H. R. 7776—1021 
‘‘(II) the individual was incarcerated with 
respect to the offense and it has been 5 years 
or more since the individual was released from 
incarceration. 
‘‘(ii) OFFENSES COMMITTED BY INDIVIDUALS 21 OR 
YOUNGER.—For individuals who committed an offense 
when they were 21 years of age or younger, paragraph 
(1) shall not apply to the offense if it has been more 
than 30 months since the sentencing occurred. 
‘‘(iii) LIMITATION.—This subparagraph shall not 
apply to an offense described under paragraph (1)(B). 
‘‘(B) EXPUNGEMENT AND SEALING.—With respect to an 
individual, paragraph (1) shall not apply to an offense 
if— 
‘‘(i) there is an order of expungement, sealing, 
or dismissal that has been issued in regard to the 
conviction in connection with such offense; and 
‘‘(ii) it is intended by the language in the order 
itself, or in the legislative provisions under which the 
order was issued, that the conviction shall be destroyed 
or sealed from the individual’s State, Tribal, or Federal 
record, even if exceptions allow the record to be consid-
ered for certain character and fitness evaluation pur-
poses. 
‘‘(C) DE MINIMIS EXEMPTION.— 
‘‘(i) IN GENERAL.—Paragraph (1) shall not apply 
to such de minimis offenses as the Board determines, 
by rule. 
‘‘(ii) CONFINEMENT
CRITERIA.—In issuing rules 
under clause (i), the Board shall include a requirement 
that the offense was punishable by a term of three 
years or less confined in a correctional facility, where 
such confinement— 
‘‘(I) is calculated based on the time an indi-
vidual spent incarcerated as a punishment or a 
sanction, not as pretrial detention; and 
‘‘(II) does not include probation or parole 
where an individual was restricted to a particular 
jurisdiction or was required to report occasionally 
to an individual or a specific location. 
‘‘(iii) BAD CHECK CRITERIA.—In setting the criteria 
for de minimis offenses under clause (i), if the Board 
establishes criteria with respect to insufficient funds 
checks, the Board shall require that the aggregate 
total face value of all insufficient funds checks across 
all convictions or program entries related to insufficient 
funds checks is $2,000 or less. 
‘‘(iv) DESIGNATED
LESSER
OFFENSES.—Paragraph 
(1) shall not apply to certain lesser offenses (including 
the use of a fake ID, shoplifting, trespass, fare evasion, 
driving with an expired license or tag, and such other 
low-risk offenses as the Board may designate) if 1 
year or more has passed since the applicable conviction 
or program entry. 
‘‘(5) CONSENT APPLICATIONS.— 
‘‘(A) IN
GENERAL.—The Board shall accept consent 
applications from an individual and from an insured credit
H. R. 7776—1022 
union on behalf of an individual that are filed separately 
or contemporaneously with a regional office of the Board. 
‘‘(B) SPONSORED APPLICATIONS FILED WITH REGIONAL 
OFFICES.—Consent applications filed at a regional office 
of the Board by an insured credit union on behalf of an 
individual— 
‘‘(i) shall be reviewed by such office; 
‘‘(ii) may be approved or denied by such office, 
if such authority has been delegated to such office 
by the Board; and 
‘‘(iii) may only be denied by such office if the 
general counsel of the Board (or a designee) certifies 
that the denial is consistent with this section. 
‘‘(C) INDIVIDUAL APPLICATIONS FILED WITH REGIONAL 
OFFICES.—Consent applications filed at a regional office 
by an individual— 
‘‘(i) shall be reviewed by such office; and 
‘‘(ii) may be approved or denied by such office, 
if such authority has been delegated to such office 
by the Board, except with respect to— 
‘‘(I) cases involving an offense described under 
paragraph (1)(B); and 
‘‘(II) such other high-level security cases as 
may be designated by the Board. 
‘‘(D) NATIONAL OFFICE REVIEW.—The national office of 
the Board shall— 
‘‘(i) review any consent application with respect 
to which a regional office is not authorized to approve 
or deny the application; and 
‘‘(ii) review any consent application that is denied 
by a regional office, if the individual requests a review 
by the national office. 
‘‘(E) FORMS AND INSTRUCTIONS.— 
‘‘(i) AVAILABILITY.—The Board shall make all forms 
and instructions related to consent applications avail-
able to the public, including on the website of the 
Board. 
‘‘(ii) 
CONTENTS.—The 
forms 
and 
instructions 
described under clause (i) shall provide a sample cover 
letter and a comprehensive list of items that may 
accompany the application, including clear guidance 
on evidence that may support a finding of rehabilita-
tion. 
‘‘(F) CONSIDERATION OF CRIMINAL HISTORY.— 
‘‘(i) 
REGIONAL
OFFICE
CONSIDERATION.—In 
reviewing a consent application, a regional office 
shall— 
‘‘(I) primarily rely on the criminal history 
record of the Federal Bureau of Investigation; and 
‘‘(II) provide such record to the applicant to 
review for accuracy. 
‘‘(ii) CERTIFIED
COPIES.—The Board may not 
require an applicant to provide certified copies of 
criminal history records unless the Board determines 
that there is a clear and compelling justification to 
require additional information to verify the accuracy
H. R. 7776—1023 
of the criminal history record of the Federal Bureau 
of Investigation. 
‘‘(G) CONSIDERATION OF REHABILITATION.—Consistent 
with title VII of the Civil Rights Act of 1964 (42 U.S.C. 
2000e et seq.), the Board shall— 
‘‘(i) conduct an individualized assessment when 
evaluating consent applications that takes into account 
evidence of rehabilitation, the applicant’s age at the 
time of the conviction or program entry, the time that 
has elapsed since conviction or program entry, and 
the relationship of individual’s offense to the respon-
sibilities of the applicable position; 
‘‘(ii) consider the individual’s employment history, 
letters of recommendation, certificates documenting 
participation in substance abuse programs, successful 
participating in job preparation and educational pro-
grams, and other relevant mitigating evidence; and 
‘‘(iii) consider any additional information the Board 
determines necessary for safety and soundness. 
‘‘(H) SCOPE
OF
EMPLOYMENT.—With respect to an 
approved consent application filed by an insured credit 
union on behalf of an individual, if the Board determines 
it appropriate, such approved consent application shall 
allow the individual to work for the same employer (without 
restrictions on the location) and across positions, except 
that the prior consent of the Board (which may require 
a new application) shall be required for any proposed 
significant changes in the individual’s security-related 
duties or responsibilities, such as promotion to an officer 
or other positions that the employer determines will require 
higher security screening credentials. 
‘‘(I) COORDINATION WITH FDIC.—In carrying out this 
subsection, the Board shall consult and coordinate with 
the Federal Deposit Insurance Corporation as needed to 
promote consistent implementation where appropriate. 
‘‘(6) DEFINITIONS.—In this subsection: 
‘‘(A) 
CONSENT
APPLICATION.—The 
term 
‘consent 
application’ means an application filed with Board by an 
individual (or by an insured credit union on behalf of 
an individual) seeking the written consent of the Board 
under paragraph (1)(A). 
‘‘(B) CRIMINAL OFFENSE INVOLVING DISHONESTY.—The 
term ‘criminal offense involving dishonesty’— 
‘‘(i) means an offense under which an individual, 
directly or indirectly— 
‘‘(I) cheats or defrauds; or 
‘‘(II) wrongfully takes property belonging to 
another in violation of a criminal statute; 
‘‘(ii) includes an offense that Federal, State, or 
local law defines as dishonest, or for which dishonesty 
is an element of the offense; and 
‘‘(iii) does not include— 
‘‘(I) a misdemeanor criminal offense committed 
more than one year before the date on which an 
individual files a consent application, excluding 
any period of incarceration; or
H. R. 7776—1024 
‘‘(II) an offense involving the possession of con-
trolled substances. 
‘‘(C) PRETRIAL DIVERSION OR SIMILAR PROGRAM.—The 
term ‘pretrial diversion or similar program’ means a pro-
gram characterized by a suspension or eventual dismissal 
or reversal of charges or criminal prosecution upon agree-
ment by the accused to restitution, drug or alcohol 
rehabilitation, anger management, or community service.’’. 
(c) REVIEW AND REPORT TO CONGRESS.—Not later than the 
end of the 2-year period beginning on the date of enactment of 
this Act, the Federal Deposit Insurance Corporation and the 
National Credit Union Administration shall— 
(1) review the rules issued to carry out this Act and the 
amendments made by this Act on— 
(A) the application of section 19 of the Federal Deposit 
Insurance Act (12 U.S.C. 1829) and section 205(d) of the 
Federal Credit Union Act (12 U.S.C. 1785(d)); 
(B) the number of applications for consent applications 
under such sections; and 
(C) the rates of approval and denial for consent applica-
tions under such sections; 
(2) make the results of the review required under para-
graph (1) available to the public; and 
(3) issue a report to Congress containing any legislative 
or regulatory recommendations for expanding employment 
opportunities for those with a previous minor criminal offense. 
SEC. 5706. BANKING TRANSPARENCY FOR SANCTIONED PERSONS ACT 
OF 2022. 
(a) IN GENERAL.—Not later than 1 year after the date of the 
enactment of this Act, and annually thereafter, the Secretary of 
the Treasury shall issue a report to the Committees on Financial 
Services and Foreign Affairs of the House of Representatives and 
the Committees on Banking, Housing, and Urban Affairs and For-
eign Relations of the Senate that includes a list of specific licenses 
issued by the Secretary in the preceding 365 days that authorizes 
a U.S. financial institution (as defined under section 561.309 of 
title 31, Code of Federal Regulations) to provide financial services 
to any of the following: 
(1) The government of a state sponsor of terrorism. 
(2) A person sanctioned pursuant to any of the following: 
(A) Section 404 of the Russia and Moldova Jackson- 
Vanik Repeal and Sergei Magnitsky Rule of Law Account-
ability Act of 2012 (Public Law 112–208). 
(B) Subtitle F of title XII of the National Defense 
Authorization Act for Fiscal Year 2017 (Public Law 114– 
328, the Global Magnitsky Human Rights Accountability 
Act). 
(C) Executive Order No. 13818. 
(b) SUBMISSION
OF COPIES
OF LICENSES
ON REQUEST.—The 
Secretary of the Treasury shall expeditiously provide a copy of 
any license identified in a report required by subsection (a) to 
the Committee on Financial Services of the House of Representa-
tives and the Committee on Banking, Housing, and Urban Affairs 
of the Senate if an appropriate Member of Congress requests a 
copy of that license not later than 60 days after submission of 
the report.
H. R. 7776—1025 
(c) BUSINESS CONFIDENTIAL INFORMATION.— 
(1) IN GENERAL.—The Secretary of the Treasury shall, in 
the report under subsection (a) and any submissions under 
subsection (b), identify any proprietary information submitted 
by any private sector representative and mark such information 
as ‘‘business confidential information’’. 
(2) TREATMENT AS TRADE SECRETS.—Business confidential 
information described under paragraph (1) shall be considered 
to be a matter falling within the meaning of trade secrets 
and commercial or financial information exemption under sec-
tion 552(b)(4) of title 5, United States Code, and shall be 
exempt from disclosure under such section 552 of such title 
without the express approval of the private party. 
(d) AUTHORIZATION OF APPROPRIATIONS.—For the purpose of 
carrying out the activities authorized under this section, there 
is authorized to be appropriated to the Secretary of the Treasury 
$1,000,000. 
(e) SUNSET.—The section shall cease to have any force or effect 
after the end of the 5-year period beginning on the date of enactment 
of this Act. 
(f) FORM OF REPORT AND SUBMISSIONS.—A report or submission 
required under this section shall be submitted in unclassified form 
but may contain a classified annex. 
(g) APPROPRIATE MEMBER OF CONGRESS DEFINED.—In this sec-
tion, the term ‘‘appropriate Member of Congress’’ has the meaning 
given that term under section 7132(d) of the National Defense 
Authorization Act for Fiscal Year 2020. 
SEC. 5707. FLEXIBILITY IN ADDRESSING RURAL HOMELESSNESS. 
Subsection (a) of section 423 of subtitle C of title IV of the 
McKinney-Vento Homeless Assistance Act (42 U.S.C. 11383(a)) is 
amended by adding at the end the following: 
‘‘(13) Projects in rural areas that consist of one or more 
of the following activities: 
‘‘(A) 
Payment 
of 
short-term 
emergency 
lodging, 
including in motels or shelters, directly or through 
vouchers. 
‘‘(B) Repairs to units— 
‘‘(i) in which homeless individuals and families 
will be housed; or 
‘‘(ii) which are currently not fit for human habi-
tation. 
‘‘(C) Staff training, professional development, skill 
development, and staff retention activities.’’. 
SEC. 5708. MASTER ACCOUNT AND SERVICES DATABASE. 
The Federal Reserve Act is amended by inserting after section 
11B (12 U.S.C. 248b et seq.) the following: 
‘‘SEC. 11C. MASTER ACCOUNT AND SERVICES DATABASE. 
‘‘(a) DEFINITIONS.—In this section: 
‘‘(1) ACCESS REQUEST.—The term ‘access request’ means 
a request to a Federal reserve bank for access to a reserve 
bank master account and services, including any written docu-
mentation or formal indication that an entity intends to seek 
access to a reserve bank master account and services. 
‘‘(2) 
OFFICIAL
ACCOUNTHOLDER.—The 
term 
‘official 
accountholder’ means—
H. R. 7776—1029 
‘‘(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 informa-
tion 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 main-
tained 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)(2), the heads of the covered agencies shall— 
‘‘(A) consult with other Federal departments and agen-
cies and multi-agency initiatives responsible for Federal 
data standards; and 
‘‘(B) seek to promote interoperability of financial regu-
latory data across members of the Council. 
‘‘(d) EFFECTIVE DATE.—The data standards established in the 
final rules promulgated under subsection (b)(2) 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 Protec-
tion Act is amended by inserting after the item relating to section 
123 the following: 
‘‘Sec. 124. Data standards.’’. 
SEC. 5812. 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 5811(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; 
‘‘(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 Protec-
tion Act, as amended by section 5811(b), is further amended by 
inserting after the item relating to section 124 the following: 
‘‘Sec. 125. Open data publication.’’. 
(c) RULEMAKING.— 
(1) IN GENERAL.—The Secretary of the Treasury shall issue 
rules to carry out the amendments made by this section, which
H. R. 7776—1030 
shall take effect not later than 2 years after the date on 
which final rules are promulgated under section 124(b)(2) of 
the Financial Stability Act of 2010, as added by section 5811(a) 
of this title. 
(2) DELEGATION.—Notwithstanding any other provision of 
law, the Secretary of the Treasury may delegate the functions 
required under the amendments made by this subtitle to an 
appropriate office within the Department of the Treasury. 
SEC. 5813. NO NEW DISCLOSURE REQUIREMENTS. 
Nothing in this subtitle, or the amendments made by this 
subtitle, 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. 
Subtitle B—Securities and Exchange 
Commission 
SEC. 5821. 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 SEC-
TION.— 
‘‘(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 estab-
lished in the rules promulgated under section 124 of the Finan-
cial 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
H. R. 7776—1031 
(to the extent feasible), all applicable data standards estab-
lished in the rules promulgated under section 124 of the Finan-
cial 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 estab-
lished in the rules promulgated under section 124 of the Finan-
cial 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 SUB-
MITTED
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 SUB-
MITTED 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 estab-
lished in the rules promulgated under section 124 of the Finan-
cial 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 DISCLO-
SURES.—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
H. R. 7776—1032 
(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 sub-
section (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 estab-
lished in the rules promulgated under section 124 of the Finan-
cial 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 certifi-
cations 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 estab-
lished in the rules promulgated under section 124 of the Finan-
cial 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:
H. R. 7776—1033 
‘‘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 sub-
section (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 amend-
ments 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)(2) of the Financial Stability Act of 2010, 
as added by section 5811(a) of this title. 
(2) SCALING
OF
REGULATORY
REQUIREMENTS; MINIMIZING 
DISRUPTION.—In issuing the rules required under the amend-
ments 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 deter-
mined by any study required under section 5825(b), while 
still providing searchable information to investors; and 
(B) shall seek to minimize disruptive changes to the 
persons affected by those rules. 
SEC. 5822. 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; 
‘‘(3) rendered in a human-readable format; and 
‘‘(4) accessible via application programming interface where 
appropriate.’’. 
SEC. 5823. DATA TRANSPARENCY RELATING TO MUNICIPAL SECURI-
TIES. 
(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) The Commission shall adopt data standards for informa-
tion submitted to the Board. 
‘‘(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,
H. R. 7776—1035 
(A) may scale data reporting requirements in order 
to reduce any unjustified burden on smaller regulated enti-
ties; and 
(B) shall seek to minimize disruptive changes to the 
persons affected by those standards. 
SEC. 5825. 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 Commis-
sion 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 Commis-
sion useful to investors. 
(b) REPORT ON THE USE OF MACHINE-READABLE DATA FOR COR-
PORATE 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;
H. R. 7776—1036 
(B) an analysis of the costs and benefits of the use 
of machine-readable data in corporate disclosure to inves-
tors, 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. 5826. NO NEW DISCLOSURE REQUIREMENTS. 
Nothing in this subtitle, or the amendments made by this 
subtitle, 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 subtitle (or under any provision of law referenced in an amend-
ment made by this subtitle), 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. 
Subtitle C—Federal Deposit Insurance 
Corporation 
SEC. 5831. 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 informa-
tion 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 sub-
section (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.’’.
H. R. 7776—1037 
SEC. 5832. 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 5831, 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; 
‘‘(3) rendered in a human-readable format; and 
‘‘(4) accessible via application programming interface where 
appropriate.’’. 
SEC. 5833. RULEMAKING. 
(a) IN GENERAL.—The Federal Deposit Insurance Corporation 
shall issue rules to carry out the amendments made by this subtitle, 
which shall take effect not later than 2 years after the date on 
which final rules are promulgated under section 124(b)(2) of the 
Financial Stability Act of 2010, as added by section 5811(a) of 
this title. 
(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. 5834. NO NEW DISCLOSURE REQUIREMENTS. 
Nothing in this title, or the amendments made by this title, 
shall be construed to require the Federal Deposit Insurance Cor-
poration 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. 
Subtitle D—Office of the Comptroller of 
the Currency 
SEC. 5841. DATA STANDARDS AND OPEN DATA PUBLICATION REQUIRE-
MENTS 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
H. R. 7776—1038 
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 estab-
lished in the rules promulgated under section 124 of the Finan-
cial 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; 
‘‘(3) rendered in a human-readable format; and 
‘‘(4) accessible via application programming interface where 
appropriate.’’. 
SEC. 5842. RULEMAKING. 
(a) IN GENERAL.—The Comptroller of the Currency shall issue 
rules to carry out the amendments made by section 5841, which 
shall take effect not later than 2 years after the date on which 
final rules are promulgated under section 124(b)(2) of the Financial 
Stability Act of 2010, as added by section 5811(a) of this title. 
(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. 5843. NO NEW DISCLOSURE REQUIREMENTS. 
Nothing in this subtitle, or the amendments made by this 
subtitle, shall be construed to require the Comptroller of the Cur-
rency 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 
subtitle), 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. 
Subtitle E—Bureau of Consumer Financial 
Protection 
SEC. 5851. DATA STANDARDS AND OPEN DATA PUBLICATION REQUIRE-
MENTS FOR THE BUREAU OF CONSUMER FINANCIAL 
PROTECTION. 
(a) IN GENERAL.—Subtitle A of the Consumer Financial Protec-
tion Act of 2010 (12 U.S.C. 5491 et seq.) is amended by—