taxonomy or ontology models, which clearly de-
fine the data’s semantic meaning as defined by 
the underlying regulatory information collection 
requirements; 
‘‘(C) assure that a data element or data 
asset that exists to satisfy an underlying regu-
latory information collection requirement be 
consistently identified as such in associated ma-
chine-readable metadata; 
‘‘(D) be nonproprietary or made available 
under an open license (as defined under section 
3502 of title 44, United States Code); 
‘‘(E) incorporate standards developed and 
maintained by voluntary consensus standards 
bodies; and 
‘‘(F) use, be consistent with, and imple-
ment applicable accounting and reporting prin-
ciples. 
‘‘(3) 
INCORPORATION
OF
STANDARDS.—In 
adopting data standards under this subsection, the 
association shall incorporate all applicable data 
standards promulgated by the Secretary of the 
Treasury.’’. 
(b) RULEMAKING.— 
VerDate Sep 11 2014 
23:58 Jun 02, 2021
Jkt 019200
PO 00000
Frm 00031
Fmt 6652
Sfmt 6201
E:\BILLS\H2989.IH
H2989
kjohnson on DSK79L0C42PROD with BILLS
(1) IN GENERAL.—Not later than the end of 
the 2-year period beginning on the date of the enact-
ment of this Act, a national securities association 
shall adopt the standards required under the amend-
ments made by this section. 
(2) 
SCALING
OF
REGULATORY
REQUIRE-
MENTS.—In adopting the standards required under 
the amendments made by this section, a national se-
curities association may scale data reporting require-
ments in order to reduce any unjustified burden on 
smaller regulated entities. 
(3) MINIMIZING DISRUPTION.—In adopting the 
standards required under the amendments made by 
this section, a national securities association shall 
seek to minimize disruptive changes to the persons 
affected by such standards. 
SEC. 205. SHORTER-TERM BURDEN REDUCTION AND DIS-
CLOSURE SIMPLIFICATION AT THE SECURI-
TIES AND EXCHANGE COMMISSION; SUNSET. 
(a) BETTER ENFORCEMENT OF THE QUALITY OF 
CORPORATE FINANCIAL DATA SUBMITTED TO THE SECU-
RITIES AND EXCHANGE COMMISSION.— 
(1) DATA QUALITY IMPROVEMENT PROGRAM.— 
Within six months after the date of the enactment 
of this Act, the Commission shall establish a pro-
VerDate Sep 11 2014 
23:58 Jun 02, 2021
Jkt 019200
PO 00000
Frm 00032
Fmt 6652
Sfmt 6201
E:\BILLS\H2989.IH
H2989
kjohnson on DSK79L0C42PROD with BILLS
gram to improve the quality of corporate financial 
data filed or furnished by issuers under the Securi-
ties Act of 1933, the Securities Exchange Act of 
1934, and the Investment Company Act of 1940. 
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 data filed with or 
furnished 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. 
(b) REPORT ON THE USE OF MACHINE-READABLE 
DATA FOR CORPORATE DISCLOSURES.— 
(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 
VerDate Sep 11 2014 
23:58 Jun 02, 2021
Jkt 019200
PO 00000
Frm 00033
Fmt 6652
Sfmt 6201
E:\BILLS\H2989.IH
H2989
kjohnson on DSK79L0C42PROD with BILLS
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 public and internal use of ma-
chine-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 
Exchange Act of 1934, or section 14 of the Se-
curities Exchange Act of 1934; and 
VerDate Sep 11 2014 
23:58 Jun 02, 2021
Jkt 019200
PO 00000
Frm 00034
Fmt 6652
Sfmt 6201
E:\BILLS\H2989.IH
H2989
kjohnson on DSK79L0C42PROD with BILLS
(D) an analysis of how the Commission is 
itself using the machine-readable data collected 
by the Commission. 
(c) 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. 52. DATA STANDARDS. 
‘‘(a) REQUIREMENT.—The Corporation shall, by rule, 
adopt data standards for all information that the Corpora-
tion receives from any depository institution or financial 
VerDate Sep 11 2014 
23:58 Jun 02, 2021
Jkt 019200
PO 00000
Frm 00035
Fmt 6652
Sfmt 6201
E:\BILLS\H2989.IH
H2989
kjohnson on DSK79L0C42PROD with BILLS
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 data fully searchable and machine- 
readable (as defined under section 3502 of title 44, 
United States Code); 
‘‘(2) enable high quality data through schemas, 
with accompanying metadata (as defined under sec-
tion 3502 of title 44, United States Code) docu-
mented in machine-readable taxonomy or ontology 
models, which clearly define the data’s semantic 
meaning as defined by the underlying regulatory in-
formation collection requirements; 
‘‘(3) assure that a data element or data asset 
that exists to satisfy an underlying regulatory infor-
mation collection requirement be consistently identi-
fied 
as 
such 
in 
associated 
machine-readable 
metadata; 
‘‘(4) be nonproprietary or made available under 
an open license (as defined under section 3502 of 
title 44, United States Code); 
‘‘(5) incorporate standards developed and main-
tained by voluntary consensus standards bodies; and 
VerDate Sep 11 2014 
23:58 Jun 02, 2021
Jkt 019200
PO 00000
Frm 00036
Fmt 6652
Sfmt 6201
E:\BILLS\H2989.IH
H2989
kjohnson on DSK79L0C42PROD with BILLS
‘‘(6) use, be consistent with, and implement ap-
plicable 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 Secretary of the Treasury. 
‘‘(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)).’’. 
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. 53. 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 made available 
as an open Government data asset (as defined under sec-
tion 3502 of title 44, United States Code), freely available 
for download in bulk and rendered in a human-readable 
format and accessible via application programming inter-
face where appropriate.’’. 
VerDate Sep 11 2014 
23:58 Jun 02, 2021
Jkt 019200
PO 00000
Frm 00037
Fmt 6652
Sfmt 6201
E:\BILLS\H2989.IH
H2989
kjohnson on DSK79L0C42PROD with BILLS
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, 
the Federal Deposit Insurance Corporation shall seek to 
minimize disruptive changes to the persons affected by 
such regulations. 
SEC. 304. NO NEW DISCLOSURE REQUIREMENTS. 
Nothing in this title or the amendments made by this 
title shall be construed to require the Federal Deposit In-
surance Corporation to collect additional information 
under the statutes amended by this title, beyond informa-
tion that was collected under such statutes before the date 
of the enactment of this Act. 
VerDate Sep 11 2014 
23:58 Jun 02, 2021
Jkt 019200
PO 00000
Frm 00038
Fmt 6652
Sfmt 6201
E:\BILLS\H2989.IH
H2989
kjohnson on DSK79L0C42PROD with BILLS
TITLE 
IV—OFFICE 
OF 
THE 
COMPTROLLER OF THE CUR-
RENCY 
SEC. 401. DATA STANDARDS AND OPEN DATA PUBLICATION 
REQUIREMENTS FOR THE OFFICE OF THE 
COMPTROLLER OF THE CURRENCY. 
The Revised Statutes of the United States is amend-
ed by inserting after section 332 (12 U.S.C. 14) the fol-
lowing: 
‘‘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 
information that is 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 under section 3 of the Federal 
Deposit Insurance Act). 
‘‘(2) CHARACTERISTICS.—The data standards 
required by paragraph (1) shall, to the extent prac-
ticable— 
‘‘(A) render data fully searchable and ma-
chine-readable (as defined under section 3502 
of title 44, United States Code); 
VerDate Sep 11 2014 
23:58 Jun 02, 2021
Jkt 019200
PO 00000
Frm 00039
Fmt 6652
Sfmt 6201
E:\BILLS\H2989.IH
H2989
kjohnson on DSK79L0C42PROD with BILLS
‘‘(B) enable high quality data through 
schemas, with accompanying metadata (as de-
fined under section 3502 of title 44, United 
States Code) documented in machine-readable 
taxonomy or ontology models, which clearly de-
fine the data’s semantic meaning as defined by 
the underlying regulatory information collection 
requirements; 
‘‘(C) assure that a data element or data 
asset that exists to satisfy an underlying regu-
latory information collection requirement be 
consistently identified as such in associated ma-
chine-readable metadata; 
‘‘(D) be nonproprietary or made available 
under an open license (as defined under section 
3502 of title 44, United States Code); 
‘‘(E) incorporate standards developed and 
maintained by voluntary consensus standards 
bodies; and 
‘‘(F) use, be consistent with, and imple-
ment applicable accounting and reporting prin-
ciples. 
‘‘(3) 
INCORPORATION
OF
STANDARDS.—In 
adopting data standards by rule under this sub-
section, the Comptroller of the Currency shall incor-
VerDate Sep 11 2014 
23:58 Jun 02, 2021
Jkt 019200
PO 00000
Frm 00040
Fmt 6652
Sfmt 6201
E:\BILLS\H2989.IH
H2989
kjohnson on DSK79L0C42PROD with BILLS
porate all applicable data standards promulgated by 
the Secretary of the Treasury. 
‘‘(b) OPEN DATA PUBLICATION.—All public informa-
tion published by the Comptroller of the Currency under 
title LXII or the Dodd-Frank Wall Street Reform and 
Consumer Protection Act shall be made available as an 
open Government data asset (as defined under section 
3502 of title 44, United States Code), freely available for 
download in bulk and rendered in a human-readable for-
mat and accessible via application programming interface 
where appropriate.’’. 
SEC. 402. 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 Comptroller of the Currency shall issue the regu-
lations 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 Comptroller of the Currency may 
scale data reporting requirements in order to reduce any 
unjustified burden on smaller regulated entities. 
(c) MINIMIZING DISRUPTION.—In issuing the regula-
tions required under the amendments made by this title, 
the Comptroller of the Currency shall seek to minimize 
VerDate Sep 11 2014 
23:58 Jun 02, 2021
Jkt 019200
PO 00000
Frm 00041
Fmt 6652
Sfmt 6201
E:\BILLS\H2989.IH
H2989
kjohnson on DSK79L0C42PROD with BILLS