I 
115TH CONGRESS 
1ST SESSION H. R. 1530 
To amend securities, commodities, and banking laws to make the information 
reported to financial regulatory agencies electronically searchable, to en-
able RegTech applications, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 15, 2017 
Mr. ISSA (for himself, Mr. WALKER, Mr. ROYCE of California, Mrs. CAROLYN 
B. MALONEY of New York, Mr. HULTGREN, Mr. FRANKS of Arizona, Mr. 
PITTENGER, Mr. SANFORD, Mr. BABIN, Ms. BROWNLEY of California, 
Mr. FARENTHOLD, Mr. MOULTON, Mr. QUIGLEY, Mr. POE of Texas, Mr. 
SCHWEIKERT, Mr. POLIS, Mr. DELANEY, Mr. KING of New York, Mr. 
ROSS, Mrs. COMSTOCK, Mr. ABRAHAM, Ms. STEFANIK, Mr. HURD, Mr. 
WALBERG, Mr. BRIDENSTINE, Mr. WILSON of South Carolina, Mr. 
MCHENRY, Mr. BEYER, and Mr. JORDAN) introduced the following bill; 
which was referred to the Committee on Financial Services, and in addi-
tion to the Committee on Agriculture, for a period to be subsequently de-
termined by the Speaker, in each case for consideration of such provisions 
as fall within the jurisdiction of the committee concerned 
A BILL 
To amend securities, commodities, and banking laws to make 
the information reported to financial regulatory agencies 
electronically searchable, to enable RegTech applications, 
and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Financial Transparency Act of 2017’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
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. Classified and protected information. 
Sec. 105. No new disclosure requirements. 
Sec. 106. Conforming amendments to the Office of Financial Research. 
TITLE II—SECURITIES AND EXCHANGE COMMISSION 
Sec. 201. Data standards requirements for the Securities and Exchange Com-
mission. 
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 Cor-
poration. 
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 Bu-
reau of Consumer Financial Protection. 
Sec. 502. Rulemaking. 
Sec. 503. No new disclosure requirements. 
TITLE VI—FEDERAL RESERVE SYSTEM 
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Sec. 601. Data standards requirements for the Board of Governors of the Fed-
eral Reserve System. 
Sec. 602. Open data publication by the Board of Governors of the Federal Re-
serve System. 
Sec. 603. Rulemaking. 
Sec. 604. No new disclosure requirements. 
TITLE VII—COMMODITY FUTURES TRADING COMMISSION 
Sec. 701. Data standards. 
Sec. 702. Open data publication by the Commodity Futures Trading Commis-
sion. 
Sec. 703. Rulemaking. 
Sec. 704. No new disclosure requirements. 
TITLE VIII—NATIONAL CREDIT UNION ADMINISTRATION 
Sec. 801. Data standards. 
Sec. 802. Open data publication by the National Credit Union Administration. 
Sec. 803. Rulemaking. 
Sec. 804. No new disclosure requirements. 
TITLE IX—FEDERAL HOUSING FINANCE AGENCY 
Sec. 901. Data standards requirements for the Federal Housing Finance Agen-
cy. 
Sec. 902. Open data publication by the Federal Housing Finance Agency. 
Sec. 903. Rulemaking. 
Sec. 904. No new disclosure requirements. 
TITLE I—DEPARTMENT OF THE 
TREASURY 
SEC. 101. DATA STANDARDS. 
(a) IN GENERAL.—Subtitle A of title I of the Finan-
cial Stability Act of 2010 (12 U.S.C. 5311 et seq.) is 
amended by adding at the end the following: 
‘‘SEC. 124. DATA STANDARDS. 
‘‘(a) IN GENERAL.—The Secretary of the Treasury 
shall, by rule, promulgate data standards for the informa-
tion reported to member agencies by financial entities 
under the jurisdiction of the member agency and the data 
collected from member agencies on behalf of the Council. 
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‘‘(b) STANDARDIZATION.—Member agencies, in con-
sultation with the Secretary of the Treasury, shall imple-
ment regulations promulgated by the Secretary of the 
Treasury under subsection (a) to standardize the types 
and formats of data reported to member agencies or col-
lected on behalf of the Council, as described under sub-
section (a). If a member agency fails to implement such 
regulations prior to the expiration of the 3-year period fol-
lowing the date of publication of final regulations, the Sec-
retary of the Treasury, in consultation with the Chair-
person, may implement such regulations with respect to 
the financial entities under the jurisdiction of the member 
agency. 
‘‘(c) DATA STANDARDS.— 
‘‘(1) COMMON
IDENTIFIERS
AND
DATA
FOR-
MATS.—The data standards promulgated under sub-
section (a) shall include— 
‘‘(A) common identifiers for information 
reported to member agencies or collected on be-
half of the Council, including a common legal 
entity identifier for all entities required to re-
port to member agencies; and 
‘‘(B) common data formats for information 
reported to member agencies or collected on be-
half of the Council. 
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‘‘(2) DATA
STANDARD
REQUIREMENTS.—The 
data standards promulgated under subsection (a) 
shall, to the extent practicable— 
‘‘(A) render information fully searchable 
and machine-readable; 
‘‘(B) be nonproprietary; 
‘‘(C) incorporate standards developed and 
maintained by voluntary consensus standards 
bodies; and 
‘‘(D) be consistent with and implement ap-
plicable accounting and reporting principles. 
‘‘(3) CONSULTATION.—In promulgating data 
standards under subsection (a), the Secretary of the 
Treasury shall consult with other Federal depart-
ments and agencies and multi-agency initiatives re-
sponsible for Federal data standards. 
‘‘(4) INTEROPERABILITY OF DATA.—In promul-
gating data standards under subsection (a), the Sec-
retary of the Treasury shall seek to promote inter-
operability of financial regulatory data across mem-
bers of the Council.’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
under section 1(b) of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act is amended by inserting 
after the item relating to section 123 the following: 
‘‘Sec. 124. Data standards.’’. 
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SEC. 102. OPEN DATA PUBLICATION BY THE DEPARTMENT 
OF THE TREASURY. 
Section 124 of the Financial Stability Act of 2010, 
as added by section 101, is amended by adding at the end 
the following: 
‘‘(d) OPEN DATA PUBLICATION.—All public informa-
tion published by the Secretary of the Treasury under this 
subtitle shall be published as open data, freely available 
for download in bulk, accessible via application program-
ming interface where appropriate, and offered without any 
registration requirement or reuse restriction.’’. 
SEC. 103. RULEMAKING. 
Not later than the end of the 2-year period beginning 
on the date of the enactment of this Act, the Secretary 
of the Treasury shall issue the regulations required under 
the amendments made by this title. The Secretary may 
delegate the functions required under the amendments 
made by this title to an appropriate office within the De-
partment of the Treasury. 
SEC. 104. CLASSIFIED AND PROTECTED INFORMATION. 
Nothing in this title or the amendments made by this 
title shall require the disclosure to the public of— 
(1) information that would be exempt from dis-
closure under section 552 of title 5, United States 
Code (commonly known as the ‘‘Freedom of Infor-
mation Act’’); or 
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(2) information protected under section 552a of 
title 5, United States Code (commonly known as the 
‘‘Privacy Act of 1974’’), or section 6103 of the In-
ternal Revenue Code of 1986. 
SEC. 105. NO NEW DISCLOSURE REQUIREMENTS. 
Nothing in this title or the amendments made by this 
title shall be construed to require the Secretary of the 
Treasury to collect additional information under the stat-
utes amended by this title, beyond information that was 
collected under such statutes before the date of the enact-
ment of this Act. 
SEC. 106. CONFORMING AMENDMENTS TO THE OFFICE OF 
FINANCIAL RESEARCH. 
Section 153 of the Financial Stability Act of 2010 
(12 U.S.C. 5343) is amended— 
(1) in subsection (a)— 
(A) by striking paragraph (2); and 
(B) 
by 
redesignating 
paragraphs 
(3) 
through (7) as paragraphs (2) through (6), re-
spectively; and 
(2) by amending subsection (c) to read as fol-
lows: 
‘‘(c) RULEMAKING AUTHORITY.—The Office, in con-
sultation with the Chairperson, shall issue rules, regula-
tions, and orders only to the extent necessary to carry out 
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the purposes and duties described in paragraphs (1) and 
(6) of subsection (a).’’. 
TITLE II—SECURITIES AND 
EXCHANGE COMMISSION 
SEC. 201. DATA STANDARDS REQUIREMENTS FOR THE SE-
CURITIES AND EXCHANGE COMMISSION. 
(a) DATA STANDARDS FOR INVESTMENT ADVISERS’ 
REPORTS UNDER THE INVESTMENT ADVISERS ACT OF 
1940.—Section 204 of the Investment Advisers Act of 
1940 (15 U.S.C. 80b–4) is amended— 
(1) by redesignating the second subsection (d) 
(relating to Records of Persons With Custody of 
Use) as subsection (e); and 
(2) by adding at the end the following: 
‘‘(f) DATA STANDARDS FOR REPORTS FILED UNDER 
THIS SECTION.— 
‘‘(1) REQUIREMENT.—The Commission shall, 
by rule, adopt data standards for all reports filed by 
investment advisers with the Commission under this 
section. 
‘‘(2) CHARACTERISTICS.—The data standards 
required by paragraph (1) shall, to the extent prac-
ticable— 
‘‘(A) render information fully searchable 
and machine-readable; 
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‘‘(B) be nonproprietary; 
‘‘(C) incorporate standards developed and 
maintained by voluntary consensus standards 
bodies; and 
‘‘(D) be consistent with and implement ap-
plicable accounting and reporting principles. 
‘‘(3) 
INCORPORATION
OF
STANDARDS.—In 
adopting data standards by rule under this sub-
section, the Commission shall incorporate all applica-
ble data standards promulgated by the Secretary of 
the Treasury.’’. 
(b) DATA STANDARDS FOR REGISTRATION STATE-
MENTS AND REPORTS UNDER THE INVESTMENT COM-
PANY ACT OF 1940.—The Investment Company Act of 
1940 (15 U.S.C. 80a–1 et seq.) is amended— 
(1) in section 8, by adding at the end the fol-
lowing: 
‘‘(g) DATA STANDARDS FOR REGISTRATION STATE-
MENTS.— 
‘‘(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 
such data standards. 
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‘‘(2) CHARACTERISTICS.—The data standards 
required by paragraph (1) shall, to the extent prac-
ticable— 
‘‘(A) render information fully searchable 
and machine-readable; 
‘‘(B) be nonproprietary; 
‘‘(C) incorporate standards developed and 
maintained by voluntary consensus standards 
bodies; and 
‘‘(D) be consistent with and implement ap-
plicable accounting and reporting principles. 
‘‘(3) 
INCORPORATION
OF
STANDARDS.—In 
adopting data standards by rule under this sub-
section, the Commission shall incorporate all applica-
ble data standards promulgated by the Secretary of 
the Treasury.’’; and 
(2) in section 30, by adding at the end the fol-
lowing: 
‘‘(k) DATA STANDARDS FOR REPORTS.— 
‘‘(1) REQUIREMENT.—The Commission shall, 
by rule, adopt data standards for all reports re-
quired to be filed with the Commission under this 
section, except that the Commission may exempt ex-
hibits, signatures, and certifications from such data 
standards. 
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‘‘(2) CHARACTERISTICS.—The data standards 
required by paragraph (1) shall, to the extent prac-
ticable— 
‘‘(A) render information fully searchable 
and machine-readable; 
‘‘(B) be nonproprietary; 
‘‘(C) incorporate standards developed and 
maintained by voluntary consensus standards 
bodies; and 
‘‘(D) be consistent with and implement ap-
plicable accounting and reporting principles. 
‘‘(3) 
INCORPORATION
OF
STANDARDS.—In 
adopting data standards by rule under this sub-
section, the Commission shall incorporate all applica-
ble data standards promulgated by the Secretary of 
the Treasury.’’. 
(c) DATA STANDARDS FOR INFORMATION REQUIRED 
TO BE SUBMITTED OR PUBLISHED BY NATIONALLY REC-
OGNIZED 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 RE-
QUIRED TO BE SUBMITTED OR PUBLISHED UNDER THIS 
SECTION.— 
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