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[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 4295 Introduced in Senate (IS)]

<DOC>

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.

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

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Financial Data 
Transparency Act of 2022''.
    (b) Table of Contents.--The table of contents for 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.
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.

    TITLE I--DATA STANDARDS FOR COVERED AGENCIES; DEPARTMENT OF THE 
                          TREASURY RULEMAKING

SEC. 101. DATA STANDARDS.

    (a) In General.--Subtitle A of the Financial Stability Act of 2010 
(12 U.S.C. 5321 et seq.) is amended by adding at the end the following:

``SEC. 124. DATA STANDARDS.

    ``(a) Definitions.--In this section--
            ``(1) the term `covered agencies' means--
                    ``(A) the Department of the Treasury;
                    ``(B) the Board of Governors;
                    ``(C) the Office of the Comptroller of the 
                Currency;
                    ``(D) the Bureau;
                    ``(E) the Commission;
                    ``(F) the Corporation;
                    ``(G) the Federal Housing Finance Agency;
                    ``(H) the National Credit Union Administration 
                Board; and
                    ``(I) any other primary financial regulatory agency 
                designated by the Secretary;
            ``(2) the term `data standard' means a standard that 
        specifies rules by which data is described and recorded; and
            ``(3) the terms `machine-readable', `metadata', and `open 
        license' have the meanings given the terms in section 3502 of 
        title 44, United States Code.
    ``(b) Promulgation of Standards.--Not later than 2 years after the 
date of enactment of this section, the heads of the covered agencies 
shall jointly promulgate final rules that establish data standards 
for--
            ``(1) the collections of information reported to each 
        covered agency by financial entities under the jurisdiction of 
        the covered agency; and
            ``(2) the data collected from covered agencies on behalf of 
        the Council.
    ``(c) Data Standards.--
            ``(1) Common identifiers; quality.--The data standards 
        established in the final rules promulgated under subsection (b) 
        shall--
                    ``(A) include common identifiers for collections of 
                information reported to covered agencies or collected 
                on behalf of the Council, which shall include a common 
                nonproprietary legal entity identifier that is 
                available under an open license for all entities 
                required to report to covered agencies; and
                    ``(B) to the extent practicable--
                            ``(i) render data fully searchable and 
                        machine-readable;
                            ``(ii) enable high quality data through 
                        schemas, with accompanying metadata documented 
                        in machine-readable taxonomy or ontology 
                        models, which clearly define the semantic 
                        meaning of the data, as defined by the 
                        underlying regulatory information collection 
                        requirements;
                            ``(iii) ensure that a data element or data 
                        asset that exists to satisfy an underlying 
                        regulatory information collection requirement 
                        be consistently identified as such in 
                        associated machine-readable metadata;
                            ``(iv) be nonproprietary or made available 
                        under an open license;
                            ``(v) incorporate standards developed and 
                        maintained by voluntary consensus standards 
                        bodies; and
                            ``(vi) use, be consistent with, and 
                        implement applicable accounting and reporting 
                        principles.
            ``(2) Consultation; interoperability.--In establishing data 
        standards in the final rules promulgated under subsection (b), 
        the heads of the covered agencies shall--
                    ``(A) consult with other Federal departments and 
                agencies and multi-agency initiatives responsible for 
                Federal data standards; and
                    ``(B) seek to promote interoperability of financial 
                regulatory data across members of the Council.
    ``(d) Effective Date.--The data standards established in the final 
rules promulgated under subsection (b) shall take effect not later than 
2 years after the date on which those final rules are promulgated under 
that subsection.''.
    (b) Clerical Amendment.--The table of contents under section 1(b) 
of the Dodd-Frank Wall Street Reform and Consumer Protection Act is 
amended by inserting after the item relating to section 123 the 
following:

``Sec. 124. Data standards.''.

SEC. 102. OPEN DATA PUBLICATION BY THE DEPARTMENT OF THE TREASURY.

    (a) In General.--Subtitle A of the Financial Stability Act of 2010 
(12 U.S.C. 5321 et seq.), as amended by section 101(a), is further 
amended by adding at the end the following:

``SEC. 125. OPEN DATA PUBLICATION.

    ``All public data assets published by the Secretary under this 
subtitle shall be--
            ``(1) made available as an open Government data asset (as 
        defined in section 3502 of title 44, United States Code);
            ``(2) freely available for download in bulk;
            ``(3) rendered in a human-readable format; and
            ``(4) accessible via application programming interface 
        where appropriate.''.
    (b) Clerical Amendment.--The table of contents under section 1(b) 
of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as 
amended by section 101(b), is further amended by inserting after the 
item relating to section 124 the following:

``Sec. 125. Open data publication.''.
    (c) Rulemaking.--The Secretary of the Treasury shall issue rules to 
carry out the amendments made by this section, which shall take effect 
not later than 2 years after the date on which final rules are 
promulgated under section 124(b) of the Financial Stability Act of 
2010, as added by section 101(a) of this Act.

SEC. 103. NO NEW DISCLOSURE REQUIREMENTS.

    Nothing in this title, or the amendments made by this title, shall 
be construed to require the Secretary of the Treasury to collect or 
make publicly available additional information under the Financial 
Stability Act of 2010 (12 U.S.C. 5311 et seq.), beyond information that 
was collected or made publicly available under that Act, as of the day 
before the date of enactment of this Act.

              TITLE II--SECURITIES AND EXCHANGE COMMISSION

SEC. 201. DATA STANDARDS REQUIREMENTS FOR THE SECURITIES AND EXCHANGE 
              COMMISSION.

    (a) Data Standards for Investment Advisers' Reports Under the 
Investment Advisers Act of 1940.--Section 204 of the Investment 
Advisers Act of 1940 (15 U.S.C. 80b-4) is amended--
            (1) by redesignating the second subsection (d) (relating to 
        Records of Persons With Custody of Use) as subsection (e); and
            (2) by adding at the end the following:
    ``(f) Data Standards for Reports Filed Under This Section.--
            ``(1) Requirement.--The Commission shall, by rule, adopt 
        data standards for all reports filed by investment advisers 
        with the Commission under this section.
            ``(2) Consistency.--The data standards required under 
        paragraph (1) shall incorporate, and ensure compatibility with 
        (to the extent feasible), all applicable data standards 
        established in the rules promulgated under section 124 of the 
        Financial Stability Act of 2010, including, to the extent 
        practicable, by having the characteristics described in clauses 
        (i) through (vi) of subsection (c)(1)(B) of such section 
        124.''.
    (b) Data Standards for Registration Statements and Reports Under 
the Investment Company Act of 1940.--The Investment Company Act of 1940 
(15 U.S.C. 80a-1 et seq.) is amended--
            (1) in section 8 (15 U.S.C. 80a-8), by adding at the end 
        the following:
    ``(g) Data Standards for Registration Statements.--
            ``(1) Requirement.--The Commission shall, by rule, adopt 
        data standards for all registration statements required to be 
        filed with the Commission under this section, except that the 
        Commission may exempt exhibits, signatures, and certifications 
        from those data standards.
            ``(2) Consistency.--The data standards required under 
        paragraph (1) shall incorporate, and ensure compatibility with 
        (to the extent feasible), all applicable data standards 
        established in the rules promulgated under section 124 of the 
        Financial Stability Act of 2010, including, to the extent 
        practicable, by having the characteristics described in clauses 
        (i) through (vi) of subsection (c)(1)(B) of such section 
        124.''; and
            (2) in section 30 (15 U.S.C. 80a-29), by adding at the end 
        the following:
    ``(k) Data Standards for Reports.--
            ``(1) Requirement.--The Commission shall, by rule, adopt 
        data standards for all reports required to be filed with the 
        Commission under this section, except that the Commission may 
        exempt exhibits, signatures, and certifications from those data 
        standards.
            ``(2) Consistency.--The data standards required under 
        paragraph (1) shall incorporate, and ensure compatibility with 
        (to the extent feasible), all applicable data standards 
        established in the rules promulgated under section 124 of the 
        Financial Stability Act of 2010, including, to the extent 
        practicable, by having the characteristics described in clauses 
        (i) through (vi) of subsection (c)(1)(B) of such section 
        124.''.
    (c) Data Standards for Information Required To Be Submitted or 
Published by Nationally Recognized Statistical Rating Organizations.--
Section 15E of the Securities Exchange Act of 1934 (15 U.S.C. 78o-7) is 
amended by adding at the end the following:
    ``(w) Data Standards for Information Required To Be Submitted or 
Published Under This Section.--
            ``(1) Requirement.--The Commission shall, by rule, adopt 
        data standards for all collections of information required to 
        be submitted or published by a nationally recognized 
        statistical rating organization under this section.
            ``(2) Consistency.--The data standards required under 
        paragraph (1) shall incorporate, and ensure compatibility with 
        (to the extent feasible), all applicable data standards 
        established in the rules promulgated under section 124 of the 
        Financial Stability Act of 2010, including, to the extent 
        practicable, by having the characteristics described in clauses 
        (i) through (vi) of subsection (c)(1)(B) of such section 
        124.''.
    (d) Data Standards for Asset-Backed Securities Disclosures.--
Section 7(c) of the Securities Act of 1933 (15 U.S.C. 77g(c)) is 
amended by adding at the end the following:
            ``(3) Data standards for asset-backed securities 
        disclosures.--
                    ``(A) Requirement.--The Commission shall, by rule, 
                adopt data standards for all disclosures required under 
                this subsection.
                    ``(B) Consistency.--The data standards required 
                under subparagraph (A) shall incorporate, and ensure 
                compatibility with (to the extent feasible), all 
                applicable data standards established in the rules 
                promulgated under section 124 of the Financial 
                Stability Act of 2010, including, to the extent 
                practicable, by having the characteristics described in 
                clauses (i) through (vi) of subsection (c)(1)(B) of 
                such section 124.''.
    (e) Data Standards for Corporate Disclosures Under the Securities 
Act of 1933.--Title I of the Securities Act of 1933 (15 U.S.C. 77a et 
seq.) is amended by adding at the end the following:

``SEC. 29. DATA STANDARDS.

    ``(a) Requirement.--The Commission shall, by rule, adopt data 
standards for all registration statements, and for all prospectuses 
included in registration statements, required to be filed with the 
Commission under this title, except that the Commission may exempt 
exhibits, signatures, and certifications from those data standards.
    ``(b) Consistency.--The data standards required under subsection 
(a) shall incorporate, and ensure compatibility with (to the extent 
feasible), all applicable data standards established in the rules 
promulgated under section 124 of the Financial Stability Act of 2010, 
including, to the extent practicable, by having the characteristics 
described in clauses (i) through (vi) of subsection (c)(1)(B) of such 
section 124.''.
    (f) Data Standards for Periodic and Current Corporate Disclosures 
Under the Securities Exchange Act of 1934.--Section 13 of the 
Securities Exchange Act of 1934 (15 U.S.C. 78m) is amended by adding at 
the end the following:
    ``(s) Data Standards.--
            ``(1) Requirement.--The Commission shall, by rule, adopt 
        data standards for all collections of information with respect 
        to periodic and current reports required to be filed or 
        furnished under this section or under section 15(d), except 
        that the Commission may exempt exhibits, signatures, and 
        certifications from those data standards.
            ``(2) Consistency.--The data standards required under 
        paragraph (1) shall incorporate, and ensure compatibility with 
        (to the extent feasible), all applicable data standards 
        established in the rules promulgated under section 124 of the 
        Financial Stability Act of 2010, including, to the extent 
        practicable, by having the characteristics described in clauses 
        (i) through (vi) of subsection (c)(1)(B) of such section 
        124.''.
    (g) Data Standards for Corporate Proxy and Consent Solicitation 
Materials Under the Securities Exchange Act of 1934.--Section 14 of the 
Securities Exchange Act of 1934 (15 U.S.C. 78n) is amended by adding at 
the end the following:
    ``(k) Data Standards for Proxy and Consent Solicitation 
Materials.--
            ``(1) Requirement.--The Commission shall, by rule, adopt 
        data standards for all information contained in any proxy or 
        consent solicitation material prepared by an issuer for an 
        annual meeting of the shareholders of the issuer, except that 
        the Commission may exempt exhibits, signatures, and 
        certifications from those data standards.
            ``(2) Consistency.--The data standards required under 
        paragraph (1) shall incorporate, and ensure compatibility with 
        (to the extent feasible), all applicable data standards 
        established in the rules promulgated under section 124 of the 
        Financial Stability Act of 2010, including, to the extent 
        practicable, by having the characteristics described in clauses 
        (i) through (vi) of subsection (c)(1)(B) of such section 
        124.''.
    (h) Data Standards for Security-Based Swap Reporting.--The 
Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended by 
adding at the end the following:

``SEC. 41. DATA STANDARDS FOR SECURITY-BASED SWAP REPORTING.

    ``(a) Requirement.--The Commission shall, by rule, adopt data 
standards for all reports related to security-based swaps that are 
required under this Act.
    ``(b) Consistency.--The data standards required under subsection 
(a) shall incorporate, and ensure compatibility with (to the extent 
feasible), all applicable data standards established in the rules 
promulgated under section 124 of the Financial Stability Act of 2010, 
including, to the extent practicable, by having the characteristics 
described in clauses (i) through (vi) of subsection (c)(1)(B) of such 
section 124.''.
    (i) Rulemaking.--
            (1) In general.--The rules that the Securities and Exchange 
        Commission are required to issue under the amendments made by 
        this section shall take effect not later than 2 years after the 
        date on which final rules are promulgated under section 124(b) 
        of the Financial Stability Act of 2010, as added by section 
        101(a) of this Act.
            (2) Scaling of regulatory requirements; minimizing 
        disruption.--In issuing the rules required under the amendments 
        made by this section, as described in paragraph (1), the 
        Securities and Exchange Commission--
                    (A) may scale data reporting requirements in order 
                to reduce any unjustified burden on emerging growth 
                companies, lending institutions, accelerated filers, 
                smaller reporting companies, and other smaller issuers, 
                as determined by any study required under section 
                205(b), while still providing searchable information to 
                investors; and
                    (B) shall seek to minimize disruptive changes to 
                the persons affected by those rules.

SEC. 202. OPEN DATA PUBLICATION BY THE SECURITIES AND EXCHANGE 
              COMMISSION.

    Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d) is 
amended by adding at the end the following:
    ``(k) Open Data Publication.--All public data assets published by 
the Commission under the securities laws and the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (Public Law 111-203; 124 Stat. 1376) 
shall be--
            ``(1) made available as an open Government data asset (as 
        defined in section 3502 of title 44, United States Code);
            ``(2) freely available for download in bulk;
            ``(3) rendered in a human-readable format; and
            ``(4) accessible via application programming interface 
        where appropriate.''.

SEC. 203. DATA TRANSPARENCY AT THE MUNICIPAL SECURITIES RULEMAKING 
              BOARD.

    (a) In General.--Section 15B(b) of the Securities Exchange Act of 
1934 (15 U.S.C. 78o-4(b)) is amended by adding at the end the 
following:
    ``(8)(A) If the Board establishes information systems under 
paragraph (3), the Board shall adopt data standards for information 
submitted through those systems.
    ``(B) Any data standards adopted under subparagraph (A) shall 
incorporate, and ensure compatibility with (to the extent feasible), 
all applicable data standards established in the rules promulgated 
under section 124 of the Financial Stability Act of 2010, including, to 
the extent practicable, by having the characteristics described in 
clauses (i) through (vi) of subsection (c)(1)(B) of such section 
124.''.
    (b) Rulemaking.--
            (1) In general.--Not later than 2 years after the date on 
        which final rules are promulgated under section 124(b) of the 
        Financial Stability Act of 2010, as added by section 101(a) of 
        this Act, the Municipal Securities Rulemaking Board shall issue 
        rules to adopt the standards required under paragraph (8) of 
        section 15B(b) of the Securities Exchange Act of 1934 (15 
        U.S.C. 78o-4(b)), as added by subsection (a), if the Board has 
        established information systems under paragraph (3) of such 
        section 15B(b).
            (2) Scaling of regulatory requirements; minimizing 
        disruption.--In issuing the rules described in paragraph (1), 
        the Municipal Securities Rulemaking Board--
                    (A) may scale data reporting requirements in order 
                to reduce any unjustified burden on smaller regulated 
                entities; and
                    (B) shall seek to minimize disruptive changes to 
                the persons affected by those regulations.

SEC. 204. DATA TRANSPARENCY AT NATIONAL SECURITIES ASSOCIATIONS.

    (a) In General.--Section 15A of the Securities Exchange Act of 1934 
(15 U.S.C. 78o-3) is amended by adding at the end the following:
    ``(n) Data Standards.--
            ``(1) Requirement.--A national securities association 
        registered pursuant to subsection (a) shall adopt data 
        standards for all information that is regularly filed with or 
        submitted to the association.
            ``(2) Consistency.--The data standards required under 
        paragraph (1) shall incorporate, and ensure compatibility with 
        (to the extent feasible), all applicable data standards 
        established in the rules promulgated under section 124 of the 
        Financial Stability Act of 2010, including, to the extent 
        practicable, by having the characteristics described in clauses 
        (i) through (vi) of subsection (c)(1)(B) of such section 
        124.''.
    (b) Rulemaking.--
            (1) In general.--Not later than 2 years after the date on 
        which final rules are promulgated under section 124(b) of the 
        Financial Stability Act of 2010, as added by section 101(a) of 
        this Act, each national securities association registered 
        pursuant to section 15A(a) of the Securities Exchange Act of 
        1934 (15 U.S.C. 78o-3(a)) shall issue rules to adopt the 
        standards required under subsection (n) of section 15A of the 
        Securities Exchange Act of 1934 (15 U.S.C. 78o-3), as added by 
        subsection (a) of this section.
            (2) Scaling of regulatory requirements; minimizing 
        disruption.--In issuing the rules required under paragraph (1), 
        a national securities association described in that paragraph--
                    (A) may scale data reporting requirements in order 
                to reduce any unjustified burden on smaller regulated 
                entities; and
                    (B) shall seek to minimize disruptive changes to 
                the persons affected by those standards.

SEC. 205. SHORTER-TERM BURDEN REDUCTION AND DISCLOSURE SIMPLIFICATION 
              AT THE SECURITIES AND EXCHANGE COMMISSION; SUNSET.

    (a) Better Enforcement of the Quality of Corporate Financial Data 
Submitted to the Securities and Exchange Commission.--
            (1) Data quality improvement program.--
                    (A) In general.--Not later than 180 days after the 
                date of enactment of this Act, the Securities and 
                Exchange Commission shall establish a program to 
                improve the quality of corporate financial data filed 
                or furnished by issuers under the Securities Act of 
                1933 (15 U.S.C. 77a et seq.), the Securities Exchange 
                Act of 1934 (15 U.S.C. 78a et seq.), and the Investment 
                Company Act of 1940 (15 U.S.C. 80a-1 et seq.).
                    (B) Contents.--The program established under 
                subparagraph (A) shall include the following:
                            (i) The designation of an official in the 
                        Office of the Chairman of the Securities and 
                        Exchange Commission responsible for the 
                        improvement of the quality of data filed with 
                        or furnished to the Commission by issuers.
                            (ii) The issuance by the Division of 
                        Corporation Finance of the Securities and 
                        Exchange Commission of comment letters 
                        requiring correction of errors in data filings 
                        and submissions, where necessary.
            (2) Goals.--In establishing the program required under this 
        subsection, the Securities and Exchange Commission shall seek 
        to--
                    (A) improve the quality of data filed with or 
                furnished to the Commission to a commercially 
                acceptable level; and
                    (B) make data filed with or furnished to the 
                Commission useful to investors.
    (b) Report on the Use of Machine-Readable Data for Corporate 
Disclosures.--
            (1) In general.--Not later than 180 days after the date of 
        enactment of this Act, and once every 180 days thereafter, the 
        Securities and Exchange Commission shall submit to the 
        Committee on Banking, Housing, and Urban Affairs of the Senate 
        and the Committee on Financial Services of the House of 
        Representatives a report regarding the public and internal use 
        of machine-readable data for corporate disclosures.
            (2) Content.--Each report required under paragraph (1) 
        shall include--
                    (A) an identification of which corporate 
                disclosures required under section 7 of the Securities 
                Act of 1933 (15 U.S.C. 77g), section 13 of the 
                Securities Exchange Act of 1934 (15 U.S.C. 78m), and 
                section 14 of the Securities Exchange Act of 1934 (15 
                U.S.C. 78n) are expressed as machine-readable data and 
                which are not;
                    (B) an analysis of the costs and benefits of the 
                use of machine-readable data in corporate disclosure to 
                investors, markets, the Securities and Exchange 
                Commission, and issuers;
                    (C) a summary of enforcement actions that result 
                from the use or analysis of machine-readable data 
                collected under the provisions of law described in 
                subparagraph (A); and
                    (D) an analysis of how the Securities and Exchange 
                Commission uses the machine-readable data collected by 
                the Commission.
    (c) Sunset.--Beginning on the date that is 7 years after the date 
of enactment of this Act, this section shall have no force or effect.

SEC. 206. NO NEW DISCLOSURE REQUIREMENTS.

    Nothing in this title, or the amendments made by this title, shall 
be construed to require the Securities and Exchange Commission, the 
Municipal Securities Rulemaking Board, or any national securities 
association to collect or make publicly available additional 
information under the provisions of law amended by this title (or under 
any provision of law referenced in an amendment made by this title), 
beyond information that was collected or made publicly available under 
any such provision, as of the day before the date of enactment of this 
Act.

            TITLE III--FEDERAL DEPOSIT INSURANCE CORPORATION

SEC. 301. DATA STANDARDS REQUIREMENTS FOR THE FEDERAL DEPOSIT INSURANCE 
              CORPORATION.

    The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is 
amended by adding at the end the following:

``SEC. 52. DATA STANDARDS.

    ``(a) Definition.--In this section, the term `financial company' 
has the meaning given the term in section 201(a) of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (12 U.S.C. 5381(a)).
    ``(b) Requirement.--The Corporation shall, by rule, adopt data 
standards for all collections of information with respect to 
information received by the Corporation from any depository institution 
or financial company under this Act or under title II of the Dodd-Frank 
Wall Street Reform and Consumer Protection Act (12 U.S.C. 5381 et 
seq.).
    ``(c) Consistency.--The data standards required under subsection 
(b) shall incorporate, and ensure compatibility with (to the extent 
feasible), all applicable data standards established in the rules 
promulgated under section 124 of the Financial Stability Act of 2010, 
including, to the extent practicable, by having the characteristics 
described in clauses (i) through (vi) of subsection (c)(1)(B) of such 
section 124.''.

SEC. 302. OPEN DATA PUBLICATION BY THE FEDERAL DEPOSIT INSURANCE 
              CORPORATION.

    The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.), as 
amended by section 301, is further amended by adding at the end the 
following:

``SEC. 53. OPEN DATA PUBLICATION.

    ``All public data assets published by the Corporation under this 
Act or under the Dodd-Frank Wall Street Reform and Consumer Protection 
Act (Public Law 111-203; 124 Stat. 1376) shall be--
            ``(1) made available as an open Government data asset (as 
        defined in section 3502 of title 44, United States Code);
            ``(2) freely available for download in bulk;
            ``(3) rendered in a human-readable format; and
            ``(4) accessible via application programming interface 
        where appropriate.''.

SEC. 303. RULEMAKING.

    (a) In General.--The Federal Deposit Insurance Corporation shall 
issue rules to carry out the amendments made by this title, which shall 
take effect not later than 2 years after the date on which final rules 
are promulgated under section 124(b) of the Financial Stability Act of 
2010, as added by section 101(a) of this Act.
    (b) Scaling of Regulatory Requirements; Minimizing Disruption.--In 
issuing the rules required under subsection (a), the Federal Deposit 
Insurance Corporation--
            (1) may scale data reporting requirements in order to 
        reduce any unjustified burden on smaller regulated entities; 
        and
            (2) shall seek to minimize disruptive changes to the 
        persons affected by those regulations.

SEC. 304. NO NEW DISCLOSURE REQUIREMENTS.

    Nothing in this title, or the amendments made by this title, shall 
be construed to require the Federal Deposit Insurance Corporation to 
collect or make publicly available additional information under the 
Acts amended by this title (or under any provision of law referenced in 
an amendment made by this title), beyond information that was collected 
or made publicly available under any such provision, as of the day 
before the date of enactment of this Act.

          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.

    The Revised Statutes of the United States is amended by inserting 
after section 332 (12 U.S.C. 14) the following:

``SEC. 333. DATA STANDARDS; OPEN DATA PUBLICATION.

    ``(a) Data Standards.--
            ``(1) Requirement.--The Comptroller of the Currency shall, 
        by rule, adopt data standards for all collections of 
        information that are regularly filed with or submitted to the 
        Comptroller of the Currency by any entity with respect to which 
        the Office of the Comptroller of the Currency is the 
        appropriate Federal banking agency (as defined in section 3 of 
        the Federal Deposit Insurance Act (12 U.S.C. 1813)).
            ``(2) Consistency.--The data standards required under 
        paragraph (1) shall incorporate, and ensure compatibility with 
        (to the extent feasible), all applicable data standards 
        established in the rules promulgated under section 124 of the 
        Financial Stability Act of 2010, including, to the extent 
        practicable, by having the characteristics described in clauses 
        (i) through (vi) of subsection (c)(1)(B) of such section 124.
    ``(b) Open Data Publication.--All public data assets published by 
the Comptroller of the Currency under title LXII or the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (Public Law 111-203; 124 
Stat. 1376) shall be--
            ``(1) made available as an open Government data asset (as 
        defined in section 3502 of title 44, United States Code);
            ``(2) freely available for download in bulk;
            ``(3) rendered in a human-readable format; and
            ``(4) accessible via application programming interface 
        where appropriate.''.

SEC. 402. RULEMAKING.

    (a) In General.--The Comptroller of the Currency shall issue rules 
to carry out the amendments made by section 401, which shall take 
effect not later than 2 years after the date on which final rules are 
promulgated under section 124(b) of the Financial Stability Act of 
2010, as added by section 101(a) of this Act.
    (b) Scaling of Regulatory Requirements; Minimizing Disruption.--In 
issuing the rules required under subsection (a), the Comptroller of the 
Currency--
            (1) may scale data reporting requirements in order to 
        reduce any unjustified burden on smaller regulated entities; 
        and
            (2) shall seek to minimize disruptive changes to the 
        persons affected by those regulations.

SEC. 403. NO NEW DISCLOSURE REQUIREMENTS.

    Nothing in this title, or the amendments made by this title, shall 
be construed to require the Comptroller of the Currency to collect or 
make publicly available additional information under the Revised 
Statutes of the United States (or under any other provision of law 
referenced in an amendment made by this title), beyond information that 
was collected or made publicly available under any such provision of 
law, as of the day before the date of enactment of this Act.

            TITLE V--BUREAU OF CONSUMER FINANCIAL PROTECTION

SEC. 501. DATA STANDARDS AND OPEN DATA PUBLICATION REQUIREMENTS FOR THE 
              BUREAU OF CONSUMER FINANCIAL PROTECTION.

    (a) In General.--Subtitle A of the Consumer Financial Protection 
Act of 2010 (12 U.S.C. 5491 et seq.) is amended by--
            (1) redesignating section 1018 (12 U.S.C. 5491 note) as 
        section 1020; and
            (2) by inserting after section 1017 (12 U.S.C. 5497) the 
        following:

``SEC. 1018. DATA STANDARDS.

    ``(a) Requirement.--The Bureau shall, by rule, adopt data standards 
for all collections of information that are regularly filed with or 
submitted to the Bureau.
    ``(b) Consistency.--The data standards required under subsection 
(a) shall incorporate, and ensure compatibility with (to the extent 
feasible), all applicable data standards established in the rules 
promulgated under section 124 of the Financial Stability Act of 2010, 
including, to the extent practicable, by having the characteristics 
described in clauses (i) through (vi) of subsection (c)(1)(B) of such 
section 124.

``SEC. 1019. OPEN DATA PUBLICATION.

    ``All public data assets published by the Bureau shall be--
            ``(1) made available as an open Government data asset (as 
        defined in section 3502 of title 44, United States Code);
            ``(2) freely available for download in bulk;
            ``(3) rendered in a human-readable format; and
            ``(4) accessible via application programming interface 
        where appropriate.''.
    (b) Clerical Amendment.--The table of contents under section 1(b) 
of the Dodd-Frank Wall Street Reform and Consumer Protection Act is 
amended by striking the item relating to section 1018 and inserting the 
following:

``Sec. 1018. Data standards.
``Sec. 1019. Open data publication.
``Sec. 1020. Effective date.''.

SEC. 502. RULEMAKING.

    (a) In General.--The Director of the Bureau of Consumer Financial 
Protection shall issue rules to carry out the amendments made by 
section 501, which shall take effect not later than 2 years after the 
date on which final rules are promulgated under section 124(b) of the 
Financial Stability Act of 2010, as added by section 101(a) of this 
Act.
    (b) Scaling of Regulatory Requirements; Minimizing Disruption.--In 
issuing the rules required under subsection (a), the Director of the 
Bureau of Consumer Financial Protection--
            (1) may scale data reporting requirements in order to 
        reduce any unjustified burden on smaller regulated entities; 
        and
            (2) shall seek to minimize disruptive changes to the 
        persons affected by those regulations.

SEC. 503. NO NEW DISCLOSURE REQUIREMENTS.

    Nothing in this title, or the amendments made by this title, shall 
be construed to require the Bureau of Consumer Financial Protection to 
collect or make publicly available additional information under the 
Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et seq.), 
beyond information that was collected or made publicly available under 
that Act, as of the day before the date of enactment of this Act.

                    TITLE VI--FEDERAL RESERVE SYSTEM

SEC. 601. DATA STANDARDS REQUIREMENTS FOR THE BOARD OF GOVERNORS OF THE 
              FEDERAL RESERVE SYSTEM.

    (a) Data Standards for Information Filed or Submitted by Nonbank 
Financial Companies.--Section 161(a) of the Financial Stability Act of 
2010 (12 U.S.C. 5361(a)) is amended by adding at the end the following:
            ``(4) Data standards for reports under this subsection.--
                    ``(A) In general.--The Board of Governors shall 
                adopt data standards for all information that, through 
                a collection of information, is regularly filed with or 
                submitted to the Board of Governors under this 
                subsection by any nonbank financial company supervised 
                by the Board of Governors or any subsidiary thereof.
                    ``(B) Consistency.--The data standards required 
                under subparagraph (A) shall incorporate, and ensure 
                compatibility with (to the extent feasible), all 
                applicable data standards established in the rules 
                promulgated under section 124, including, to the extent 
                practicable, by having the characteristics described in 
                clauses (i) through (vi) of subsection (c)(1)(B) of 
                section 124.''.
    (b) Data Standards for Information Filed or Submitted by Savings 
and Loan Holding Companies.--Section 10 of the Home Owners' Loan Act 
(12 U.S.C. 1467a) is amended by adding at the end the following:
    ``(u) Data Standards.--
            ``(1) Requirement.--The Board shall adopt data standards 
        for all information that, through a collection of information, 
        is regularly filed with or submitted to the Board by any 
        savings and loan holding company, or subsidiary of a savings 
        and loan holding company, other than a depository institution, 
        under this section.
            ``(2) Consistency.--The data standards required under 
        paragraph (1) shall incorporate, and ensure compatibility with 
        (to the extent feasible), all applicable data standards 
        established in the rules promulgated under section 124 of the 
        Financial Stability Act of 2010, including, to the extent 
        practicable, by having the characteristics described in clauses 
        (i) through (vi) of subsection (c)(1)(B) of such section 
        124.''.
    (c) Data Standards for Information Filed or Submitted by Bank 
Holding Companies.--Section 5 of the Bank Holding Company Act of 1956 
(12 U.S.C. 1844) is amended by adding at the end the following:
    ``(h) Data Standards.--
            ``(1) Requirement.--The Board shall adopt data standards 
        for all information that, through a collection of information, 
        is regularly filed with or submitted to the Board by any bank 
        holding company in a report under subsection (c).
            ``(2) Consistency.--The data standards required under 
        paragraph (1) shall incorporate, and ensure compatibility with 
        (to the extent feasible), all applicable data standards 
        established in the rules promulgated under section 124 of the 
        Financial Stability Act of 2010, including, to the extent 
        practicable, by having the characteristics described in clauses 
        (i) through (vi) of subsection (c)(1)(B) of such section 
        124.''.
    (d) Data Standards for Information Submitted by Financial Market 
Utilities or Institutions Under the Payment, Clearing, and Settlement 
Supervision Act of 2010.--Section 809 of the Payment, Clearing, and 
Settlement Supervision Act of 2010 (12 U.S.C. 5468) is amended by 
adding at the end the following:
    ``(h) Data Standards.--
            ``(1) Requirement.--The Board of Governors shall adopt data 
        standards for all information that, through a collection of 
        information, is regularly filed with or submitted to the Board 
        or the Council by any financial market utility or financial 
        institution under subsection (a) or (b).
            ``(2) Consistency.--The data standards required under 
        paragraph (1) shall incorporate, and ensure compatibility with 
        (to the extent feasible), all applicable data standards 
        established in the rules promulgated under section 124 of the 
        Financial Stability Act of 2010, including, to the extent 
        practicable, by having the characteristics described in clauses 
        (i) through (vi) of subsection (c)(1)(B) of such section 
        124.''.

SEC. 602. OPEN DATA PUBLICATION BY THE BOARD OF GOVERNORS OF THE 
              FEDERAL RESERVE SYSTEM.

    The Federal Reserve Act (12 U.S.C. 226 et seq.) is amended by 
adding at the end the following:

``SEC. 32. OPEN DATA PUBLICATION BY THE BOARD OF GOVERNORS.

    ``All public data assets published by the Board of Governors under 
this Act, the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et 
seq.), the Financial Stability Act of 2010 (12 U.S.C. 5311 et seq.), 
the Home Owners' Loan Act (12 U.S.C. 1461 et seq.), the Payment, 
Clearing, and Settlement Supervision Act of 2010 (12 U.S.C. 5461 et 
seq.), or the Enhancing Financial Institution Safety and Soundness Act 
of 2010 (title III of Public Law 111-203) (or any provision of law 
amended by that Act) shall be--
            ``(1) made available as an open Government data asset (as 
        defined in section 3502 of title 44, United States Code);
            ``(2) freely available for download in bulk;
            ``(3) rendered in a human-readable format; and
            ``(4) accessible via application programming interface 
        where appropriate.''.

SEC. 603. RULEMAKING.

    (a) In General.--The Board of Governors of the Federal Reserve 
System shall issue rules to carry out the amendments made by this 
title, which shall take effect not later than 2 years after the date on 
which final rules are promulgated under section 124(b) of the Financial 
Stability Act of 2010, as added by section 101(a) of this Act.
    (b) Scaling of Regulatory Requirements; Minimizing Disruption.--In 
issuing the rules required under subsection (a), the Board of Governors 
of the Federal Reserve System--
            (1) may scale data reporting requirements in order to 
        reduce any unjustified burden on smaller regulated entities; 
        and
            (2) shall seek to minimize disruptive changes to the 
        persons affected by those regulations.

SEC. 604. NO NEW DISCLOSURE REQUIREMENTS.

    Nothing in this title, or the amendments made by this title, shall 
be construed to require the Board of Governors of the Federal Reserve 
System to collect or make publicly available additional information 
under any Act amended by this title, any Act referenced in an amendment 
made by this title, or any Act amended by an Act referenced in an 
amendment made by this title, beyond information that was collected or 
made publicly available under any such provision of law, as of the day 
before the date of enactment of this Act.

            TITLE VII--NATIONAL CREDIT UNION ADMINISTRATION

SEC. 701. DATA STANDARDS.

    Title I of the Federal Credit Union Act (12 U.S.C. 1752 et seq.) is 
amended by adding at the end the following:

``SEC. 132. DATA STANDARDS.

    ``(a) Requirement.--The Board shall, by rule, adopt data standards 
for all collections of information and reports regularly filed with or 
submitted to the Administration under this Act.
    ``(b) Consistency.--The data standards required under subsection 
(a) shall incorporate, and ensure compatibility with (to the extent 
feasible), all applicable data standards established in the rules 
promulgated under section 124 of the Financial Stability Act of 2010, 
including, to the extent practicable, by having the characteristics 
described in clauses (i) through (vi) of subsection (c)(1)(B) of such 
section 124.''.

SEC. 702. OPEN DATA PUBLICATION BY THE NATIONAL CREDIT UNION 
              ADMINISTRATION.

    Title I of the Federal Credit Union Act (12 U.S.C. 1752 et seq.), 
as amended by section 801, is further amended by adding at the end the 
following:

``SEC. 133. OPEN DATA PUBLICATION.

    ``All public data assets published by the Administration under this 
title shall be--
            ``(1) made available as an open Government data asset (as 
        defined in section 3502 of title 44, United States Code);
            ``(2) freely available for download in bulk;
            ``(3) rendered in a human-readable format; and
            ``(4) accessible via application programming interface 
        where appropriate.''.

SEC. 703. RULEMAKING.

    (a) In General.--The National Credit Union Administration Board 
shall issue rules to carry out the amendments made by this title, which 
shall take effect not later than 2 years after the date on which final 
rules are promulgated under section 124(b) of the Financial Stability 
Act of 2010, as added by section 101(a) of this Act.
    (b) Scaling of Regulatory Requirements; Minimizing Disruption.--In 
issuing the rules required under subsection (a), the National Credit 
Union Administration Board--
            (1) may scale data reporting requirements in order to 
        reduce any unjustified burden on smaller regulated entities; 
        and
            (2) shall seek to minimize disruptive changes to the 
        persons affected by those regulations.

SEC. 704. NO NEW DISCLOSURE REQUIREMENTS.

    Nothing in this title, or the amendments made by this title, shall 
be construed to require the National Credit Union Administration Board 
to collect or make publicly available additional information under the 
Federal Credit Union Act (12 U.S.C. 1751 et seq.), beyond information 
that was collected or made publicly available under that Act, as of the 
day before the date of enactment of this Act.

               TITLE VIII--FEDERAL HOUSING FINANCE AGENCY

SEC. 801. DATA STANDARDS REQUIREMENTS FOR THE FEDERAL HOUSING FINANCE 
              AGENCY.

    Part 1 of subtitle A of the Federal Housing Enterprises Financial 
Safety and Soundness Act of 1992 (12 U.S.C. 4511 et seq.) is amended by 
adding at the end the following:

``SEC. 1319H. DATA STANDARDS.

    ``(a) Requirement.--The Agency shall, by rule, adopt data standards 
for all collections of information that are regularly filed with or 
submitted to the Agency.
    ``(b) Consistency.--The data standards required under subsection 
(a) shall incorporate, and ensure compatibility with (to the extent 
feasible), all applicable data standards established in the rules 
promulgated under section 124 of the Financial Stability Act of 2010, 
including, to the extent practicable, by having the characteristics 
described in clauses (i) through (vi) of subsection (c)(1)(B) of such 
section 124.''.

SEC. 802. OPEN DATA PUBLICATION BY THE FEDERAL HOUSING FINANCE AGENCY.

    Part 1 of subtitle A of the Federal Housing Enterprises Financial 
Safety and Soundness Act of 1992 (12 U.S.C. 4511 et seq.), as amended 
by section 801, is further amended by adding at the end the following:

``SEC. 1319I. OPEN DATA PUBLICATION.

    ``All public data assets published by the Agency shall be--
            ``(1) made available as an open Government data asset (as 
        defined in section 3502 of title 44, United States Code);
            ``(2) freely available for download in bulk;
            ``(3) rendered in a human-readable format; and
            ``(4) accessible via application programming interface 
        where appropriate.''.

SEC. 803. RULEMAKING.

    (a) In General.--The Director of the Federal Housing Finance Agency 
shall issue rules to carry out the amendments made by this title, which 
shall take effect not later than 2 years after the date on which final 
rules are promulgated under section 124(b) of the Financial Stability 
Act of 2010, as added by section 101(a) of this Act.
    (b) Minimizing Disruption.--In issuing the regulations required 
under subsection (a), the Director of the Federal Housing Finance 
Agency shall seek to minimize disruptive changes to the persons 
affected by those rules.

SEC. 804. NO NEW DISCLOSURE REQUIREMENTS.

    Nothing in this title, or the amendments made by this title, shall 
be construed to require the Federal Housing Finance Agency to collect 
or make publicly available additional information under the Federal 
Housing Enterprises Financial Safety and Soundness Act of 1992 (12 
U.S.C. 4501 et seq.), beyond information that was collected or made 
publicly available under that Act, as of the day before the date of 
enactment of this Act.

                        TITLE IX--MISCELLANEOUS

SEC. 901. RULES OF CONSTRUCTION.

    (a) No Effect on Intellectual Property.--Nothing in this Act, or 
the amendments made by this Act, may be construed to alter the existing 
legal protections of copyrighted material or other intellectual 
property rights of any non-Federal person.
    (b) No Effect on Monetary Policy.--Nothing in this Act, or the 
amendments made by this Act, may be construed to apply to activities 
conducted, or data standards used, in connection with monetary policy 
proposed or implemented by the Board of Governors of the Federal 
Reserve System or the Federal Open Market Committee.
    (c) Preservation of Agency Authority To Tailor Requirements.--
Nothing in this Act, or the amendments made by this Act, may be 
construed to prohibit the head of a covered agency, as defined in 
section 124(a) of the Financial Stability Act of 2010, as added by 
section 101(a) of this Act, from tailoring those standards when those 
standards are adopted under this Act and the amendments made by this 
Act.

SEC. 902. CLASSIFIED AND PROTECTED INFORMATION.

    (a) In General.--Nothing in this Act, or the amendments made by 
this Act, shall require the disclosure to the public of--
            (1) information that would be exempt from disclosure under 
        section 552 of title 5, United States Code (commonly known as 
        the ``Freedom of Information Act''); or
            (2) information protected under--
                    (A) section 552a of title 5, United States Code 
                (commonly known as the ``Privacy Act of 1974''); or
                    (B) section 6103 of the Internal Revenue Code of 
                1986.
    (b) Existing Agency Regulations.--Nothing in this Act, or the 
amendments made by this Act, shall be construed to require the 
Secretary of the Treasury, the Securities and Exchange Commission, the 
Federal Deposit Insurance Corporation, the Comptroller of the Currency, 
the Director of the Bureau of Consumer Financial Protection, the Board 
of Governors of the Federal Reserve System, the National Credit Union 
Administration Board, the Director of the Federal Housing Finance 
Agency, or the head of any other primary financial regulatory agency 
(as defined in section 2 of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (12 U.S.C. 5301)) designated by the Secretary 
of the Treasury to amend existing regulations and procedures regarding 
the sharing and disclosure of nonpublic information, including 
confidential supervisory information.

SEC. 903. DISCRETIONARY SURPLUS FUND.

    (a) In General.--Section 7(a)(3)(A) of the Federal Reserve Act (12 
U.S.C. 289(a)(3)(A)) is amended by striking ``$6,825,000,000'' and 
inserting ``$6,725,000,000''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect on September 30, 2031.

SEC. 904. REPORT.

    Not later than 3 years after the date of enactment of this Act, the 
Comptroller General of the United States shall submit to Congress a 
report on the feasibility, costs, and potential benefits of building 
upon the taxonomy established by this Act, and the amendments made by 
this Act, to arrive at a Federal governmentwide regulatory compliance 
standardization mechanism similar to Standard Business Reporting.

SEC. 905. DETERMINATION OF BUDGETARY EFFECTS.

    The budgetary effects of this Act, for the purpose of complying 
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by 
reference to the latest statement titled ``Budgetary Effects of PAYGO 
Legislation'' for this Act, submitted for printing in the Congressional 
Record by the Chairman of the House Budget Committee, provided that 
such statement has been submitted prior to the vote on passage.
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