II 

117TH CONGRESS 

2D SESSION S. 4295 

To amend securities and banking laws to make the information reported 

to financial regulatory agencies electronically searchable, to further enable 

the development of regulatory technologies 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 SENATE OF THE UNITED STATES 

MAY 24, 2022 

Mr. WARNER (for himself and Mr. CRAPO) introduced the following bill; which 

was read twice and referred to the Committee on Banking, Housing, and 

Urban Affairs 

A BILL 

To amend securities and banking laws to make the information reported to financial regulatory agencies electronically searchable, to further enable the development of 

regulatory technologies 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. 

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


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1 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

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

3 ‘‘Financial Data Transparency Act of 2022’’. 

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

5 this Act is as follows: 

Sec. 1. Short title; table of contents. 

TITLE I—DATA STANDARDS FOR COVERED AGENCIES; 

DEPARTMENT OF THE TREASURY RULEMAKING 

Sec. 101. Data standards. 

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

Sec. 103. No new disclosure requirements. 

TITLE II—SECURITIES AND EXCHANGE COMMISSION 

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

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

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

Sec. 204. Data transparency at national securities associations. 

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

Securities and Exchange Commission; sunset. 

Sec. 206. No new disclosure requirements. 

TITLE III—FEDERAL DEPOSIT INSURANCE CORPORATION 

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

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

Sec. 303. Rulemaking. 

Sec. 304. No new disclosure requirements. 

TITLE IV—OFFICE OF THE COMPTROLLER OF THE CURRENCY 

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

of the Comptroller of the Currency. 

Sec. 402. Rulemaking. 

Sec. 403. No new disclosure requirements. 

TITLE V—BUREAU OF CONSUMER FINANCIAL PROTECTION 

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

Sec. 502. Rulemaking. 

Sec. 503. No new disclosure requirements. 

TITLE VI—FEDERAL RESERVE SYSTEM 

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


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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—NATIONAL CREDIT UNION ADMINISTRATION 

Sec. 701. Data standards. 

Sec. 702. Open data publication by the National Credit Union Administration. 

Sec. 703. Rulemaking. 

Sec. 704. No new disclosure requirements. 

TITLE VIII—FEDERAL HOUSING FINANCE AGENCY 

Sec. 801. Data standards requirements for the Federal Housing Finance Agency. 

Sec. 802. Open data publication by the Federal Housing Finance Agency. 

Sec. 803. Rulemaking. 

Sec. 804. No new disclosure requirements. 

TITLE IX—MISCELLANEOUS 

Sec. 901. Rules of construction. 

Sec. 902. Classified and protected information. 

Sec. 903. Discretionary surplus fund. 

Sec. 904. Report. 

Sec. 905. Determination of budgetary effects. 

1 TITLE I—DATA STANDARDS FOR 

2 COVERED AGENCIES; DE3 PARTMENT OF THE TREAS4 URY RULEMAKING 

5 SEC. 101. DATA STANDARDS. 

6 (a) IN GENERAL.—Subtitle A of the Financial Sta7 bility Act of 2010 (12 U.S.C. 5321 et seq.) is amended 

8 by adding at the end the following: 

9 ‘‘SEC. 124. DATA STANDARDS. 

10 ‘‘(a) DEFINITIONS.—In this section— 

11 ‘‘(1) the term ‘covered agencies’ means— 

12 ‘‘(A) the Department of the Treasury; 

13 ‘‘(B) the Board of Governors; 


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1 ‘‘(C) the Office of the Comptroller of the 

2 Currency; 

3 ‘‘(D) the Bureau; 

4 ‘‘(E) the Commission; 

5 ‘‘(F) the Corporation; 

6 ‘‘(G) the Federal Housing Finance Agency; 

7 ‘‘(H) the National Credit Union Adminis8 tration Board; and 

9 ‘‘(I) any other primary financial regulatory 

10 agency designated by the Secretary; 

11 ‘‘(2) the term ‘data standard’ means a standard 

12 that specifies rules by which data is described and 

13 recorded; and 

14 ‘‘(3) the terms ‘machine-readable’, ‘metadata’, 

15 and ‘open license’ have the meanings given the terms 

16 in section 3502 of title 44, United States Code. 

17 ‘‘(b) PROMULGATION OF STANDARDS.—Not later 

18 than 2 years after the date of enactment of this section, 

19 the heads of the covered agencies shall jointly promulgate 

20 final rules that establish data standards for— 

21 ‘‘(1) the collections of information reported to 

22 each covered agency by financial entities under the 

23 jurisdiction of the covered agency; and 

24 ‘‘(2) the data collected from covered agencies on 

25 behalf of the Council. 


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1 ‘‘(c) DATA STANDARDS.— 

2 ‘‘(1) COMMON IDENTIFIERS; QUALITY.—The 

3 data standards established in the final rules promul4 gated under subsection (b) shall— 

5 ‘‘(A) include common identifiers for collec6 tions of information reported to covered agen7 cies or collected on behalf of the Council, which 

8 shall include a common nonproprietary legal en9 tity identifier that is available under an open li10 cense for all entities required to report to cov11 ered agencies; and 

12 ‘‘(B) to the extent practicable— 

13 ‘‘(i) render data fully searchable and 

14 machine-readable; 

15 ‘‘(ii) enable high quality data through 

16 schemas, with accompanying metadata 

17 documented in machine-readable taxonomy 

18 or ontology models, which clearly define 

19 the semantic meaning of the data, as de20 fined by the underlying regulatory informa21 tion collection requirements; 

22 ‘‘(iii) ensure that a data element or 

23 data asset that exists to satisfy an under24 lying regulatory information collection re25 quirement be consistently identified as 


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1 such in associated machine-readable 

2 metadata; 

3 ‘‘(iv) be nonproprietary or made avail4 able under an open license; 

5 ‘‘(v) incorporate standards developed 

6 and maintained by voluntary consensus 

7 standards bodies; and 

8 ‘‘(vi) use, be consistent with, and im9 plement applicable accounting and report10 ing principles. 

11 ‘‘(2) CONSULTATION; INTEROPERABILITY.—In 

12 establishing data standards in the final rules pro13 mulgated under subsection (b), the heads of the cov14 ered agencies shall— 

15 ‘‘(A) consult with other Federal depart16 ments and agencies and multi-agency initiatives 

17 responsible for Federal data standards; and 

18 ‘‘(B) seek to promote interoperability of fi19 nancial regulatory data across members of the 

20 Council. 

21 ‘‘(d) EFFECTIVE DATE.—The data standards estab22 lished in the final rules promulgated under subsection (b) 

23 shall take effect not later than 2 years after the date on 

24 which those final rules are promulgated under that sub25 section.’’. 


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

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

3 and Consumer Protection Act is amended by inserting 

4 after the item relating to section 123 the following: 

‘‘Sec. 124. Data standards.’’. 

5 SEC. 102. OPEN DATA PUBLICATION BY THE DEPARTMENT 

6 OF THE TREASURY. 

7 (a) IN GENERAL.—Subtitle A of the Financial Sta8 bility Act of 2010 (12 U.S.C. 5321 et seq.), as amended 

9 by section 101(a), is further amended by adding at the 

10 end the following: 

11 ‘‘SEC. 125. OPEN DATA PUBLICATION. 

12 ‘‘All public data assets published by the Secretary 

13 under this subtitle shall be— 

14 ‘‘(1) made available as an open Government 

15 data asset (as defined in section 3502 of title 44, 

16 United States Code); 

17 ‘‘(2) freely available for download in bulk; 

18 ‘‘(3) rendered in a human-readable format; and 

19 ‘‘(4) accessible via application programming 

20 interface where appropriate.’’. 

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

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

23 and Consumer Protection Act, as amended by section 


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1 101(b), is further amended by inserting after the item re2 lating to section 124 the following: 

‘‘Sec. 125. Open data publication.’’. 

3 (c) RULEMAKING.—The Secretary of the Treasury 

4 shall issue rules to carry out the amendments made by 

5 this section, which shall take effect not later than 2 years 

6 after the date on which final rules are promulgated under 

7 section 124(b) of the Financial Stability Act of 2010, as 

8 added by section 101(a) of this Act. 

9 SEC. 103. NO NEW DISCLOSURE REQUIREMENTS. 

10 Nothing in this title, or the amendments made by this 

11 title, shall be construed to require the Secretary of the 

12 Treasury to collect or make publicly available additional 

13 information under the Financial Stability Act of 2010 (12 

14 U.S.C. 5311 et seq.), beyond information that was col15 lected or made publicly available under that Act, as of the 

16 day before the date of enactment of this Act. 

17 TITLE II—SECURITIES AND 

18 EXCHANGE COMMISSION 

19 SEC. 201. DATA STANDARDS REQUIREMENTS FOR THE SE20 CURITIES AND EXCHANGE COMMISSION. 

21 (a) DATA STANDARDS FOR INVESTMENT ADVISERS’ 

22 REPORTS UNDER THE INVESTMENT ADVISERS ACT OF

23 1940.—Section 204 of the Investment Advisers Act of 

24 1940 (15 U.S.C. 80b–4) is amended— 


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

2 (relating to Records of Persons With Custody of 

3 Use) as subsection (e); and 

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

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

6 THIS SECTION.— 

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

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

9 investment advisers with the Commission under this 

10 section. 

11 ‘‘(2) CONSISTENCY.—The data standards re12 quired under paragraph (1) shall incorporate, and 

13 ensure compatibility with (to the extent feasible), all 

14 applicable data standards established in the rules 

15 promulgated under section 124 of the Financial Sta16 bility Act of 2010, including, to the extent prac17 ticable, by having the characteristics described in 

18 clauses (i) through (vi) of subsection (c)(1)(B) of 

19 such section 124.’’. 

20 (b) DATA STANDARDS FOR REGISTRATION STATE21 MENTS AND REPORTS UNDER THE INVESTMENT COM22 PANY ACT OF 1940.—The Investment Company Act of 

23 1940 (15 U.S.C. 80a–1 et seq.) is amended— 

24 (1) in section 8 (15 U.S.C. 80a–8), by adding 

25 at the end the following: 


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1 ‘‘(g) DATA STANDARDS FOR REGISTRATION STATE2 MENTS.— 

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

4 by rule, adopt data standards for all registration 

5 statements required to be filed with the Commission 

6 under this section, except that the Commission may 

7 exempt exhibits, signatures, and certifications from 

8 those data standards. 

9 ‘‘(2) CONSISTENCY.—The data standards re10 quired under paragraph (1) shall incorporate, and 

11 ensure compatibility with (to the extent feasible), all 

12 applicable data standards established in the rules 

13 promulgated under section 124 of the Financial Sta14 bility Act of 2010, including, to the extent prac15 ticable, by having the characteristics described in 

16 clauses (i) through (vi) of subsection (c)(1)(B) of 

17 such section 124.’’; and 

18 (2) in section 30 (15 U.S.C. 80a–29), by add19 ing at the end the following: 

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

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

22 by rule, adopt data standards for all reports re23 quired to be filed with the Commission under this 

24 section, except that the Commission may exempt exVerDate Sep 11 2014 16:52 Jun 02, 2022 Jkt 029200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\S4295.IS S4295

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1 hibits, signatures, and certifications from those data 

2 standards. 

3 ‘‘(2) CONSISTENCY.—The data standards re4 quired under paragraph (1) shall incorporate, and 

5 ensure compatibility with (to the extent feasible), all 

6 applicable data standards established in the rules 

7 promulgated under section 124 of the Financial Sta8 bility Act of 2010, including, to the extent prac9 ticable, by having the characteristics described in 

10 clauses (i) through (vi) of subsection (c)(1)(B) of 

11 such section 124.’’. 

12 (c) DATA STANDARDS FOR INFORMATION REQUIRED

13 TO BE SUBMITTED OR PUBLISHED BY NATIONALLY REC14 OGNIZED STATISTICAL RATING ORGANIZATIONS.—Section 

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

16 78o–7) is amended by adding at the end the following: 

17 ‘‘(w) DATA STANDARDS FOR INFORMATION RE18 QUIRED TO BE SUBMITTED OR PUBLISHED UNDER THIS

19 SECTION.— 

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

21 by rule, adopt data standards for all collections of 

22 information required to be submitted or published by 

23 a nationally recognized statistical rating organiza24 tion under this section. 


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1 ‘‘(2) CONSISTENCY.—The data standards re2 quired under paragraph (1) shall incorporate, and 

3 ensure compatibility with (to the extent feasible), all 

4 applicable data standards established in the rules 

5 promulgated under section 124 of the Financial Sta6 bility Act of 2010, including, to the extent prac7 ticable, by having the characteristics described in 

8 clauses (i) through (vi) of subsection (c)(1)(B) of 

9 such section 124.’’. 

10 (d) DATA STANDARDS FOR ASSET-BACKED SECURI11 TIES DISCLOSURES.—Section 7(c) of the Securities Act of 

12 1933 (15 U.S.C. 77g(c)) is amended by adding at the end 

13 the following: 

14 ‘‘(3) DATA STANDARDS FOR ASSET-BACKED SE15 CURITIES DISCLOSURES.— 

16 ‘‘(A) REQUIREMENT.—The Commission 

17 shall, by rule, adopt data standards for all dis18 closures required under this subsection. 

19 ‘‘(B) CONSISTENCY.—The data standards 

20 required under subparagraph (A) shall incor21 porate, and ensure compatibility with (to the 

22 extent feasible), all applicable data standards 

23 established in the rules promulgated under sec24 tion 124 of the Financial Stability Act of 2010, 

25 including, to the extent practicable, by having 


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1 the characteristics described in clauses (i) 

2 through (vi) of subsection (c)(1)(B) of such sec3 tion 124.’’. 

4 (e) DATA STANDARDS FOR CORPORATE DISCLO5 SURES UNDER THE SECURITIES ACT OF 1933.—Title I 

6 of the Securities Act of 1933 (15 U.S.C. 77a et seq.) is 

7 amended by adding at the end the following: 

8 ‘‘SEC. 29. DATA STANDARDS. 

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

10 adopt data standards for all registration statements, and 

11 for all prospectuses included in registration statements, 

12 required to be filed with the Commission under this title, 

13 except that the Commission may exempt exhibits, signa14 tures, and certifications from those data standards. 

15 ‘‘(b) CONSISTENCY.—The data standards required 

16 under subsection (a) shall incorporate, and ensure compat17 ibility with (to the extent feasible), all applicable data 

18 standards established in the rules promulgated under sec19 tion 124 of the Financial Stability Act of 2010, including, 

20 to the extent practicable, by having the characteristics de21 scribed in clauses (i) through (vi) of subsection (c)(1)(B) 

22 of such section 124.’’. 

23 (f) DATA STANDARDS FOR PERIODIC AND CURRENT

24 CORPORATE DISCLOSURES UNDER THE SECURITIES EX25 CHANGE ACT OF 1934.—Section 13 of the Securities ExVerDate Sep 11 2014 16:52 Jun 02, 2022 Jkt 029200 PO 00000 Frm 00013 Fmt 6652 Sfmt 6201 E:\BILLS\S4295.IS S4295

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1 change Act of 1934 (15 U.S.C. 78m) is amended by add2 ing at the end the following: 

3 ‘‘(s) DATA STANDARDS.— 

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

5 by rule, adopt data standards for all collections of 

6 information with respect to periodic and current re7 ports required to be filed or furnished under this 

8 section or under section 15(d), except that the Com9 mission may exempt exhibits, signatures, and certifi10 cations from those data standards. 

11 ‘‘(2) CONSISTENCY.—The data standards re12 quired under paragraph (1) shall incorporate, and 

13 ensure compatibility with (to the extent feasible), all 

14 applicable data standards established in the rules 

15 promulgated under section 124 of the Financial Sta16 bility Act of 2010, including, to the extent prac17 ticable, by having the characteristics described in 

18 clauses (i) through (vi) of subsection (c)(1)(B) of 

19 such section 124.’’. 

20 (g) DATA STANDARDS FOR CORPORATE PROXY AND

21 CONSENT SOLICITATION MATERIALS UNDER THE SECU22 RITIES EXCHANGE ACT OF 1934.—Section 14 of the Se23 curities Exchange Act of 1934 (15 U.S.C. 78n) is amend24 ed by adding at the end the following: 


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

2 SOLICITATION MATERIALS.— 

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

4 by rule, adopt data standards for all information 

5 contained in any proxy or consent solicitation mate6 rial prepared by an issuer for an annual meeting of 

7 the shareholders of the issuer, except that the Com8 mission may exempt exhibits, signatures, and certifi9 cations from those data standards. 

10 ‘‘(2) CONSISTENCY.—The data standards re11 quired under paragraph (1) shall incorporate, and 

12 ensure compatibility with (to the extent feasible), all 

13 applicable data standards established in the rules 

14 promulgated under section 124 of the Financial Sta15 bility Act of 2010, including, to the extent prac16 ticable, by having the characteristics described in 

17 clauses (i) through (vi) of subsection (c)(1)(B) of 

18 such section 124.’’. 

19 (h) DATA STANDARDS FOR SECURITY-BASED SWAP

20 REPORTING.—The Securities Exchange Act of 1934 (15 

21 U.S.C. 78a et seq.) is amended by adding at the end the 

22 following: 


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1 ‘‘SEC. 41. DATA STANDARDS FOR SECURITY-BASED SWAP 

2 REPORTING. 

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

4 adopt data standards for all reports related to security5 based swaps that are required under this Act. 

6 ‘‘(b) CONSISTENCY.—The data standards required 

7 under subsection (a) shall incorporate, and ensure compat8 ibility with (to the extent feasible), all applicable data 

9 standards established in the rules promulgated under sec10 tion 124 of the Financial Stability Act of 2010, including, 

11 to the extent practicable, by having the characteristics de12 scribed in clauses (i) through (vi) of subsection (c)(1)(B) 

13 of such section 124.’’. 

14 (i) RULEMAKING.— 

15 (1) IN GENERAL.—The rules that the Securities 

16 and Exchange Commission are required to issue 

17 under the amendments made by this section shall 

18 take effect not later than 2 years after the date on 

19 which final rules are promulgated under section 

20 124(b) of the Financial Stability Act of 2010, as 

21 added by section 101(a) of this Act. 

22 (2) SCALING OF REGULATORY REQUIREMENTS; 

23 MINIMIZING DISRUPTION.—In issuing the rules re24 quired under the amendments made by this section, 

25 as described in paragraph (1), the Securities and 

26 Exchange Commission— 


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1 (A) may scale data reporting requirements 

2 in order to reduce any unjustified burden on 

3 emerging growth companies, lending institu4 tions, accelerated filers, smaller reporting com5 panies, and other smaller issuers, as determined 

6 by any study required under section 205(b), 

7 while still providing searchable information to 

8 investors; and 

9 (B) shall seek to minimize disruptive 

10 changes to the persons affected by those rules. 

11 SEC. 202. OPEN DATA PUBLICATION BY THE SECURITIES 

12 AND EXCHANGE COMMISSION. 

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

14 U.S.C. 78d) is amended by adding at the end the fol15 lowing: 

16 ‘‘(k) OPEN DATA PUBLICATION.—All public data as17 sets published by the Commission under the securities 

18 laws and the Dodd-Frank Wall Street Reform and Con19 sumer Protection Act (Public Law 111–203; 124 Stat. 

20 1376) shall be— 

21 ‘‘(1) made available as an open Government 

22 data asset (as defined in section 3502 of title 44, 

23 United States Code); 

24 ‘‘(2) freely available for download in bulk; 

25 ‘‘(3) rendered in a human-readable format; and 


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1 ‘‘(4) accessible via application programming 

2 interface where appropriate.’’. 

3 SEC. 203. DATA TRANSPARENCY AT THE MUNICIPAL SECU4 RITIES RULEMAKING BOARD. 

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

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

7 by adding at the end the following: 

8 ‘‘(8)(A) If the Board establishes information systems 

9 under paragraph (3), the Board shall adopt data stand10 ards for information submitted through those systems. 

11 ‘‘(B) Any data standards adopted under subpara12 graph (A) shall incorporate, and ensure compatibility with 

13 (to the extent feasible), all applicable data standards es14 tablished in the rules promulgated under section 124 of 

15 the Financial Stability Act of 2010, including, to the ex16 tent practicable, by having the characteristics described in 

17 clauses (i) through (vi) of subsection (c)(1)(B) of such sec18 tion 124.’’. 

19 (b) RULEMAKING.— 

20 (1) IN GENERAL.—Not later than 2 years after 

21 the date on which final rules are promulgated under 

22 section 124(b) of the Financial Stability Act of 

23 2010, as added by section 101(a) of this Act, the 

24 Municipal Securities Rulemaking Board shall issue 

25 rules to adopt the standards required under paraVerDate Sep 11 2014 16:52 Jun 02, 2022 Jkt 029200 PO 00000 Frm 00018 Fmt 6652 Sfmt 6201 E:\BILLS\S4295.IS S4295

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1 graph (8) of section 15B(b) of the Securities Ex2 change Act of 1934 (15 U.S.C. 78o–4(b)), as added 

3 by subsection (a), if the Board has established infor4 mation systems under paragraph (3) of such section 

5 15B(b). 

6 (2) SCALING OF REGULATORY REQUIREMENTS; 

7 MINIMIZING DISRUPTION.—In issuing the rules de8 scribed in paragraph (1), the Municipal Securities 

9 Rulemaking Board— 

10 (A) may scale data reporting requirements 

11 in order to reduce any unjustified burden on 

12 smaller regulated entities; and 

13 (B) shall seek to minimize disruptive 

14 changes to the persons affected by those regula15 tions. 

16 SEC. 204. DATA TRANSPARENCY AT NATIONAL SECURITIES 

17 ASSOCIATIONS. 

18 (a) IN GENERAL.—Section 15A of the Securities Ex19 change Act of 1934 (15 U.S.C. 78o–3) is amended by add20 ing at the end the following: 

21 ‘‘(n) DATA STANDARDS.— 

22 ‘‘(1) REQUIREMENT.—A national securities as23 sociation registered pursuant to subsection (a) shall 

24 adopt data standards for all information that is reg25 ularly filed with or submitted to the association. 


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1 ‘‘(2) CONSISTENCY.—The data standards re2 quired under paragraph (1) shall incorporate, and 

3 ensure compatibility with (to the extent feasible), all 

4 applicable data standards established in the rules 

5 promulgated under section 124 of the Financial Sta6 bility Act of 2010, including, to the extent prac7 ticable, by having the characteristics described in 

8 clauses (i) through (vi) of subsection (c)(1)(B) of 

9 such section 124.’’. 

10 (b) RULEMAKING.— 

11 (1) IN GENERAL.—Not later than 2 years after 

12 the date on which final rules are promulgated under 

13 section 124(b) of the Financial Stability Act of 

14 2010, as added by section 101(a) of this Act, each 

15 national securities association registered pursuant to 

16 section 15A(a) of the Securities Exchange Act of 

17 1934 (15 U.S.C. 78o–3(a)) shall issue rules to adopt 

18 the standards required under subsection (n) of sec19 tion 15A of the Securities Exchange Act of 1934 (15 

20 U.S.C. 78o–3), as added by subsection (a) of this 

21 section. 

22 (2) SCALING OF REGULATORY REQUIREMENTS; 

23 MINIMIZING DISRUPTION.—In issuing the rules re24 quired under paragraph (1), a national securities as25 sociation described in that paragraph— 


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1 (A) may scale data reporting requirements 

2 in order to reduce any unjustified burden on 

3 smaller regulated entities; and 

4 (B) shall seek to minimize disruptive 

5 changes to the persons affected by those stand6 ards. 

7 SEC. 205. SHORTER-TERM BURDEN REDUCTION AND DIS8 CLOSURE SIMPLIFICATION AT THE SECURI9 TIES AND EXCHANGE COMMISSION; SUNSET. 

10 (a) BETTER ENFORCEMENT OF THE QUALITY OF

11 CORPORATE FINANCIAL DATA SUBMITTED TO THE SECU12 RITIES AND EXCHANGE COMMISSION.— 

13 (1) DATA QUALITY IMPROVEMENT PROGRAM.— 

14 (A) IN GENERAL.—Not later than 180 

15 days after the date of enactment of this Act, 

16 the Securities and Exchange Commission shall 

17 establish a program to improve the quality of 

18 corporate financial data filed or furnished by 

19 issuers under the Securities Act of 1933 (15 

20 U.S.C. 77a et seq.), the Securities Exchange 

21 Act of 1934 (15 U.S.C. 78a et seq.), and the 

22 Investment Company Act of 1940 (15 U.S.C. 

23 80a–1 et seq.). 


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1 (B) CONTENTS.—The program established 

2 under subparagraph (A) shall include the fol3 lowing: 

4 (i) The designation of an official in 

5 the Office of the Chairman of the Securi6 ties and Exchange Commission responsible 

7 for the improvement of the quality of data 

8 filed with or furnished to the Commission 

9 by issuers. 

10 (ii) The issuance by the Division of 

11 Corporation Finance of the Securities and 

12 Exchange Commission of comment letters 

13 requiring correction of errors in data fil14 ings and submissions, where necessary. 

15 (2) GOALS.—In establishing the program re16 quired under this subsection, the Securities and Ex17 change Commission shall seek to— 

18 (A) improve the quality of data filed with 

19 or furnished to the Commission to a commer20 cially acceptable level; and 

21 (B) make data filed with or furnished to 

22 the Commission useful to investors. 

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

24 DATA FOR CORPORATE DISCLOSURES.— 


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1 (1) IN GENERAL.—Not later than 180 days 

2 after the date of enactment of this Act, and once 

3 every 180 days thereafter, the Securities and Ex4 change Commission shall submit to the Committee 

5 on Banking, Housing, and Urban Affairs of the Sen6 ate and the Committee on Financial Services of the 

7 House of Representatives a report regarding the 

8 public and internal use of machine-readable data for 

9 corporate disclosures. 

10 (2) CONTENT.—Each report required under 

11 paragraph (1) shall include— 

12 (A) an identification of which corporate 

13 disclosures required under section 7 of the Se14 curities Act of 1933 (15 U.S.C. 77g), section 

15 13 of the Securities Exchange Act of 1934 (15 

16 U.S.C. 78m), and section 14 of the Securities 

17 Exchange Act of 1934 (15 U.S.C. 78n) are ex18 pressed as machine-readable data and which are 

19 not; 

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

21 the use of machine-readable data in corporate 

22 disclosure to investors, markets, the Securities 

23 and Exchange Commission, and issuers; 

24 (C) a summary of enforcement actions that 

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1 able data collected under the provisions of law 

2 described in subparagraph (A); and 

3 (D) an analysis of how the Securities and 

4 Exchange Commission uses the machine-read5 able data collected by the Commission. 

6 (c) SUNSET.—Beginning on the date that is 7 years 

7 after the date of enactment of this Act, this section shall 

8 have no force or effect. 

9 SEC. 206. NO NEW DISCLOSURE REQUIREMENTS. 

10 Nothing in this title, or the amendments made by this 

11 title, shall be construed to require the Securities and Ex12 change Commission, the Municipal Securities Rulemaking 

13 Board, or any national securities association to collect or 

14 make publicly available additional information under the 

15 provisions of law amended by this title (or under any pro16 vision of law referenced in an amendment made by this 

17 title), beyond information that was collected or made pub18 licly available under any such provision, as of the day be19 fore the date of enactment of this Act. 

20 TITLE III—FEDERAL DEPOSIT 

21 INSURANCE CORPORATION 

22 SEC. 301. DATA STANDARDS REQUIREMENTS FOR THE FED23 ERAL DEPOSIT INSURANCE CORPORATION. 

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

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


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1 ‘‘SEC. 52. DATA STANDARDS. 

2 ‘‘(a) DEFINITION.—In this section, the term ‘finan3 cial company’ has the meaning given the term in section 

4 201(a) of the Dodd-Frank Wall Street Reform and Con5 sumer Protection Act (12 U.S.C. 5381(a)). 

6 ‘‘(b) REQUIREMENT.—The Corporation shall, by rule, 

7 adopt data standards for all collections of information with 

8 respect to information received by the Corporation from 

9 any depository institution or financial company under this 

10 Act or under title II of the Dodd-Frank Wall Street Re11 form and Consumer Protection Act (12 U.S.C. 5381 et 

12 seq.). 

13 ‘‘(c) CONSISTENCY.—The data standards required 

14 under subsection (b) shall incorporate, and ensure compat15 ibility with (to the extent feasible), all applicable data 

16 standards established in the rules promulgated under sec17 tion 124 of the Financial Stability Act of 2010, including, 

18 to the extent practicable, by having the characteristics de19 scribed in clauses (i) through (vi) of subsection (c)(1)(B) 

20 of such section 124.’’. 

21 SEC. 302. OPEN DATA PUBLICATION BY THE FEDERAL DE22 POSIT INSURANCE CORPORATION. 

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

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

25 by adding at the end the following: 


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1 ‘‘SEC. 53. OPEN DATA PUBLICATION. 

2 ‘‘All public data assets published by the Corporation 

3 under this Act or under the Dodd-Frank Wall Street Re4 form and Consumer Protection Act (Public Law 111–203; 

5 124 Stat. 1376) shall be— 

6 ‘‘(1) made available as an open Government 

7 data asset (as defined in section 3502 of title 44, 

8 United States Code); 

9 ‘‘(2) freely available for download in bulk; 

10 ‘‘(3) rendered in a human-readable format; and 

11 ‘‘(4) accessible via application programming 

12 interface where appropriate.’’. 

13 SEC. 303. RULEMAKING. 

14 (a) IN GENERAL.—The Federal Deposit Insurance 

15 Corporation shall issue rules to carry out the amendments 

16 made by this title, which shall take effect not later than 

17 2 years after the date on which final rules are promulgated 

18 under section 124(b) of the Financial Stability Act of 

19 2010, as added by section 101(a) of this Act. 

20 (b) SCALING OF REGULATORY REQUIREMENTS; 

21 MINIMIZING DISRUPTION.—In issuing the rules required 

22 under subsection (a), the Federal Deposit Insurance Cor23 poration— 

24 (1) may scale data reporting requirements in 

25 order to reduce any unjustified burden on smaller 

26 regulated entities; and 


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1 (2) shall seek to minimize disruptive changes to 

2 the persons affected by those regulations. 

3 SEC. 304. NO NEW DISCLOSURE REQUIREMENTS. 

4 Nothing in this title, or the amendments made by this 

5 title, shall be construed to require the Federal Deposit In6 surance Corporation to collect or make publicly available 

7 additional information under the Acts amended by this 

8 title (or under any provision of law referenced in an 

9 amendment made by this title), beyond information that 

10 was collected or made publicly available under any such 

11 provision, as of the day before the date of enactment of 

12 this Act. 

13 TITLE IV—OFFICE OF THE 

14 COMPTROLLER OF THE CUR15 RENCY 

16 SEC. 401. DATA STANDARDS AND OPEN DATA PUBLICATION 

17 REQUIREMENTS FOR THE OFFICE OF THE 

18 COMPTROLLER OF THE CURRENCY. 

19 The Revised Statutes of the United States is amend20 ed by inserting after section 332 (12 U.S.C. 14) the fol21 lowing: 

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

23 ‘‘(a) DATA STANDARDS.— 

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

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


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1 collections of information that are regularly filed 

2 with or submitted to the Comptroller of the Cur3 rency by any entity with respect to which the Office 

4 of the Comptroller of the Currency is the appro5 priate Federal banking agency (as defined in section 

6 3 of the Federal Deposit Insurance Act (12 U.S.C. 

7 1813)). 

8 ‘‘(2) CONSISTENCY.—The data standards re9 quired under paragraph (1) shall incorporate, and 

10 ensure compatibility with (to the extent feasible), all 

11 applicable data standards established in the rules 

12 promulgated under section 124 of the Financial Sta13 bility Act of 2010, including, to the extent prac14 ticable, by having the characteristics described in 

15 clauses (i) through (vi) of subsection (c)(1)(B) of 

16 such section 124. 

17 ‘‘(b) OPEN DATA PUBLICATION.—All public data as18 sets published by the Comptroller of the Currency under 

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

20 Consumer Protection Act (Public Law 111–203; 124 Stat. 

21 1376) shall be— 

22 ‘‘(1) made available as an open Government 

23 data asset (as defined in section 3502 of title 44, 

24 United States Code); 

25 ‘‘(2) freely available for download in bulk; 


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1 ‘‘(3) rendered in a human-readable format; and 

2 ‘‘(4) accessible via application programming 

3 interface where appropriate.’’. 

4 SEC. 402. RULEMAKING. 

5 (a) IN GENERAL.—The Comptroller of the Currency 

6 shall issue rules to carry out the amendments made by 

7 section 401, which shall take effect not later than 2 years 

8 after the date on which final rules are promulgated under 

9 section 124(b) of the Financial Stability Act of 2010, as 

10 added by section 101(a) of this Act. 

11 (b) SCALING OF REGULATORY REQUIREMENTS; 

12 MINIMIZING DISRUPTION.—In issuing the rules required 

13 under subsection (a), the Comptroller of the Currency— 

14 (1) may scale data reporting requirements in 

15 order to reduce any unjustified burden on smaller 

16 regulated entities; and 

17 (2) shall seek to minimize disruptive changes to 

18 the persons affected by those regulations. 

19 SEC. 403. NO NEW DISCLOSURE REQUIREMENTS. 

20 Nothing in this title, or the amendments made by this 

21 title, shall be construed to require the Comptroller of the 

22 Currency to collect or make publicly available additional 

23 information under the Revised Statutes of the United 

24 States (or under any other provision of law referenced in 

25 an amendment made by this title), beyond information 


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1 that was collected or made publicly available under any 

2 such provision of law, as of the day before the date of 

3 enactment of this Act. 

4 TITLE V—BUREAU OF CON5 SUMER FINANCIAL PROTEC6 TION 

7 SEC. 501. DATA STANDARDS AND OPEN DATA PUBLICATION 

8 REQUIREMENTS FOR THE BUREAU OF CON9 SUMER FINANCIAL PROTECTION. 

10 (a) IN GENERAL.—Subtitle A of the Consumer Fi11 nancial Protection Act of 2010 (12 U.S.C. 5491 et seq.) 

12 is amended by— 

13 (1) redesignating section 1018 (12 U.S.C. 5491 

14 note) as section 1020; and 

15 (2) by inserting after section 1017 (12 U.S.C. 

16 5497) the following: 

17 ‘‘SEC. 1018. DATA STANDARDS. 

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

19 adopt data standards for all collections of information that 

20 are regularly filed with or submitted to the Bureau. 

21 ‘‘(b) CONSISTENCY.—The data standards required 

22 under subsection (a) shall incorporate, and ensure compat23 ibility with (to the extent feasible), all applicable data 

24 standards established in the rules promulgated under sec25 tion 124 of the Financial Stability Act of 2010, including, 


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1 to the extent practicable, by having the characteristics de2 scribed in clauses (i) through (vi) of subsection (c)(1)(B) 

3 of such section 124. 

4 ‘‘SEC. 1019. OPEN DATA PUBLICATION. 

5 ‘‘All public data assets published by the Bureau shall 

6 be— 

7 ‘‘(1) made available as an open Government 

8 data asset (as defined in section 3502 of title 44, 

9 United States Code); 

10 ‘‘(2) freely available for download in bulk; 

11 ‘‘(3) rendered in a human-readable format; and 

12 ‘‘(4) accessible via application programming 

13 interface where appropriate.’’. 

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

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

16 and Consumer Protection Act is amended by striking the 

17 item relating to section 1018 and inserting the following: 

‘‘Sec. 1018. Data standards. 

‘‘Sec. 1019. Open data publication. 

‘‘Sec. 1020. Effective date.’’. 

18 SEC. 502. RULEMAKING. 

19 (a) IN GENERAL.—The Director of the Bureau of 

20 Consumer Financial Protection shall issue rules to carry 

21 out the amendments made by section 501, which shall take 

22 effect not later than 2 years after the date on which final 

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1 cial Stability Act of 2010, as added by section 101(a) of 

2 this Act. 

3 (b) SCALING OF REGULATORY REQUIREMENTS; 

4 MINIMIZING DISRUPTION.—In issuing the rules required 

5 under subsection (a), the Director of the Bureau of Con6 sumer Financial Protection— 

7 (1) may scale data reporting requirements in 

8 order to reduce any unjustified burden on smaller 

9 regulated entities; and 

10 (2) shall seek to minimize disruptive changes to 

11 the persons affected by those regulations. 

12 SEC. 503. NO NEW DISCLOSURE REQUIREMENTS. 

13 Nothing in this title, or the amendments made by this 

14 title, shall be construed to require the Bureau of Con15 sumer Financial Protection to collect or make publicly 

16 available additional information under the Consumer Fi17 nancial Protection Act of 2010 (12 U.S.C. 5481 et seq.), 

18 beyond information that was collected or made publicly 

19 available under that Act, as of the day before the date 

20 of enactment of this Act. 


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1 TITLE VI—FEDERAL RESERVE 

2 SYSTEM 

3 SEC. 601. DATA STANDARDS REQUIREMENTS FOR THE 

4 BOARD OF GOVERNORS OF THE FEDERAL RE5 SERVE SYSTEM. 

6 (a) DATA STANDARDS FOR INFORMATION FILED OR

7 SUBMITTED BY NONBANK FINANCIAL COMPANIES.—Sec8 tion 161(a) of the Financial Stability Act of 2010 (12 

9 U.S.C. 5361(a)) is amended by adding at the end the fol10 lowing: 

11 ‘‘(4) DATA STANDARDS FOR REPORTS UNDER

12 THIS SUBSECTION.— 

13 ‘‘(A) IN GENERAL.—The Board of Gov14 ernors shall adopt data standards for all infor15 mation that, through a collection of informa16 tion, is regularly filed with or submitted to the 

17 Board of Governors under this subsection by 

18 any nonbank financial company supervised by 

19 the Board of Governors or any subsidiary there20 of. 

21 ‘‘(B) CONSISTENCY.—The data standards 

22 required under subparagraph (A) shall incor23 porate, and ensure compatibility with (to the 

24 extent feasible), all applicable data standards 

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1 tion 124, including, to the extent practicable, by 

2 having the characteristics described in clauses 

3 (i) through (vi) of subsection (c)(1)(B) of sec4 tion 124.’’. 

5 (b) DATA STANDARDS FOR INFORMATION FILED OR

6 SUBMITTED BY SAVINGS AND LOAN HOLDING COMPA7 NIES.—Section 10 of the Home Owners’ Loan Act (12 

8 U.S.C. 1467a) is amended by adding at the end the fol9 lowing: 

10 ‘‘(u) DATA STANDARDS.— 

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

12 data standards for all information that, through a 

13 collection of information, is regularly filed with or 

14 submitted to the Board by any savings and loan 

15 holding company, or subsidiary of a savings and loan 

16 holding company, other than a depository institu17 tion, under this section. 

18 ‘‘(2) CONSISTENCY.—The data standards re19 quired under paragraph (1) shall incorporate, and 

20 ensure compatibility with (to the extent feasible), all 

21 applicable data standards established in the rules 

22 promulgated under section 124 of the Financial Sta23 bility Act of 2010, including, to the extent prac24 ticable, by having the characteristics described in 


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1 clauses (i) through (vi) of subsection (c)(1)(B) of 

2 such section 124.’’. 

3 (c) DATA STANDARDS FOR INFORMATION FILED OR

4 SUBMITTED BY BANK HOLDING COMPANIES.—Section 5 

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

6 1844) is amended by adding at the end the following: 

7 ‘‘(h) DATA STANDARDS.— 

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

9 data standards for all information that, through a 

10 collection of information, is regularly filed with or 

11 submitted to the Board by any bank holding com12 pany in a report under subsection (c). 

13 ‘‘(2) CONSISTENCY.—The data standards re14 quired under paragraph (1) shall incorporate, and 

15 ensure compatibility with (to the extent feasible), all 

16 applicable data standards established in the rules 

17 promulgated under section 124 of the Financial Sta18 bility Act of 2010, including, to the extent prac19 ticable, by having the characteristics described in 

20 clauses (i) through (vi) of subsection (c)(1)(B) of 

21 such section 124.’’. 

22 (d) DATA STANDARDS FOR INFORMATION SUB23 MITTED BY FINANCIAL MARKET UTILITIES OR INSTITU24 TIONS UNDER THE PAYMENT, CLEARING, AND SETTLE25 MENT SUPERVISION ACT OF 2010.—Section 809 of the 


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1 Payment, Clearing, and Settlement Supervision Act of 

2 2010 (12 U.S.C. 5468) is amended by adding at the end 

3 the following: 

4 ‘‘(h) DATA STANDARDS.— 

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

6 shall adopt data standards for all information that, 

7 through a collection of information, is regularly filed 

8 with or submitted to the Board or the Council by 

9 any financial market utility or financial institution 

10 under subsection (a) or (b). 

11 ‘‘(2) CONSISTENCY.—The data standards re12 quired under paragraph (1) shall incorporate, and 

13 ensure compatibility with (to the extent feasible), all 

14 applicable data standards established in the rules 

15 promulgated under section 124 of the Financial Sta16 bility Act of 2010, including, to the extent prac17 ticable, by having the characteristics described in 

18 clauses (i) through (vi) of subsection (c)(1)(B) of 

19 such section 124.’’. 

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

21 GOVERNORS OF THE FEDERAL RESERVE SYS22 TEM. 

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

24 amended by adding at the end the following: 


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

2 GOVERNORS. 

3 ‘‘All public data assets published by the Board of 

4 Governors under this Act, the Bank Holding Company Act 

5 of 1956 (12 U.S.C. 1841 et seq.), the Financial Stability 

6 Act of 2010 (12 U.S.C. 5311 et seq.), the Home Owners’ 

7 Loan Act (12 U.S.C. 1461 et seq.), the Payment, Clear8 ing, and Settlement Supervision Act of 2010 (12 U.S.C. 

9 5461 et seq.), or the Enhancing Financial Institution 

10 Safety and Soundness Act of 2010 (title III of Public Law 

11 111–203) (or any provision of law amended by that Act) 

12 shall be— 

13 ‘‘(1) made available as an open Government 

14 data asset (as defined in section 3502 of title 44, 

15 United States Code); 

16 ‘‘(2) freely available for download in bulk; 

17 ‘‘(3) rendered in a human-readable format; and 

18 ‘‘(4) accessible via application programming 

19 interface where appropriate.’’. 

20 SEC. 603. RULEMAKING. 

21 (a) IN GENERAL.—The Board of Governors of the 

22 Federal Reserve System shall issue rules to carry out the 

23 amendments made by this title, which shall take effect not 

24 later than 2 years after the date on which final rules are 

25 promulgated under section 124(b) of the Financial Sta26 bility Act of 2010, as added by section 101(a) of this Act. 


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1 (b) SCALING OF REGULATORY REQUIREMENTS; 

2 MINIMIZING DISRUPTION.—In issuing the rules required 

3 under subsection (a), the Board of Governors of the Fed4 eral Reserve System— 

5 (1) may scale data reporting requirements in 

6 order to reduce any unjustified burden on smaller 

7 regulated entities; and 

8 (2) shall seek to minimize disruptive changes to 

9 the persons affected by those regulations. 

10 SEC. 604. NO NEW DISCLOSURE REQUIREMENTS. 

11 Nothing in this title, or the amendments made by this 

12 title, shall be construed to require the Board of Governors 

13 of the Federal Reserve System to collect or make publicly 

14 available additional information under any Act amended 

15 by this title, any Act referenced in an amendment made 

16 by this title, or any Act amended by an Act referenced 

17 in an amendment made by this title, beyond information 

18 that was collected or made publicly available under any 

19 such provision of law, as of the day before the date of 

20 enactment of this Act. 


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1 TITLE VII—NATIONAL CREDIT 

2 UNION ADMINISTRATION 

3 SEC. 701. DATA STANDARDS. 

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

5 1752 et seq.) is amended by adding at the end the fol6 lowing: 

7 ‘‘SEC. 132. DATA STANDARDS. 

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

9 adopt data standards for all collections of information and 

10 reports regularly filed with or submitted to the Adminis11 tration under this Act. 

12 ‘‘(b) CONSISTENCY.—The data standards required 

13 under subsection (a) shall incorporate, and ensure compat14 ibility with (to the extent feasible), all applicable data 

15 standards established in the rules promulgated under sec16 tion 124 of the Financial Stability Act of 2010, including, 

17 to the extent practicable, by having the characteristics de18 scribed in clauses (i) through (vi) of subsection (c)(1)(B) 

19 of such section 124.’’. 

20 SEC. 702. OPEN DATA PUBLICATION BY THE NATIONAL 

21 CREDIT UNION ADMINISTRATION. 

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

23 1752 et seq.), as amended by section 801, is further 

24 amended by adding at the end the following: 


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1 ‘‘SEC. 133. OPEN DATA PUBLICATION. 

2 ‘‘All public data assets published by the Administra3 tion under this title shall be— 

4 ‘‘(1) made available as an open Government 

5 data asset (as defined in section 3502 of title 44, 

6 United States Code); 

7 ‘‘(2) freely available for download in bulk; 

8 ‘‘(3) rendered in a human-readable format; and 

9 ‘‘(4) accessible via application programming 

10 interface where appropriate.’’. 

11 SEC. 703. RULEMAKING. 

12 (a) IN GENERAL.—The National Credit Union Ad13 ministration Board shall issue rules to carry out the 

14 amendments made by this title, which shall take effect not 

15 later than 2 years after the date on which final rules are 

16 promulgated under section 124(b) of the Financial Sta17 bility Act of 2010, as added by section 101(a) of this Act. 

18 (b) SCALING OF REGULATORY REQUIREMENTS; 

19 MINIMIZING DISRUPTION.—In issuing the rules required 

20 under subsection (a), the National Credit Union Adminis21 tration Board— 

22 (1) may scale data reporting requirements in 

23 order to reduce any unjustified burden on smaller 

24 regulated entities; and 

25 (2) shall seek to minimize disruptive changes to 

26 the persons affected by those 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 National Credit 

4 Union Administration Board to collect or make publicly 

5 available additional information under the Federal Credit 

6 Union Act (12 U.S.C. 1751 et seq.), beyond information 

7 that was collected or made publicly available under that 

8 Act, as of the day before the date of enactment of this 

9 Act. 

10 TITLE VIII—FEDERAL HOUSING 

11 FINANCE AGENCY 

12 SEC. 801. DATA STANDARDS REQUIREMENTS FOR THE FED13 ERAL HOUSING FINANCE AGENCY. 

14 Part 1 of subtitle A of the Federal Housing Enter15 prises Financial Safety and Soundness Act of 1992 (12 

16 U.S.C. 4511 et seq.) is amended by adding at the end 

17 the following: 

18 ‘‘SEC. 1319H. DATA STANDARDS. 

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

20 adopt data standards for all collections of information that 

21 are regularly filed with or submitted to the Agency. 

22 ‘‘(b) CONSISTENCY.—The data standards required 

23 under subsection (a) shall incorporate, and ensure compat24 ibility with (to the extent feasible), all applicable data 

25 standards established in the rules promulgated under sec26 tion 124 of the Financial Stability Act of 2010, including, 


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1 to the extent practicable, by having the characteristics de2 scribed in clauses (i) through (vi) of subsection (c)(1)(B) 

3 of such section 124.’’. 

4 SEC. 802. OPEN DATA PUBLICATION BY THE FEDERAL 

5 HOUSING FINANCE AGENCY. 

6 Part 1 of subtitle A of the Federal Housing Enter7 prises Financial Safety and Soundness Act of 1992 (12 

8 U.S.C. 4511 et seq.), as amended by section 801, is fur9 ther amended by adding at the end the following: 

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

11 ‘‘All public data assets published by the Agency shall 

12 be— 

13 ‘‘(1) made available as an open Government 

14 data asset (as defined in section 3502 of title 44, 

15 United States Code); 

16 ‘‘(2) freely available for download in bulk; 

17 ‘‘(3) rendered in a human-readable format; and 

18 ‘‘(4) accessible via application programming 

19 interface where appropriate.’’. 

20 SEC. 803. RULEMAKING. 

21 (a) IN GENERAL.—The Director of the Federal 

22 Housing Finance Agency shall issue rules to carry out the 

23 amendments made by this title, which shall take effect not 

24 later than 2 years after the date on which final rules are 


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1 promulgated under section 124(b) of the Financial Sta2 bility Act of 2010, as added by section 101(a) of this Act. 

3 (b) MINIMIZING DISRUPTION.—In issuing the regula4 tions required under subsection (a), the Director of the 

5 Federal Housing Finance Agency shall seek to minimize 

6 disruptive changes to the persons affected by those rules. 

7 SEC. 804. NO NEW DISCLOSURE REQUIREMENTS. 

8 Nothing in this title, or the amendments made by this 

9 title, shall be construed to require the Federal Housing 

10 Finance Agency to collect or make publicly available addi11 tional information under the Federal Housing Enterprises 

12 Financial Safety and Soundness Act of 1992 (12 U.S.C. 

13 4501 et seq.), beyond information that was collected or 

14 made publicly available under that Act, as of the day be15 fore the date of enactment of this Act. 

16 TITLE IX—MISCELLANEOUS 

17 SEC. 901. RULES OF CONSTRUCTION. 

18 (a) NO EFFECT ON INTELLECTUAL PROPERTY.— 

19 Nothing in this Act, or the amendments made by this Act, 

20 may be construed to alter the existing legal protections 

21 of copyrighted material or other intellectual property 

22 rights of any non-Federal person. 

23 (b) NO EFFECT ON MONETARY POLICY.—Nothing in 

24 this Act, or the amendments made by this Act, may be 

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1 ards used, in connection with monetary policy proposed 

2 or implemented by the Board of Governors of the Federal 

3 Reserve System or the Federal Open Market Committee. 

4 (c) PRESERVATION OF AGENCY AUTHORITY TO TAI5 LOR REQUIREMENTS.—Nothing in this Act, or the amend6 ments made by this Act, may be construed to prohibit the 

7 head of a covered agency, as defined in section 124(a) of 

8 the Financial Stability Act of 2010, as added by section 

9 101(a) of this Act, from tailoring those standards when 

10 those standards are adopted under this Act and the 

11 amendments made by this Act. 

12 SEC. 902. CLASSIFIED AND PROTECTED INFORMATION. 

13 (a) IN GENERAL.—Nothing in this Act, or the 

14 amendments made by this Act, shall require the disclosure 

15 to the public of— 

16 (1) information that would be exempt from dis17 closure under section 552 of title 5, United States 

18 Code (commonly known as the ‘‘Freedom of Infor19 mation Act’’); or 

20 (2) information protected under— 

21 (A) section 552a of title 5, United States 

22 Code (commonly known as the ‘‘Privacy Act of 

23 1974’’); or 

24 (B) section 6103 of the Internal Revenue 

25 Code of 1986. 


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1 (b) EXISTING AGENCY REGULATIONS.—Nothing in 

2 this Act, or the amendments made by this Act, shall be 

3 construed to require the Secretary of the Treasury, the 

4 Securities and Exchange Commission, the Federal Deposit 

5 Insurance Corporation, the Comptroller of the Currency, 

6 the Director of the Bureau of Consumer Financial Protec7 tion, the Board of Governors of the Federal Reserve Sys8 tem, the National Credit Union Administration Board, the 

9 Director of the Federal Housing Finance Agency, or the 

10 head of any other primary financial regulatory agency (as 

11 defined in section 2 of the Dodd-Frank Wall Street Re12 form and Consumer Protection Act (12 U.S.C. 5301)) 

13 designated by the Secretary of the Treasury to amend ex14 isting regulations and procedures regarding the sharing 

15 and disclosure of nonpublic information, including con16 fidential supervisory information. 

17 SEC. 903. DISCRETIONARY SURPLUS FUND. 

18 (a) IN GENERAL.—Section 7(a)(3)(A) of the Federal 

19 Reserve Act (12 U.S.C. 289(a)(3)(A)) is amended by 

20 striking ‘‘$6,825,000,000’’ and inserting 

21 ‘‘$6,725,000,000’’. 

22 (b) EFFECTIVE DATE.—The amendment made by 

23 subsection (a) shall take effect on September 30, 2031. 


pamtmann on DSKBC07HB2PROD with BILLS
46 

•S 4295 IS

1 SEC. 904. REPORT. 

2 Not later than 3 years after the date of enactment 

3 of this Act, the Comptroller General of the United States 

4 shall submit to Congress a report on the feasibility, costs, 

5 and potential benefits of building upon the taxonomy es6 tablished by this Act, and the amendments made by this 

7 Act, to arrive at a Federal governmentwide regulatory 

8 compliance standardization mechanism similar to Stand9 ard Business Reporting. 

10 SEC. 905. DETERMINATION OF BUDGETARY EFFECTS. 

11 The budgetary effects of this Act, for the purpose of 

12 complying with the Statutory Pay-As-You-Go Act of 2010, 

13 shall be determined by reference to the latest statement 

14 titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 

15 Act, submitted for printing in the Congressional Record 

16 by the Chairman of the House Budget Committee, pro17 vided that such statement has been submitted prior to the 

18 vote on passage. 

Æ 


pamtmann on DSKBC07HB2PROD with BILLS