to require the Commodity Futures 

4 Trading Commission to collect additional information 

5 under the statutes amended by this title, beyond informa6 tion that was collected under such statutes before the date 

7 of the enactment of this Act. 

8 TITLE VIII—NATIONAL CREDIT 

9 UNION ADMINISTRATION 

10 SEC. 801. DATA STANDARDS. 

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

12 1752 et seq.) is amended by adding at the end the fol13 lowing: 

14 ‘‘SEC. 132. DATA STANDARDS. 

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

16 adopt data standards for all information and reports regu17 larly filed with or submitted to the Administration under 

18 this Act. 

19 ‘‘(b) CHARACTERISTICS.—The data standards re20 quired by subsection (a) shall, to the extent practicable— 

21 ‘‘(1) render data fully searchable and machine22 readable (as defined under section 3502 of title 44, 

23 United States Code); 

24 ‘‘(2) enable high quality data through schemas, 

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1 mented in machine-readable taxonomy or ontology 

2 models, which clearly define the data’s semantic 

3 meaning as defined by the underlying regulatory in4 formation collection requirements; 

5 ‘‘(3) assure that a data element or data asset 

6 that exists to satisfy an underlying regulatory infor7 mation collection requirement be consistently identi8 fied as such in associated machine-readable 

9 metadata; 

10 ‘‘(4) be nonproprietary or made available under 

11 an open license (as defined under section 3502 of 

12 title 44, United States Code); 

13 ‘‘(5) incorporate standards developed and main14 tained by voluntary consensus standards bodies; and 

15 ‘‘(6) use, be consistent with, and implement ap16 plicable accounting and reporting principles. 

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

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

19 incorporate all applicable data standards promulgated by 

20 the Secretary of the Treasury.’’. 

21 SEC. 802. OPEN DATA PUBLICATION BY THE NATIONAL 

22 CREDIT UNION ADMINISTRATION. 

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

24 1752 et seq.), as amended by section 801, is further 

25 amended by adding at the end the following: 


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1 ‘‘SEC. 133. OPEN DATA PUBLICATION. 

2 ‘‘All public information published by the Administra3 tion under this title shall be made available as an open 

4 Government data asset (as defined under section 3502 of 

5 title 44, United States Code), freely available for download 

6 in bulk and rendered in a human-readable format and ac7 cessible via application programming interface where ap8 propriate.’’. 

9 SEC. 803. RULEMAKING. 

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

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

12 Act, the National Credit Union Administration Board 

13 shall issue the regulations required under the amendments 

14 made by this title. 

15 (b) SCALING OF REGULATORY REQUIREMENTS.—In 

16 issuing the regulations required under the amendments 

17 made by this title, the National Credit Union Administra18 tion Board may scale data reporting requirements in order 

19 to reduce any unjustified burden on smaller regulated en20 tities. 

21 (c) MINIMIZING DISRUPTION.—In issuing the regula22 tions required under the amendments made by this title, 

23 the National Credit Union Administration Board shall 

24 seek to minimize disruptive changes to the persons af25 fected by such regulations. 


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1 SEC. 804. NO NEW DISCLOSURE REQUIREMENTS. 

2 Nothing in this title or the amendments made by this 

3 title shall be construed to require the National Credit 

4 Union Administration Board to collect additional informa5 tion under the statutes amended by this title, beyond in6 formation that was collected under such statutes before 

7 the date of the enactment of this Act. 

8 TITLE IX—FEDERAL HOUSING 

9 FINANCE AGENCY 

10 SEC. 901. DATA STANDARDS REQUIREMENTS FOR THE FED11 ERAL HOUSING FINANCE AGENCY. 

12 Part 1 of subtitle A of the Federal Housing Enter13 prises Financial Safety and Soundness Act of 1992 (12 

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

15 the following: 

16 ‘‘SEC. 1319H. DATA STANDARDS. 

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

18 adopt data standards for all information that is regularly 

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

20 ‘‘(b) CHARACTERISTICS.—The data standards re21 quired by subsection (a) shall, to the extent practicable— 

22 ‘‘(1) render data fully searchable and machine23 readable (as defined under section 3502 of title 44, 

24 United States Code); 

25 ‘‘(2) enable high quality data through schemas, 

26 with accompanying metadata (as defined under secVerDate Sep 11 2014 20:54 Oct 01, 2019 Jkt 099200 PO 00000 Frm 00061 Fmt 6652 Sfmt 6201 E:\BILLS\H4476.IH H4476

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1 tion 3502 of title 44, United States Code) docu2 mented in machine-readable taxonomy or ontology 

3 models, which clearly define the data’s semantic 

4 meaning as defined by the underlying regulatory in5 formation collection requirements; 

6 ‘‘(3) assure that a data element or data asset 

7 that exists to satisfy an underlying regulatory infor8 mation collection requirement be consistently identi9 fied as such in associated machine-readable 

10 metadata; 

11 ‘‘(4) be nonproprietary or made available under 

12 an open license (as defined under section 3502 of 

13 title 44, United States Code); 

14 ‘‘(5) incorporate standards developed and main15 tained by voluntary consensus standards bodies; and 

16 ‘‘(6) use, be consistent with, and implement ap17 plicable accounting and reporting principles. 

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

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

20 incorporate all applicable data standards promulgated by 

21 the Secretary of the Treasury.’’. 

22 SEC. 902. OPEN DATA PUBLICATION BY THE FEDERAL 

23 HOUSING FINANCE AGENCY. 

24 Part 1 of subtitle A of the Federal Housing Enter25 prises Financial Safety and Soundness Act of 1992 (12 


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1 U.S.C. 4501 et seq.), as amended by section 901, is fur2 ther amended by adding at the end the following: 

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

4 ‘‘All public information published by the Agency 

5 under this Act shall be made available as an open Govern6 ment data asset (as defined under section 3502 of title 

7 44, United States Code), freely available for download in 

8 bulk and rendered in a human-readable format and acces9 sible via application programming interface where appro10 priate’’. 

11 SEC. 903. RULEMAKING. 

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

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

14 Act, the Federal Housing Finance Agency shall issue the 

15 regulations required under the amendments made by this 

16 title. 

17 (b) MINIMIZING DISRUPTION.—In issuing the regula18 tions required under the amendments made by this title, 

19 the Federal Housing Finance Agency shall seek to mini20 mize disruptive changes to the persons affected by such 

21 regulations. 

22 SEC. 904. NO NEW DISCLOSURE REQUIREMENTS. 

23 Nothing in this title or the amendments made by this 

24 title shall be construed to require the Federal Housing Fi25 nance Agency to collect additional information under the 


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1 statutes amended by this title, beyond information that 

2 was collected under such statutes before the date of the 

3 enactment of this Act. 

4 TITLE X—MISCELLANEOUS 

5 SEC. 1001. RULE OF CONSTRUCTION. 

6 Nothing in this Act or the amendments made by this 

7 Act may be construed to alter the existing legal protec8 tions of copyrighted material or other intellectual property 

9 rights of any non-Federal person. 

Æ 


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