117TH CONGRESS 

1ST SESSION H. R. 2989 

AN ACT 

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

RegTech and Artificial Intelligence applications, to put 

the United States on a path towards building a comprehensive Standard Business Reporting program to ultimately harmonize and reduce the private sector’s regulatory compliance burden, while enhancing transparency 

and accountability, and for other purposes. 
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1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

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

5 ‘‘Financial Transparency Act of 2021’’. 

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

7 this Act is as follows: 

Sec. 1. Short title; table of contents. 

TITLE I—DEPARTMENT OF THE TREASURY 

Sec. 101. Data standards. 

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

Sec. 103. Rulemaking. 

Sec. 104. No new disclosure requirements. 

Sec. 105. Report. 

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. 
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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. Determination of budgetary effects. 

1 TITLE I—DEPARTMENT OF THE 

2 TREASURY 

3 SEC. 101. DATA STANDARDS. 

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

6 amended by adding at the end the following: 

7 ‘‘SEC. 124. DATA STANDARDS. 

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

9 shall, by rule, promulgate data standards, meaning a 

10 standard that specifies rules by which data is described 

11 and recorded, for the information reported to member 

12 agencies by financial entities under the jurisdiction of the 
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1 member agency and the data collected from member agen2 cies on behalf of the Council. 

3 ‘‘(b) STANDARDIZATION.—Member agencies, in con4 sultation with the Secretary of the Treasury, shall imple5 ment regulations promulgated by the Secretary of the 

6 Treasury under subsection (a) to standardize data re7 ported to member agencies or collected on behalf of the 

8 Council, as described under subsection (a). 

9 ‘‘(c) DATA STANDARDS.— 

10 ‘‘(1) COMMON IDENTIFIERS.—The data stand11 ards promulgated under subsection (a) shall include 

12 common identifiers for information reported to mem13 ber agencies or collected on behalf of the Council. 

14 The common identifiers shall include a common non15 proprietary legal entity identifier that is available 

16 under an open license (as defined under section 

17 3502 of title 44, United States Code) for all entities 

18 required to report to member agencies. 

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

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

21 practicable— 

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

24 of title 44, United States Code); 
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1 ‘‘(B) enable high quality data through 

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

4 States Code) documented in machine-readable 

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

7 the underlying regulatory information collection 

8 requirements; 

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

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

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

14 ‘‘(D) be nonproprietary or made available 

15 under an open license; 

16 ‘‘(E) incorporate standards developed and 

17 maintained by voluntary consensus standards 

18 bodies; and 

19 ‘‘(F) use, be consistent with, and imple20 ment applicable accounting and reporting prin21 ciples. 

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

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

24 Treasury shall consult with the member agencies 

25 and with other Federal departments and agencies 
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1 and multi-agency initiatives responsible for Federal 

2 data standards. 

3 ‘‘(4) INTEROPERABILITY OF DATA.—In promul4 gating data standards under subsection (a), the Sec5 retary of the Treasury shall seek to promote inter6 operability of financial regulatory data across mem7 bers of the Council. 

8 ‘‘(d) MEMBER AGENCIES DEFINED.—In this section, 

9 the term ‘member agencies’ does not include the Com10 modity Futures Trading Commission.’’. 

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

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

13 and Consumer Protection Act is amended by inserting 

14 after the item relating to section 123 the following: 

‘‘Sec. 124. Data standards.’’. 

15 SEC. 102. OPEN DATA PUBLICATION BY THE DEPARTMENT 

16 OF THE TREASURY. 

17 Section 124 of the Financial Stability Act of 2010, 

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

19 the following: 

20 ‘‘(e) OPEN DATA PUBLICATION.—All public informa21 tion published by the Secretary of the Treasury under this 

22 subtitle shall be made available as an open Government 

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

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

25 and rendered in a human-readable format and accessible 
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1 via application programming interface where appro2 priate.’’. 

3 SEC. 103. RULEMAKING. 

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

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

6 of the Treasury shall issue the regulations required under 

7 the amendments made by this title. The Secretary may 

8 delegate the functions required under the amendments 

9 made by this title to an appropriate office within the De10 partment of the Treasury. 

11 SEC. 104. NO NEW DISCLOSURE REQUIREMENTS. 

12 Nothing in this title or the amendments made by this 

13 title shall be construed to require the Secretary of the 

14 Treasury to collect or make publicly available additional 

15 information under the statutes amended by this title, be16 yond information that was collected or made publicly avail17 able under such statutes before the date of the enactment 

18 of this Act. 

19 SEC. 105. REPORT. 

20 Not later than 1 year after the end of the 2-year pe21 riod described in section 103, the Comptroller General of 

22 the United States shall submit to Congress a report on 

23 the feasibility, costs, and potential benefits of building 

24 upon the taxonomy established by this Act to arrive at 

25 a Federal Government-wide regulatory compliance stand-
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1 ardization mechanism similar to Standard Business Re2 porting. 

3 TITLE II—SECURITIES AND 

4 EXCHANGE COMMISSION 

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

7 (a) DATA STANDARDS FOR INVESTMENT ADVISERS’ 

8 REPORTS UNDER THE INVESTMENT ADVISERS ACT OF

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

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

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

12 (relating to Records of Persons With Custody of 

13 Use) as subsection (e); and 

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

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

16 THIS SECTION.— 

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

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

19 investment advisers with the Commission under this 

20 section. 

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

22 required by paragraph (1) shall, to the extent prac23 ticable— 
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1 ‘‘(A) render data fully searchable and ma2 chine-readable (as defined under section 3502 

3 of title 44, United States Code); 

4 ‘‘(B) enable high quality data through 

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

7 States Code) documented in machine-readable 

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

10 the underlying regulatory information collection 

11 requirements; 

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

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

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

17 ‘‘(D) be nonproprietary or made available 

18 under an open license (as defined under section 

19 3502 of title 44, United States Code); 

20 ‘‘(E) incorporate standards developed and 

21 maintained by voluntary consensus standards 

22 bodies; and 

23 ‘‘(F) use, be consistent with, and imple24 ment applicable accounting and reporting prin25 ciples. 
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1 ‘‘(3) INCORPORATION OF STANDARDS.—In 

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

5 the Treasury.’’. 

6 (b) DATA STANDARDS FOR REGISTRATION STATE7 MENTS AND REPORTS UNDER THE INVESTMENT COM8 PANY ACT OF 1940.—The Investment Company Act of 

9 1940 (15 U.S.C. 80a–1 et seq.) is amended— 

10 (1) in section 8, by adding at the end the fol11 lowing: 

12 ‘‘(g) DATA STANDARDS FOR REGISTRATION STATE13 MENTS.— 

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

15 by rule, adopt data standards for all registration 

16 statements required to be filed with the Commission 

17 under this section, except that the Commission may 

18 exempt exhibits, signatures, and certifications from 

19 such data standards. 

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

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

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

25 of title 44, United States Code); 
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1 ‘‘(B) enable high quality data through 

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

4 States Code) documented in machine-readable 

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

7 the underlying regulatory information collection 

8 requirements; 

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

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

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

14 ‘‘(D) be nonproprietary or made available 

15 under an open license (as defined under section 

16 3502 of title 44, United States Code); 

17 ‘‘(E) incorporate standards developed and 

18 maintained by voluntary consensus standards 

19 bodies; and 

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

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

24 adopting data standards by rule under this sub25 section, the Commission shall incorporate all applica-
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1 ble data standards promulgated by the Secretary of 

2 the Treasury.’’; and 

3 (2) in section 30, by adding at the end the fol4 lowing: 

5 ‘‘(k) DATA STANDARDS FOR REPORTS.— 

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

7 by rule, adopt data standards for all reports re8 quired to be filed with the Commission under this 

9 section, except that the Commission may exempt ex10 hibits, signatures, and certifications from such data 

11 standards. 

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

13 required by paragraph (1) shall, to the extent prac14 ticable— 

15 ‘‘(A) render data fully searchable and ma16 chine-readable (as defined under section 3502 

17 of title 44, United States Code); 

18 ‘‘(B) enable high quality data through 

19 schemas, with accompanying metadata (as de20 fined under section 3502 of title 44, United 

21 States Code) documented in machine-readable 

22 taxonomy or ontology models, which clearly de23 fine the data’s semantic meaning as defined by 

24 the underlying regulatory information collection 

25 requirements; 
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1 ‘‘(C) assure that a data element or data 

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

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

6 ‘‘(D) be nonproprietary or made available 

7 under an open license (as defined under section 

8 3502 of title 44, United States Code); 

9 ‘‘(E) incorporate standards developed and 

10 maintained by voluntary consensus standards 

11 bodies; and 

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

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

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

19 the Treasury.’’. 

20 (c) DATA STANDARDS FOR INFORMATION REQUIRED

21 TO BE SUBMITTED OR PUBLISHED BY NATIONALLY REC22 OGNIZED STATISTICAL RATING ORGANIZATIONS.—Section 

23 15E of the Securities Exchange Act of 1934 (15 U.S.C. 

24 78o–7) is amended by adding at the end the following: 
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1 ‘‘(w) DATA STANDARDS FOR INFORMATION RE2 QUIRED TO BE SUBMITTED OR PUBLISHED UNDER THIS

3 SECTION.— 

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

5 by rule, adopt data standards for all information re6 quired to be submitted or published by a nationally 

7 recognized statistical rating organization under this 

8 section. 

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

10 required by paragraph (1) shall, to the extent prac11 ticable— 

12 ‘‘(A) render data fully searchable and ma13 chine-readable (as defined under section 3502 

14 of title 44, United States Code); 

15 ‘‘(B) enable high quality data through 

16 schemas, with accompanying metadata (as de17 fined under section 3502 of title 44, United 

18 States Code) documented in machine-readable 

19 taxonomy or ontology models, which clearly de20 fine the data’s semantic meaning as defined by 

21 the underlying regulatory information collection 

22 requirements; 

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

24 asset that exists to satisfy an underlying regu25 latory information collection requirement be 
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1 consistently identified as such in associated ma2 chine-readable metadata; 

3 ‘‘(D) be nonproprietary or made available 

4 under an open license (as defined under section 

5 3502 of title 44, United States Code); 

6 ‘‘(E) incorporate standards developed and 

7 maintained by voluntary consensus standards 

8 bodies; and 

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

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

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

16 the Treasury.’’. 

17 (d) DATA STANDARDS FOR ASSET-BACKED SECURI18 TIES DISCLOSURES.—Section 7(c) of the Securities Act of 

19 1933 (15 U.S.C. 77g(c)) is amended by adding at the end 

20 the following: 

21 ‘‘(3) DATA STANDARDS FOR ASSET-BACKED SE22 CURITIES DISCLOSURES.— 

23 ‘‘(A) REQUIREMENT.—The Commission 

24 shall, by rule, adopt data standards for all dis25 closures required under this subsection. 
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1 ‘‘(B) CHARACTERISTICS.—The data stand2 ards required by subparagraph (A) shall, to the 

3 extent practicable— 

4 ‘‘(i) render data fully searchable and 

5 machine-readable (as defined under section 

6 3502 of title 44, United States Code); 

7 ‘‘(ii) enable high quality data through 

8 schemas, with accompanying metadata (as 

9 defined under section 3502 of title 44, 

10 United States Code) documented in ma11 chine-readable taxonomy or ontology mod12 els, which clearly define the data’s seman13 tic meaning as defined by the underlying 

14 regulatory information collection require15 ments; 

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

17 data asset that exists to satisfy an under18 lying regulatory information collection re19 quirement be consistently identified as 

20 such in associated machine-readable 

21 metadata; 

22 ‘‘(iv) be nonproprietary or made avail23 able under an open license (as defined 

24 under section 3502 of title 44, United 

25 States Code); 
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1 ‘‘(v) incorporate standards developed 

2 and maintained by voluntary consensus 

3 standards bodies; and 

4 ‘‘(vi) use, be consistent with, and im5 plement applicable accounting and report6 ing principles. 

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

8 adopting data standards by rule under this 

9 paragraph, the Commission shall incorporate all 

10 applicable data standards promulgated by the 

11 Secretary of the Treasury.’’. 

12 (e) DATA STANDARDS FOR CORPORATE DISCLO13 SURES UNDER THE SECURITIES ACT OF 1933.—Section 

14 7 of the Securities Act of 1933 (15 U.S.C. 77g) is amend15 ed by adding at the end the following: 

16 ‘‘(e) DATA STANDARDS.— 

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

18 by rule, adopt data standards for all registration 

19 statements and for all prospectuses included in reg20 istration statements required to be filed with the 

21 Commission under this title, except that the Com22 mission may exempt exhibits, signatures, and certifi23 cations from such data standards. 
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1 ‘‘(2) CHARACTERISTICS.—The data standards 

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

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

6 of title 44, United States Code); 

7 ‘‘(B) enable high quality data through 

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

10 States Code) documented in machine-readable 

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

13 the underlying regulatory information collection 

14 requirements; 

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

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

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

20 ‘‘(D) be nonproprietary or made available 

21 under an open license (as defined under section 

22 3502 of title 44, United States Code); 

23 ‘‘(E) incorporate standards developed and 

24 maintained by voluntary consensus standards 

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

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

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

8 the Treasury.’’. 

9 (f) DATA STANDARDS FOR PERIODIC AND CURRENT

10 CORPORATE DISCLOSURES UNDER THE SECURITIES EX11 CHANGE ACT OF 1934.—Section 13 of the Securities Ex12 change Act of 1934 (15 U.S.C. 78m) is amended by add13 ing at the end the following: 

14 ‘‘(s) DATA STANDARDS.— 

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

16 by rule, adopt data standards for all information 

17 contained in periodic and current reports required to 

18 be filed or furnished under this section or under sec19 tion 15(d), except that the Commission may exempt 

20 exhibits, signatures, and certifications from such 

21 data standards. 

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

23 required by paragraph (1) shall, to the extent prac24 ticable— 
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1 ‘‘(A) render data fully searchable and ma2 chine-readable (as defined under section 3502 

3 of title 44, United States Code); 

4 ‘‘(B) enable high quality data through 

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

7 States Code) documented in machine-readable 

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

10 the underlying regulatory information collection 

11 requirements; 

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

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

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

17 ‘‘(D) be nonproprietary or made available 

18 under an open license (as defined under section 

19 3502 of title 44, United States Code); 

20 ‘‘(E) incorporate standards developed and 

21 maintained by voluntary consensus standards 

22 bodies; and 

23 ‘‘(F) use, be consistent with, and imple24 ment applicable accounting and reporting prin25 ciples. 
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1 ‘‘(3) INCORPORATION OF STANDARDS.—In 

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

5 the Treasury.’’. 

6 (g) DATA STANDARDS FOR CORPORATE PROXY AND

7 CONSENT SOLICITATION MATERIALS UNDER THE SECU8 RITIES EXCHANGE ACT OF 1934.—Section 14 of the Se9 curities Exchange Act of 1934 (15 U.S.C. 78n) is amend10 ed by adding at the end the following: 

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

12 SOLICITATION MATERIALS.— 

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

14 by rule, adopt data standards for all information 

15 contained in any proxy or consent solicitation mate16 rial prepared by an issuer for an annual meeting of 

17 the shareholders of the issuer, except that the Com18 mission may exempt exhibits, signatures, and certifi19 cations from such data standards. 

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

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

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

25 of title 44, United States Code); 
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1 ‘‘(B) enable high quality data through 

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

4 States Code) documented in machine-readable 

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

7 the underlying regulatory information collection 

8 requirements; 

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

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

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

14 ‘‘(D) be nonproprietary or made available 

15 under an open license (as defined under section 

16 3502 of title 44, United States Code); 

17 ‘‘(E) incorporate standards developed and 

18 maintained by voluntary consensus standards 

19 bodies; and 

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

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

24 adopting data standards by rule under this sub25 section, the Commission shall incorporate all applica-
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1 ble data standards promulgated by the Secretary of 

2 the Treasury.’’. 

3 (h) DATA STANDARDS FOR SECURITY-BASED SWAP

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

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

6 end the following: 

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

8 REPORTING.— 

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

10 by rule, adopt data standards for all reports related 

11 to security-based swaps that are required under this 

12 Act. 

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

14 required by paragraph (1) shall, to the extent prac15 ticable— 

16 ‘‘(A) render data fully searchable and ma17 chine-readable (as defined under section 3502 

18 of title 44, United States Code); 

19 ‘‘(B) enable high quality data through 

20 schemas, with accompanying metadata (as de21 fined under section 3502 of title 44, United 

22 States Code) documented in machine-readable 

23 taxonomy or ontology models, which clearly de24 fine the data’s semantic meaning as defined by 
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1 the underlying regulatory information collection 

2 requirements; 

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

4 asset that exists to satisfy an underlying regu5 latory information collection requirement be 

6 consistently identified as such in associated ma7 chine-readable metadata; 

8 ‘‘(D) be nonproprietary or made available 

9 under an open license (as defined under section 

10 3502 of title 44, United States Code); 

11 ‘‘(E) incorporate standards developed and 

12 maintained by voluntary consensus standards 

13 bodies; and 

14 ‘‘(F) use, be consistent with, and imple15 ment applicable accounting and reporting prin16 ciples. 

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

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

21 the Treasury.’’. 

22 (i) RULEMAKING.— 

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

24 the 2-year period beginning on the date the final 

25 rule is promulgated pursuant to section 124(a) of 
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1 the Financial Stability Act of 2010, the Securities 

2 and Exchange Commission shall issue the regula3 tions required under the amendments made by this 

4 section. 

5 (2) SCALING OF REGULATORY REQUIRE6 MENTS.—In issuing the regulations required under 

7 the amendments made by this section, the Securities 

8 and Exchange Commission may scale data reporting 

9 requirements in order to reduce any unjustified bur10 den on emerging growth companies, lending institu11 tions, accelerated filers, smaller reporting companies, 

12 and other smaller issuers, as determined by the 

13 study required under section 205(c), while still pro14 viding searchable information to investors. 

15 (3) MINIMIZING DISRUPTION.—In issuing the 

16 regulations required under the amendments made by 

17 this section, the Securities and Exchange Commis18 sion shall seek to minimize disruptive changes to the 

19 persons affected by such regulations. 

20 SEC. 202. OPEN DATA PUBLICATION BY THE SECURITIES 

21 AND EXCHANGE COMMISSION. 

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

23 U.S.C. 78d) is amended by adding at the end the fol24 lowing: 
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1 ‘‘(k) OPEN DATA PUBLICATION.—All public informa2 tion published by the Commission under the securities 

3 laws and the Dodd-Frank Wall Street Reform and Con4 sumer Protection Act shall be made available as an open 

5 Government data asset (as defined under section 3502 of 

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

7 in bulk and rendered in a human-readable format and ac8 cessible via application programming interface where ap9 propriate.’’. 

10 SEC. 203. DATA TRANSPARENCY AT THE MUNICIPAL SECU11 RITIES RULEMAKING BOARD. 

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

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

14 by adding at the end the following: 

15 ‘‘(8) DATA STANDARDS.— 

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

17 information systems under paragraph (3), the Board 

18 shall adopt data standards for information sub19 mitted via such systems. 

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

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

22 practicable— 

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

25 of title 44, United States Code); 
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1 ‘‘(ii) enable high quality data through 

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

4 States Code) documented in machine-readable 

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

7 the underlying regulatory information collection 

8 requirements; 

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

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

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

14 ‘‘(iv) be nonproprietary or made available 

15 under an open license (as defined under section 

16 3502 of title 44, United States Code); 

17 ‘‘(v) incorporate standards developed and 

18 maintained by voluntary consensus standards 

19 bodies; and 

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

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

24 adopting data standards under this paragraph, the 
28 

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1 Board shall incorporate all applicable data standards 

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

3 (b) RULEMAKING.— 

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

5 the 2-year period beginning on the date the final 

6 rule is promulgated pursuant to section 124(a) of 

7 the Financial Stability Act of 2010, the Municipal 

8 Securities Rulemaking Board shall issue the regula9 tions required under the amendments made by this 

10 section. 

11 (2) SCALING OF REGULATORY REQUIRE12 MENTS.—In issuing the regulations required under 

13 the amendments made by this section, the Municipal 

14 Securities Rulemaking Board may scale data report15 ing requirements in order to reduce any unjustified 

16 burden on smaller regulated entities. 

17 (3) MINIMIZING DISRUPTION.—In issuing the 

18 regulations required under the amendments made by 

19 this section, the Municipal Securities Rulemaking 

20 Board shall seek to minimize disruptive changes to 

21 the persons affected by such regulations. 
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1 SEC. 204. DATA TRANSPARENCY AT NATIONAL SECURITIES 

2 ASSOCIATIONS. 

3 (a) IN GENERAL.—Section 15A of the Securities Ex4 change Act of 1934 (15 U.S.C. 78o–3) is amended by add5 ing at the end the following: 

6 ‘‘(n) DATA STANDARDS.— 

7 ‘‘(1) REQUIREMENT.—A national securities as8 sociation registered pursuant to subsection (a) shall 

9 adopt data standards for all information that is reg10 ularly filed with or submitted to the association. 

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

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

14 ‘‘(A) render data fully searchable and ma15 chine-readable (as defined under section 3502 

16 of title 44, United States Code); 

17 ‘‘(B) enable high quality data through 

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

20 States Code) documented in machine-readable 

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

23 the underlying regulatory information collection 

24 requirements; 

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

26 asset that exists to satisfy an underlying regu-
30 

•HR 2989 EH

1 latory information collection requirement be 

2 consistently identified as such in associated ma3 chine-readable metadata; 

4 ‘‘(D) be nonproprietary or made available 

5 under an open license (as defined under section 

6 3502 of title 44, United States Code); 

7 ‘‘(E) incorporate standards developed and 

8 maintained by voluntary consensus standards 

9 bodies; and 

10 ‘‘(F) use, be consistent with, and imple11 ment applicable accounting and reporting prin12 ciples. 

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

14 adopting data standards under this subsection, the 

15 association shall incorporate all applicable data 

16 standards promulgated by the Secretary of the 

17 Treasury.’’. 

18 (b) RULEMAKING.— 

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

20 the 2-year period beginning on the date the final 

21 rule is promulgated pursuant to section 124(a) of 

22 the Financial Stability Act of 2010, a national secu23 rities association shall adopt the standards required 

24 under the amendments made by this section. 
31 

•HR 2989 EH

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

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

6 smaller regulated entities. 

7 (3) MINIMIZING DISRUPTION.—In adopting the 

8 standards required under the amendments made by 

9 this section, a national securities association shall 

10 seek to minimize disruptive changes to the persons 

11 affected by such standards. 

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

15 (a) BETTER ENFORCEMENT OF THE QUALITY OF

16 CORPORATE FINANCIAL DATA SUBMITTED TO THE SECU17 RITIES AND EXCHANGE COMMISSION.— 

18 (1) DATA QUALITY IMPROVEMENT PROGRAM.— 

19 Within six months after the date of the enactment 

20 of this Act, the Commission shall establish a pro21 gram to improve the quality of corporate financial 

22 data filed or furnished by issuers under the Securi23 ties Act of 1933, the Securities Exchange Act of 

24 1934, and the Investment Company Act of 1940. 

25 The program shall include the following: 
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•HR 2989 EH

1 (A) The designation of an official in the 

2 Office of the Chairman responsible for the im3 provement of the quality of data filed with or 

4 furnished to the Commission by issuers. 

5 (B) The issuance by the Division of Cor6 poration Finance of comment letters requiring 

7 correction of errors in data filings and submis8 sions, where necessary. 

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

10 this section, the Commission shall seek to— 

11 (A) improve the quality of data filed with 

12 or furnished to the Commission to a commer13 cially acceptable level; and 

14 (B) make data filed with or furnished to 

15 the Commission useful to investors. 

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

17 DATA FOR CORPORATE DISCLOSURES.— 

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

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

20 every six months thereafter, the Commission shall 

21 issue a report to the Committee on Financial Serv22 ices of the House of Representatives and the Com23 mittee on Banking, Housing, and Urban Affairs of 

24 the Senate on the public and internal use of ma25 chine-readable data for corporate disclosures. 
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1 (2) CONTENT.—Each report required under 

2 paragraph (1) shall include— 

3 (A) an identification of which corporate 

4 disclosures required under section 7 of the Se5 curities Act of 1933, section 13 of the Securi6 ties Exchange Act of 1934, or section 14 of the 

7 Securities Exchange Act of 1934 are expressed 

8 as machine-readable data and which are not; 

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

10 the use of machine-readable data in corporate 

11 disclosure to investors, markets, the Commis12 sion, and issuers; 

13 (C) a summary of enforcement actions that 

14 result from the use or analysis of machine-read15 able data collected under section 7 of the Secu16 rities Act of 1933, section 13 of the Securities 

17 Exchange Act of 1934, or section 14 of the Se18 curities Exchange Act of 1934; and 

19 (D) an analysis of how the Commission is 

20 itself using the machine-readable data collected 

21 by the Commission. 

22 (c) SUNSET.—On and after the end of the 7-year pe23 riod beginning on the date of the enactment of this Act, 

24 this section shall have no force or effect. 
34 

•HR 2989 EH

1 SEC. 206. NO NEW DISCLOSURE REQUIREMENTS. 

2 Nothing in this title or the amendments made by this 

3 title shall be construed to require the Securities and Ex4 change Commission, the Municipal Securities Rulemaking 

5 Board, or a national securities association to collect or 

6 make publicly available additional information under the 

7 statutes amended by this title, beyond information that 

8 was collected or made publicly available under such stat9 utes before the date of the enactment of this Act. 

10 TITLE III—FEDERAL DEPOSIT 

11 INSURANCE CORPORATION 

12 SEC. 301. DATA STANDARDS REQUIREMENTS FOR THE FED13 ERAL DEPOSIT INSURANCE CORPORATION. 

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

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

16 ‘‘SEC. 52. DATA STANDARDS. 

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

18 adopt data standards for all information that the Corpora19 tion receives from any depository institution or financial 

20 company under this Act or under title II of the Dodd21 Frank Wall Street Reform and Consumer Protection Act. 

22 ‘‘(b) CHARACTERISTICS.—The data standards re23 quired by subsection (a) shall, to the extent practicable— 

24 ‘‘(1) render data fully searchable and machine25 readable (as defined under section 3502 of title 44, 

26 United States Code); 
35 

•HR 2989 EH

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

2 with accompanying metadata (as defined under sec3 tion 3502 of title 44, United States Code) docu4 mented in machine-readable taxonomy or ontology 

5 models, which clearly define the data’s semantic 

6 meaning as defined by the underlying regulatory in7 formation collection requirements; 

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

9 that exists to satisfy an underlying regulatory infor10 mation collection requirement be consistently identi11 fied as such in associated machine-readable 

12 metadata; 

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

14 an open license (as defined under section 3502 of 

15 title 44, United States Code); 

16 ‘‘(5) incorporate standards developed and main17 tained by voluntary consensus standards bodies; and 

18 ‘‘(6) use, be consistent with, and implement ap19 plicable accounting and reporting principles. 

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

21 data standards by rule under this section, the Corporation 

22 shall incorporate all applicable data standards promul23 gated by the Secretary of the Treasury. 

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

25 of this section, the term ‘financial company’ has the mean-
36 

•HR 2989 EH

1 ing given that term under section 201(a) of the Dodd2 Frank Wall Street Reform and Consumer Protection Act 

3 (12 U.S.C. 5381(a)).’’. 

4 SEC. 302. OPEN DATA PUBLICATION BY THE FEDERAL DE5 POSIT INSURANCE CORPORATION. 

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

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

8 by adding at the end the following: 

9 ‘‘SEC. 53. OPEN DATA PUBLICATION. 

10 ‘‘All public information published by the Corporation 

11 under this Act or under the Dodd-Frank Wall Street Re12 form and Consumer Protection Act shall be made available 

13 as an open Government data asset (as defined under sec14 tion 3502 of title 44, United States Code), freely available 

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

16 format and accessible via application programming inter17 face where appropriate.’’. 

18 SEC. 303. RULEMAKING. 

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

20 year period beginning on the date the final rule is promul21 gated pursuant to section 124(a) of the Financial Stability 

22 Act of 2010, the Federal Deposit Insurance Corporation 

23 shall issue the regulations required under the amendments 

24 made by this title. 
37 

•HR 2989 EH

1 (b) SCALING OF REGULATORY REQUIREMENTS.—In 

2 issuing the regulations required under the amendments 

3 made by this title, the Federal Deposit Insurance Corpora4 tion may scale data reporting requirements in order to re5 duce any unjustified burden on smaller regulated entities. 

6 (c) MINIMIZING DISRUPTION.—In issuing the regula7 tions required under the amendments made by this title, 

8 the Federal Deposit Insurance Corporation shall seek to 

9 minimize disruptive changes to the persons affected by 

10 such regulations. 

11 SEC. 304. NO NEW DISCLOSURE REQUIREMENTS. 

12 Nothing in this title or the amendments made by this 

13 title shall be construed to require the Federal Deposit In14 surance Corporation to collect or make publicly available 

15 additional information under the statutes amended by this 

16 title, beyond information that was collected or made pub17 licly available under such statutes before the date of the 

18 enactment of this Act. 
38 

•HR 2989 EH

1 TITLE IV—OFFICE OF THE 

2 COMPTROLLER OF THE CUR3 RENCY 

4 SEC. 401. DATA STANDARDS AND OPEN DATA PUBLICATION 

5 REQUIREMENTS FOR THE OFFICE OF THE 

6 COMPTROLLER OF THE CURRENCY. 

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

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

11 ‘‘(a) DATA STANDARDS.— 

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

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

14 information that is regularly filed with or submitted 

15 to the Comptroller of the Currency by any entity 

16 with respect to which the Office of the Comptroller 

17 of the Currency is the appropriate Federal banking 

18 agency (as defined under section 3 of the Federal 

19 Deposit Insurance Act). 

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

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

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

25 of title 44, United States Code); 
39 

•HR 2989 EH

1 ‘‘(B) enable high quality data through 

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

4 States Code) documented in machine-readable 

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

7 the underlying regulatory information collection 

8 requirements; 

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

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

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

14 ‘‘(D) be nonproprietary or made available 

15 under an open license (as defined under section 

16 3502 of title 44, United States Code); 

17 ‘‘(E) incorporate standards developed and 

18 maintained by voluntary consensus standards 

19 bodies; and 

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

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

24 adopting data standards by rule under this sub25 section, the Comptroller of the Currency shall incor-
40 

•HR 2989 EH

1 porate all applicable data standards promulgated by 

2 the Secretary of the Treasury. 

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

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

6 Consumer Protection Act shall be made available as an 

7 open Government data asset (as defined under section 

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

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

11 where appropriate.’’. 

12 SEC. 402. RULEMAKING. 

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

14 year period beginning on the date the final rule is promul15 gated pursuant to section 124(a) of the Financial Stability 

16 Act of 2010, the Comptroller of the Currency shall issue 

17 the regulations required under the amendments made by 

18 this title. 

19 (b) SCALING OF REGULATORY REQUIREMENTS.—In 

20 issuing the regulations required under the amendments 

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

22 scale data reporting requirements in order to reduce any 

23 unjustified burden on smaller regulated entities. 

24 (c) MINIMIZING DISRUPTION.—In issuing the regula25 tions required under the amendments made by this title, 
41 

•HR 2989 EH

1 the Comptroller of the Currency shall seek to minimize 

2 disruptive changes to the persons affected by such regula3 tions. 

4 SEC. 403. NO NEW DISCLOSURE REQUIREMENTS. 

5 Nothing in this title or the amendments made by this 

6 title shall be construed to require the Comptroller of the 

7 Currency to collect or make publicly available additional 

8 information under the statutes amended by this title, be9 yond information that was collected or made publicly avail10 able under such statutes before the date of the enactment 

11 of this Act. 

12 TITLE V—BUREAU OF CON13 SUMER FINANCIAL PROTEC14 TION 

15 SEC. 501. DATA STANDARDS AND OPEN DATA PUBLICATION 

16 REQUIREMENTS FOR THE BUREAU OF CON17 SUMER FINANCIAL PROTECTION. 

18 (a) IN GENERAL.—The Consumer Financial Protec19 tion Act of 2010 (12 U.S.C. 5481 et seq.) is amended by 

20 inserting after section 1018 the following: 

21 ‘‘SEC. 1019. DATA STANDARDS. 

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

23 adopt data standards for all information that is regularly 

24 filed with or submitted to the Bureau. 
42 

•HR 2989 EH

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

3 ‘‘(1) render data fully searchable and machine4 readable (as defined under section 3502 of title 44, 

5 United States Code); 

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

7 with accompanying metadata (as defined under sec8 tion 3502 of title 44, United States Code) docu9 mented in machine-readable taxonomy or ontology 

10 models, which clearly define the data’s semantic 

11 meaning as defined by the underlying regulatory in12 formation collection requirements; 

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

14 that exists to satisfy an underlying regulatory infor15 mation collection requirement be consistently identi16 fied as such in associated machine-readable 

17 metadata; 

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

19 an open license (as defined under section 3502 of 

20 title 44, United States Code); 

21 ‘‘(5) incorporate standards developed and main22 tained by voluntary consensus standards bodies; and 

23 ‘‘(6) use, be consistent with, and implement ap24 plicable accounting and reporting principles. 
43 

•HR 2989 EH

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

2 data standards by rule under this section, the Bureau 

3 shall incorporate all applicable data standards promul4 gated by the Secretary of the Treasury. 

5 ‘‘SEC. 1020. OPEN DATA PUBLICATION. 

6 ‘‘All public information published by the Bureau shall 

7 be made available as an open Government data asset (as 

8 defined under section 3502 of title 44, United States 

9 Code), freely available for download in bulk and rendered 

10 in a human-readable format and accessible via application 

11 programming interface where appropriate.’’. 

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

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

14 and Consumer Protection Act is amended by inserting 

15 after the item relating to section 1018 the following: 

‘‘Sec. 1019. Data standards. 

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

16 SEC. 502. RULEMAKING. 

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

18 year period beginning on the date the final rule is promul19 gated pursuant to section 124(a) of the Financial Stability 

20 Act of 2010, the Bureau of Consumer Financial Protec21 tion shall issue the regulations required under the amend22 ments made by this title. 

23 (b) SCALING OF REGULATORY REQUIREMENTS.—In 

24 issuing the regulations required under the amendments 
44 

•HR 2989 EH

1 made by this title, the Bureau of Consumer Financial Pro2 tection may scale data reporting requirements in order to 

3 reduce any unjustified burden on smaller regulated enti4 ties. 

5 (c) MINIMIZING DISRUPTION.—In issuing the regula6 tions required under the amendments made by this title, 

7 the Bureau of Consumer Financial Protection shall seek 

8 to minimize disruptive changes to the persons affected by 

9 such regulations. 

10 SEC. 503. NO NEW DISCLOSURE REQUIREMENTS. 

11 Nothing in this title or the amendments made by this 

12 title shall be construed to require the Bureau of Consumer 

13 Financial Protection to collect or make publicly available 

14 additional information under the statutes amended by this 

15 title, beyond information that was collected or made pub16 licly available under such statutes before the date of the 

17 enactment of this Act. 

18 TITLE VI—FEDERAL RESERVE 

19 SYSTEM 

20 SEC. 601. DATA STANDARDS REQUIREMENTS FOR THE 

21 BOARD OF GOVERNORS OF THE FEDERAL RE22 SERVE SYSTEM. 

23 (a) DATA STANDARDS FOR INFORMATION FILED OR

24 SUBMITTED BY NONBANK FINANCIAL COMPANIES.—Sec25 tion 161(a) of the Financial Stability Act of 2010 (12 
45 

•HR 2989 EH

1 U.S.C. 5361(a)) is amended by adding at the end the fol2 lowing: 

3 ‘‘(4) DATA STANDARDS FOR REPORTS UNDER

4 THIS SUBSECTION.— 

5 ‘‘(A) IN GENERAL.—The Board of Gov6 ernors shall adopt data standards for all finan7 cial data that is regularly filed with or sub8 mitted to the Board of Governors by any 

9 nonbank financial company supervised by the 

10 Board of Governors pursuant to this subsection. 

11 ‘‘(B) CHARACTERISTICS.—The data stand12 ards required by this section shall, to the extent 

13 practicable— 

14 ‘‘(i) render data fully searchable and 

15 machine-readable (as defined under section 

16 3502 of title 44, United States Code); 

17 ‘‘(ii) enable high quality data through 

18 schemas, with accompanying metadata (as 

19 defined under section 3502 of title 44, 

20 United States Code) documented in ma21 chine-readable taxonomy or ontology mod22 els, which clearly define the data’s seman23 tic meaning as defined by the underlying 

24 regulatory information collection require25 ments; 
46 

•HR 2989 EH

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

2 data asset that exists to satisfy an under3 lying regulatory information collection re4 quirement be consistently identified as 

5 such in associated machine-readable 

6 metadata; 

7 ‘‘(iv) be nonproprietary or made avail8 able under an open license (as defined 

9 under section 3502 of title 44, United 

10 States Code); 

11 ‘‘(v) incorporate standards developed 

12 and maintained by voluntary consensus 

13 standards bodies; and 

14 ‘‘(vi) use, be consistent with, and im15 plement applicable accounting and report16 ing principles. 

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

18 adopting data standards by rule under this 

19 paragraph, the Board of Governors shall incor20 porate all applicable data standards promul21 gated by the Secretary of the Treasury.’’. 

22 (b) DATA STANDARDS FOR INFORMATION FILED OR

23 SUBMITTED BY SAVINGS AND LOAN HOLDING COMPA24 NIES.—Section 10 of the Home Owners’ Loan Act (12 
47 

•HR 2989 EH

1 U.S.C. 1467a) is amended by adding at the end the fol2 lowing: 

3 ‘‘(u) DATA STANDARDS.— 

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

5 data standards for all information that is regularly 

6 filed with or submitted to the Board by any savings 

7 and loan holding company, or subsidiary of a savings 

8 and loan holding company, other than a depository 

9 institution, under this section. 

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

11 required by this subsection shall, to the extent prac12 ticable— 

13 ‘‘(A) render data fully searchable and ma14 chine-readable (as defined under section 3502 

15 of title 44, United States Code); 

16 ‘‘(B) enable high quality data through 

17 schemas, with accompanying metadata (as de18 fined under section 3502 of title 44, United 

19 States Code) documented in machine-readable 

20 taxonomy or ontology models, which clearly de21 fine the data’s semantic meaning as defined by 

22 the underlying regulatory information collection 

23 requirements; 

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

25 asset that exists to satisfy an underlying regu-
48 

•HR 2989 EH

1 latory information collection requirement be 

2 consistently identified as such in associated ma3 chine-readable metadata; 

4 ‘‘(D) be nonproprietary or made available 

5 under an open license (as defined under section 

6 3502 of title 44, United States Code); 

7 ‘‘(E) incorporate standards developed and 

8 maintained by voluntary consensus standards 

9 bodies; and 

10 ‘‘(F) use, be consistent with, and imple11 ment applicable accounting and reporting prin12 ciples. 

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

14 adopting data standards by rule under this section, 

15 the Board of Governors shall incorporate all applica16 ble data standards promulgated by the Secretary of 

17 the Treasury.’’. 

18 (c) DATA STANDARDS FOR INFORMATION FILED OR

19 SUBMITTED BY BANK HOLDING COMPANIES.—Section 5 

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

21 1844) is amended by adding at the end the following: 

22 ‘‘(h) DATA STANDARDS.— 

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

24 data standards for all information that is regularly 
49 

•HR 2989 EH

1 filed with or submitted to the Board by any bank 

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

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

4 required by this subsection shall, to the extent prac5 ticable— 

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

8 of title 44, United States Code); 

9 ‘‘(B) enable high quality data through 

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

12 States Code) documented in machine-readable 

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

15 the underlying regulatory information collection 

16 requirements; 

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

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

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

22 ‘‘(D) be nonproprietary or made available 

23 under an open license (as defined under section 

24 3502 of title 44, United States Code); 
50 

•HR 2989 EH

1 ‘‘(E) incorporate standards developed and 

2 maintained by voluntary consensus standards 

3 bodies; and 

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

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

8 adopting data standards under this subsection, the 

9 Board shall incorporate all applicable data standards 

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

11 (d) DATA STANDARDS FOR INFORMATION SUB12 MITTED BY FINANCIAL MARKET UTILITIES OR INSTITU13 TIONS UNDER THE PAYMENT, CLEARING, AND SETTLE14 MENT SUPERVISION ACT OF 2010.—Section 809 of the 

15 Payment, Clearing, and Settlement Supervision Act of 

16 2010 (12 U.S.C. 5468) is amended by adding at the end 

17 the following: 

18 ‘‘(h) DATA STANDARDS.— 

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

20 shall adopt data standards for all information that 

21 is regularly filed with or submitted to the Board by 

22 any financial market utility or financial institution 

23 under subsection (a) or (b). 
51 

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

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

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

6 of title 44, United States Code); 

7 ‘‘(B) enable high quality data through 

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

10 States Code) documented in machine-readable 

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

13 the underlying regulatory information collection 

14 requirements; 

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

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

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

20 ‘‘(D) be nonproprietary or made available 

21 under an open license (as defined under section 

22 3502 of title 44, United States Code); 

23 ‘‘(E) incorporate standards developed and 

24 maintained by voluntary consensus standards 

25 bodies; and 
52 

•HR 2989 EH

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

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

5 adopting data standards under this subsection, the 

6 Board of Governors shall incorporate all applicable 

7 data standards promulgated by the Secretary of the 

8 Treasury.’’. 

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

10 GOVERNORS OF THE FEDERAL RESERVE SYS11 TEM. 

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

13 amended by adding at the end the following: 

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

15 GOVERNORS. 

16 ‘‘All public information published by the Board of 

17 Governors under this Act, the Bank Holding Company Act 

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

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

20 Supervision Act of 2010, or the Enhancing Financial In21 stitution Safety and Soundness Act of 2010 shall be made 

22 available as an open Government data asset (as defined 

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

24 available for download in bulk and rendered in a human- 
53 

•HR 2989 EH

1 readable format and accessible via application program2 ming interface where appropriate.’’. 

3 SEC. 603. RULEMAKING. 

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

5 year period beginning on the date the final rule is promul6 gated pursuant to section 124(a) of the Financial Stability 

7 Act of 2010, the Board of Governors of the Federal Re8 serve System shall issue the regulations required under 

9 the amendments made by this title. 

10 (b) SCALING OF REGULATORY REQUIREMENTS.—In 

11 issuing the regulations required under the amendments 

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

13 Reserve System may scale data reporting requirements in 

14 order to reduce any unjustified burden on smaller regu15 lated entities. 

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

18 the Board of Governors of the Federal Reserve System 

19 shall seek to minimize disruptive changes to the persons 

20 affected by such regulations. 

21 SEC. 604. NO NEW DISCLOSURE REQUIREMENTS. 

22 Nothing in this title or the amendments made by this 

23 title shall be construed to require the Board of Governors 

24 of the Federal Reserve System to collect or make publicly 

25 available additional information under the statutes amend-
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1 ed by this title, beyond information that was collected or 

2 made publicly available under such statutes before the 

3 date of the enactment of this Act. 

4 TITLE VII—NATIONAL CREDIT 

5 UNION ADMINISTRATION 

6 SEC. 701. DATA STANDARDS. 

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

8 1752 et seq.) is amended by adding at the end the fol9 lowing: 

10 ‘‘SEC. 132. DATA STANDARDS. 

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

12 adopt data standards for all information and reports regu13 larly filed with or submitted to the Administration under 

14 this Act. 

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

17 ‘‘(1) render data fully searchable and machine18 readable (as defined under section 3502 of title 44, 

19 United States Code); 

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

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

24 models, which clearly define the data’s semantic 
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•HR 2989 EH

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

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

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

7 metadata; 

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

9 an open license (as defined under section 3502 of 

10 title 44, United States Code); 

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

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

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

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

17 incorporate all applicable data standards promulgated by 

18 the Secretary of the Treasury.’’. 

19 SEC. 702. OPEN DATA PUBLICATION BY THE NATIONAL 

20 CREDIT UNION ADMINISTRATION. 

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

22 1752 et seq.), as amended by section 801, is further 

23 amended by adding at the end the following: 
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1 ‘‘SEC. 133. OPEN DATA PUBLICATION. 

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

4 Government data asset (as defined under section 3502 of 

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

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

9 SEC. 703. RULEMAKING. 

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

11 year period beginning on the date the final rule is promul12 gated pursuant to section 124(a) of the Financial Stability 

13 Act of 2010, the National Credit Union Administration 

14 Board shall issue the regulations required under the 

15 amendments made by this title. 

16 (b) SCALING OF REGULATORY REQUIREMENTS.—In 

17 issuing the regulations required under the amendments 

18 made by this title, the National Credit Union Administra19 tion Board may scale data reporting requirements in order 

20 to reduce any unjustified burden on smaller regulated en21 tities. 

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

24 the National Credit Union Administration Board shall 

25 seek to minimize disruptive changes to the persons af26 fected by such regulations. 
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1 SEC. 704. NO NEW DISCLOSURE REQUIREMENTS. 

2 Nothing in this title or the amendments made by this 

3 title shall be construed to require the National Credit 

4 Union Administration Board to collect or make publicly 

5 available additional information under the statutes amend6 ed by this title, beyond information that was collected or 

7 made publicly available under such statutes before the 

8 date of the enactment of this Act. 

9 TITLE VIII—FEDERAL HOUSING 

10 FINANCE AGENCY 

11 SEC. 801. DATA STANDARDS REQUIREMENTS FOR THE FED12 ERAL HOUSING FINANCE AGENCY. 

13 Part 1 of subtitle A of the Federal Housing Enter14 prises Financial Safety and Soundness Act of 1992 (12 

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

16 the following: 

17 ‘‘SEC. 1319H. DATA STANDARDS. 

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

19 adopt data standards for all information that is regularly 

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

21 ‘‘(b) CHARACTERISTICS.—The data standards re22 quired by subsection (a) shall, to the extent practicable— 

23 ‘‘(1) render data fully searchable and machine24 readable (as defined under section 3502 of title 44, 

25 United States Code); 
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1 ‘‘(2) enable high quality data through schemas, 

2 with accompanying metadata (as defined under sec3 tion 3502 of title 44, United States Code) docu4 mented in machine-readable taxonomy or ontology 

5 models, which clearly define the data’s semantic 

6 meaning as defined by the underlying regulatory in7 formation collection requirements; 

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

9 that exists to satisfy an underlying regulatory infor10 mation collection requirement be consistently identi11 fied as such in associated machine-readable 

12 metadata; 

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

14 an open license (as defined under section 3502 of 

15 title 44, United States Code); 

16 ‘‘(5) incorporate standards developed and main17 tained by voluntary consensus standards bodies; and 

18 ‘‘(6) use, be consistent with, and implement ap19 plicable accounting and reporting principles. 

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

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

22 incorporate all applicable data standards promulgated by 

23 the Secretary of the Treasury.’’. 
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1 SEC. 802. OPEN DATA PUBLICATION BY THE FEDERAL 

2 HOUSING FINANCE AGENCY. 

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

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

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

8 ‘‘All public information published by the Agency 

9 under this Act shall be made available as an open Govern10 ment data asset (as defined under section 3502 of title 

11 44, United States Code), freely available for download in 

12 bulk and rendered in a human-readable format and acces13 sible via application programming interface where appro14 priate.’’. 

15 SEC. 803. RULEMAKING. 

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

17 year period beginning on the date the final rule is promul18 gated pursuant to section 124(a) of the Financial Stability 

19 Act of 2010, the Federal Housing Finance Agency shall 

20 issue the regulations required under the amendments 

21 made by this title. 

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

24 the Federal Housing Finance Agency shall seek to mini25 mize disruptive changes to the persons affected by such 

26 regulations. 
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1 SEC. 804. NO NEW DISCLOSURE REQUIREMENTS. 

2 Nothing in this title or the amendments made by this 

3 title shall be construed to require the Federal Housing Fi4 nance Agency to collect or make publicly available addi5 tional information under the statutes amended by this 

6 title, beyond information that was collected or made pub7 licly available under such statutes before the date of the 

8 enactment of this Act. 

9 TITLE IX—MISCELLANEOUS 

10 SEC. 901. RULES OF CONSTRUCTION. 

11 (a) NO EFFECT ON INTELLECTUAL PROPERTY.— 

12 Nothing in this Act or the amendments made by this Act 

13 may be construed to alter the existing legal protections 

14 of copyrighted material or other intellectual property 

15 rights of any non-Federal person. 

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

17 this Act or the amendments made by this Act may be con18 strued to apply to activities conducted, or data standards 

19 used, exclusively in connection with a monetary policy pro20 posed or implemented by the Board of Governors of the 

21 Federal Reserve System or the Federal Open Market 

22 Committee. 

23 (c) PRESERVATION OF AGENCY AUTHORITY TO TAI24 LOR REGULATIONS.—Nothing in this Act or the amend25 ments made by this Act may be construed to— 
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1 (1) require Federal agencies to incorporate 

2 identical data standards to those promulgated by the 

3 Secretary of the Treasury; or 

4 (2) prohibit Federal agencies from tailoring 

5 such standards when issuing rules under this Act 

6 and the amendments made by this Act to adopt data 

7 standards. 

8 SEC. 902. CLASSIFIED AND PROTECTED INFORMATION. 

9 (a) IN GENERAL.—Nothing in this Act or the amend10 ments made by this Act shall require the disclosure to the 

11 public of— 

12 (1) information that would be exempt from dis13 closure under section 552 of title 5, United States 

14 Code (commonly known as the ‘‘Freedom of Infor15 mation Act’’); or 

16 (2) information protected under section 552a of 

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

18 ‘‘Privacy Act of 1974’’), or section 6103 of the In19 ternal Revenue Code of 1986. 

20 (b) EXISTING AGENCY REGULATIONS.—Nothing in 

21 this Act or the amendments made by this Act shall be 

22 construed to require the Secretary of the Treasury, the 

23 Securities and Exchange Commission, the Federal Deposit 

24 Insurance Corporation, the Comptroller of the Currency, 

25 the Bureau of Consumer Financial Protection, the Board 
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1 of Governors of the Federal Reserve System, the National 

2 Credit Union Administration Board, or the Federal Hous3 ing Finance Agency to amend existing regulations and 

4 procedures regarding the sharing and disclosure of non5 public information, including confidential supervisory in6 formation. 

7 SEC. 903. DISCRETIONARY SURPLUS FUND. 

8 (a) IN GENERAL.—The dollar amount specified 

9 under section 7(a)(3)(A) of the Federal Reserve Act (12 

10 U.S.C. 289(a)(3)(A)) is reduced by $100,000,000. 

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

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

13 SEC. 904. DETERMINATION OF BUDGETARY EFFECTS. 

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

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

16 shall be determined by reference to the latest statement 

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

18 Act, submitted for printing in the Congressional Record 

19 by the Chairman of the House Budget Committee, pro-
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1 vided that such statement has been submitted prior to the 

2 vote on passage. 

Passed the House of Representatives October 25, 

2021. 

Attest: 

Clerk. 
117TH CONGRESS 

1ST SESSION H. R. 2989 

AN ACT 

To amend securities and banking laws to make the 

other purposes. ing transparency and accountability, and for tor’s regulatory compliance burden, while enhanctimately harmonize and reduce the private secsive Standard Business Reporting program to ulStates on a path towards building a comprehenIntelligence applications, to put the United able the development of RegTech and Artificial agencies electronically searchable, to further eninformation reported to financial regulatory