(1) DATA QUALITY IMPROVEMENT PROGRAM.— 
Within six months after the date of the enactment 
of this Act, the Commission shall establish a pro-
gram to improve the quality of corporate financial 
data filed or furnished by issuers under the Securi-
ties Act of 1933 and the Securities Exchange Act of 
1934. The program shall include the following: 
(A) The designation of an official in the 
Office of the Chairman responsible for the im-
provement of the quality of eXtensible Business 
Reporting Language data filed with or fur-
nished to the Commission by issuers. 
(B) The issuance by the Division of Cor-
poration Finance of comment letters requiring 
correction of errors in data filings and submis-
sions, where necessary. 
(2) GOALS.—In establishing the program under 
this section, the Commission shall seek to— 
(A) improve the quality of data filed with 
or furnished to the Commission to a commer-
cially acceptable level; and 
(B) make data filed with or furnished to 
the Commission useful to investors. 
(c) REPORT ON THE USE OF MACHINE-READABLE 
DATA FOR CORPORATE DISCLOSURES.— 
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(1) IN GENERAL.—Not later than six months 
after the date of the enactment of this Act, and 
every six months thereafter, the Commission shall 
issue a report to the Committee on Financial Serv-
ices of the House of Representatives and the Com-
mittee on Banking, Housing, and Urban Affairs of 
the Senate on the 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 Se-
curities Act of 1933, section 13 of the Securi-
ties Exchange Act of 1934, or section 14 of the 
Securities Exchange Act of 1934 are expressed 
as machine-readable data and which are not; 
(B) an analysis of the costs and benefits of 
the use of machine-readable data in corporate 
disclosure to investors, markets, the Commis-
sion, and issuers; 
(C) a summary of enforcement actions that 
result from the use or analysis of machine-read-
able data collected under section 7 of the Secu-
rities Act of 1933, section 13 of the Securities 
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Exchange Act of 1934, or section 14 of the Se-
curities Exchange Act of 1934; and 
(D) an analysis of how the Commission is 
itself using the machine-readable data collected 
by the Commission. 
(d) SUNSET.—On and after the end of the 7-year pe-
riod beginning on the date of the enactment of this Act, 
this section shall have no force or effect. 
SEC. 206. NO NEW DISCLOSURE REQUIREMENTS. 
Nothing in this title or the amendments made by this 
title shall be construed to require the Securities and Ex-
change Commission, the Municipal Securities Rulemaking 
Board, or a national securities association to collect addi-
tional information under the statutes amended by this 
title, beyond information that was collected under such 
statutes before the date of the enactment of this Act. 
TITLE III—FEDERAL DEPOSIT 
INSURANCE CORPORATION 
SEC. 301. DATA STANDARDS REQUIREMENTS FOR THE FED-
ERAL 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. 51. DATA STANDARDS. 
‘‘(a) REQUIREMENT.—The Corporation shall, by rule, 
adopt data standards for all information that the Corpora-
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tion receives 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. 
‘‘(b) CHARACTERISTICS.—The data standards re-
quired by subsection (a) shall, to the extent practicable— 
‘‘(1) render information fully searchable and 
machine-readable; 
‘‘(2) be nonproprietary; 
‘‘(3) incorporate standards developed and main-
tained by voluntary consensus standards bodies; and 
‘‘(4) be consistent with and implement applica-
ble accounting and reporting principles. 
‘‘(c) INCORPORATION OF STANDARDS.—In adopting 
data standards by rule under this section, the Corporation 
shall incorporate all applicable data standards promul-
gated by the Office of Financial Research. 
‘‘(d) FINANCIAL COMPANY DEFINED.—For purposes 
of this section, the term ‘financial company’ has the mean-
ing given that term under section 201(a) of the Dodd- 
Frank Wall Street Reform and Consumer Protection Act 
(12 U.S.C. 5381(a)).’’. 
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SEC. 302. OPEN DATA PUBLICATION BY THE FEDERAL DE-
POSIT INSURANCE CORPORATION. 
The Federal Deposit Insurance Act (12 U.S.C. 1811 
et seq.), as amended by section 301, is further amended 
by adding at the end the following: 
‘‘SEC. 52. OPEN DATA PUBLICATION. 
‘‘All public information published by the Corporation 
under this Act or under the Dodd-Frank Wall Street Re-
form and Consumer Protection Act shall be published as 
open data, freely available for download in bulk, accessible 
via application programming interface where appropriate, 
and offered without any registration requirement or reuse 
restriction.’’. 
SEC. 303. RULEMAKING. 
(a) IN GENERAL.—Not later than the end of the 2- 
year period beginning on the date of the enactment of this 
Act, the Federal Deposit Insurance Corporation shall 
issue the regulations required under the amendments 
made by this title. 
(b) SCALING OF REGULATORY REQUIREMENTS.—In 
issuing the regulations required under the amendments 
made by this title, the Federal Deposit Insurance Corpora-
tion may scale data reporting requirements in order to re-
duce any unjustified burden on smaller regulated entities. 
(c) MINIMIZING DISRUPTION.—In issuing the regula-
tions required under the amendments made by this title, 
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