I 
114TH CONGRESS 
1ST SESSION H. R. 2477 
To amend securities, commodities, and banking laws to make the information 
reported to financial regulatory agencies electronically searchable, and 
for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 20, 2015 
Mr. ISSA (for himself, Mr. MCHENRY, Mr. HULTGREN, Mr. BLUM, Mr. 
SCHWEIKERT, Mr. ABRAHAM, Mr. POLIS, Mr. QUIGLEY, Mrs. CAROLYN 
B. MALONEY of New York, Mr. ELLISON, Mr. DELANEY, and Mr. 
ROYCE) introduced the following bill; which was referred to the Com-
mittee on Financial Services, and in addition to the Committee on Agri-
culture, for a period to be subsequently determined by the Speaker, in 
each case for consideration of such provisions as fall within the jurisdic-
tion of the committee concerned 
A BILL 
To amend securities, commodities, and banking laws to make 
the information reported to financial regulatory agencies 
electronically searchable, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Financial Transparency Act of 2015’’. 
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(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
TITLE I—OFFICE OF FINANCIAL RESEARCH 
Sec. 101. Authority to promulgate data standards for use by member agencies. 
Sec. 102. Specific data standards and characteristics. 
Sec. 103. Open data publication by the Office of Financial Research. 
Sec. 104. Rulemaking. 
Sec. 105. Classified and protected information. 
Sec. 106. No new disclosure requirements. 
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 
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 
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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—OFFICE OF FINANCIAL 
RESEARCH 
SEC. 101. AUTHORITY TO PROMULGATE DATA STANDARDS 
FOR USE BY MEMBER AGENCIES. 
Section 153 of the Financial Stability Act of 2010 
(12 U.S.C. 5343) is amended— 
(1) in subsection (a), by amending paragraph 
(2) to read as follows: 
‘‘(2) promulgating data standards for the infor-
mation reported to member agencies by financial en-
tities under the jurisdiction of the member agency 
and the data collected from member agencies on be-
half of the Council;’’; and 
(2) in subsection (c), by amending paragraph 
(2) to read as follows: 
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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. 
‘‘(2) DATA
STANDARD
REQUIREMENTS.—The 
data standards promulgated under subsection (c) 
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 (c), the Office shall con-
sult with other Federal departments and agencies 
and multi-agency initiatives responsible for Federal 
data standards. 
‘‘(4) INTEROPERABILITY OF DATA.—In promul-
gating data standards under subsection (c), the Of-
fice shall seek to promote interoperability of finan-
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cial regulatory data across members of the Coun-
cil.’’. 
SEC. 103. OPEN DATA PUBLICATION BY THE OFFICE OF FI-
NANCIAL RESEARCH. 
Section 153 of the Financial Stability Act of 2010 
(12 U.S.C. 5343), as amended by section 102, is further 
amended by adding at the end the following: 
‘‘(h) OPEN DATA PUBLICATION.—All public informa-
tion published by the Office under this subtitle 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. 104. RULEMAKING. 
Not later than the end of the 2-year period beginning 
on the date of the enactment of this Act, the Office of 
Financial Research shall issue the regulations required 
under the amendments made by this title. 
SEC. 105. 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. 106. NO NEW DISCLOSURE REQUIREMENTS. 
Nothing in this title or the amendments made by this 
title shall be construed to require the Office of Financial 
Research 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. 
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.— 
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‘‘(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; 
‘‘(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 Office of Fi-
nancial Research.’’. 
(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— 
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(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. 
‘‘(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-
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ble data standards promulgated by the Office of Fi-
nancial Research.’’; 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. 
‘‘(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-
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ble data standards promulgated by the Office of Fi-
nancial Research.’’. 
(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.— 
‘‘(1) REQUIREMENT.—The Commission shall, 
by rule, adopt data standards for all information re-
quired to be submitted or published by a nationally 
recognized statistical rating organization 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; 
‘‘(B) be nonproprietary; 
‘‘(C) incorporate standards developed and 
maintained by voluntary consensus standards 
bodies; and 
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‘‘(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 Office of Fi-
nancial Research.’’. 
(d) DATA STANDARDS FOR ASSET-BACKED SECURI-
TIES DISCLOSURES.—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 SE-
CURITIES DISCLOSURES.— 
‘‘(A) 
REQUIREMENT.—The 
Commission 
shall, by rule, adopt data standards for all dis-
closures required under this subsection. 
‘‘(B) CHARACTERISTICS.—The data stand-
ards required by subparagraph (A) shall, to the 
extent practicable— 
‘‘(i) render information fully search-
able and machine-readable; 
‘‘(ii) be nonproprietary; 
‘‘(iii) incorporate standards developed 
and maintained by voluntary consensus 
standards bodies; and 
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‘‘(iv) be consistent with and imple-
ment applicable accounting and reporting 
principles. 
‘‘(C) INCORPORATION OF STANDARDS.—In 
adopting data standards by rule under this 
paragraph, the Commission shall incorporate all 
applicable data standards promulgated by the 
Office of Financial Research.’’. 
(e) DATA STANDARDS
FOR CORPORATE DISCLO-
SURES UNDER THE SECURITIES ACT OF 1933.—Section 
7 of the Securities Act of 1933 (15 U.S.C. 77g) is amend-
ed by adding at the end the following: 
‘‘(e) DATA STANDARDS.— 
‘‘(1) REQUIREMENT.—The Commission shall, 
by rule, adopt data standards for all registration 
statements and for all prospectuses included in reg-
istration statements required to be filed with the 
Commission under this title, except that the Com-
mission may exempt exhibits, signatures, and certifi-
cations from such data standards. 
‘‘(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 Office of Fi-
nancial Research.’’. 
(f) DATA STANDARDS FOR PERIODIC AND CURRENT 
CORPORATE DISCLOSURES UNDER THE SECURITIES EX-
CHANGE ACT OF 1934.—Section 13 of the Securities Ex-
change Act of 1934 (15 U.S.C. 78m) is amended by add-
ing at the end the following: 
‘‘(s) DATA STANDARDS.— 
‘‘(1) REQUIREMENT.—The Commission shall, 
by rule, adopt data standards for all information 
contained in periodic and current reports required to 
be filed or furnished under this section or under sec-
tion 15(d), 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 Office of Fi-
nancial Research.’’. 
(g) DATA STANDARDS FOR CORPORATE PROXY AND 
CONSENT SOLICITATION MATERIALS UNDER THE SECU-
RITIES EXCHANGE ACT OF 1934.—Section 14 of the Se-
curities Exchange Act of 1934 (15 U.S.C. 78n) is amend-
ed 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 
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contained in any proxy or consent solicitation mate-
rial prepared by an issuer for an annual meeting of 
the shareholders of the issuer, except that the Com-
mission may exempt exhibits, signatures, and certifi-
cations from such data standards. 
‘‘(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 Office of Fi-
nancial Research.’’. 
(h) DATA STANDARDS FOR SECURITY-BASED SWAP 
REPORTING.—Section 15F of the Securities Exchange Act 
of 1934 (15 U.S.C. 78o–10) is amended by adding at the 
end the following: 
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ment of this Act, the Securities and Exchange Com-
mission shall issue the regulations required under 
the amendments made by this section. 
(2) 
SCALING
OF
REGULATORY
REQUIRE-
MENTS.—In issuing the regulations required under 
the amendments made by this section, the Securities 
and Exchange Commission may scale data reporting 
requirements in order to reduce any unjustified bur-
den on emerging growth companies, lending institu-
tions, accelerated filers, smaller reporting companies, 
and other smaller issuers, as determined by the 
study required under section 205(c), while still pro-
viding searchable information to investors. 
(3) MINIMIZING DISRUPTION.—In issuing the 
regulations required under the amendments made by 
this section, the Securities and Exchange Commis-
sion shall seek to minimize disruptive changes to the 
persons affected by such regulations. 
SEC. 202. 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 fol-
lowing: 
‘‘(j) OPEN DATA PUBLICATION.—All public informa-
tion published by the Commission under the securities 
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laws and the Dodd-Frank Wall Street Reform and Con-
sumer Protection Act shall be published as open data, 
freely available for download in bulk, accessible via appli-
cation programming interface where appropriate, and of-
fered without any registration requirement or reuse re-
striction.’’. 
SEC. 203. DATA TRANSPARENCY AT THE MUNICIPAL SECU-
RITIES RULEMAKING BOARD. 
(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) DATA STANDARDS.— 
‘‘(A) REQUIREMENT.—If the Board estab-
lishes information systems under paragraph (3), 
the Board shall adopt data standards for infor-
mation submitted via such systems. 
‘‘(B) CHARACTERISTICS.—The data stand-
ards required by subparagraph (A) shall, to the 
extent practicable— 
‘‘(i) render information fully search-
able and machine-readable; 
‘‘(ii) be nonproprietary; 
‘‘(iii) incorporate standards developed 
and maintained by voluntary consensus 
standards bodies; and 
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‘‘(iv) be consistent with and imple-
ment applicable accounting and reporting 
principles. 
‘‘(C) INCORPORATION OF STANDARDS.—In 
adopting data standards under this paragraph, 
the Board shall incorporate all applicable data 
standards promulgated by the Office of Finan-
cial Research.’’. 
(b) RULEMAKING.— 
(1) IN GENERAL.—Not later than the end of 
the 2-year period beginning on the date of the enact-
ment of this Act, the Municipal Securities Rule-
making Board shall issue the regulations required 
under the amendments made by this section. 
(2) 
SCALING
OF
REGULATORY
REQUIRE-
MENTS.—In issuing the regulations required under 
the amendments made by this section, the Municipal 
Securities Rulemaking Board may scale data report-
ing requirements in order to reduce any unjustified 
burden on smaller regulated entities. 
(3) MINIMIZING DISRUPTION.—In issuing the 
regulations required under the amendments made by 
this section, the Municipal Securities Rulemaking 
Board shall seek to minimize disruptive changes to 
the persons affected by such regulations. 
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SEC. 204. DATA TRANSPARENCY AT NATIONAL SECURITIES 
ASSOCIATIONS. 
(a) IN GENERAL.—Section 15A of the Securities Ex-
change Act of 1934 (15 U.S.C. 78o–3) is amended by add-
ing at the end the following: 
‘‘(n) DATA STANDARDS.— 
‘‘(1) REQUIREMENT.—A national securities as-
sociation registered pursuant to subsection (a) shall 
adopt data standards for all information that is reg-
ularly filed with or submitted to the association. 
‘‘(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 under this subsection, the 
association shall incorporate all applicable data 
standards promulgated by the Office of Financial 
Research.’’. 
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(b) RULEMAKING.— 
(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) ADOPTION OF STANDARDS FOR CORPORATE FI-
NANCIAL DATA.— 
(1) IN
GENERAL.—Not later than one year 
after the date of enactment of this Act, the Securi-
ties and Exchange Commission, shall, by rule, adopt 
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a data standard that is both human-readable and 
machine-readable, and complies with the require-
ments under the amendments made by section 201, 
with respect to any corporate financial data for 
which the Commission was using the eXtensible 
Business Reporting Language standard as of the 
date of enactment of this Act. 
(2) 
SCALING
OF
REGULATORY
REQUIRE-
MENTS.—The Securities and Exchange Commission 
may scale data reporting requirements under this 
section in order to reduce any unjustified burden on 
emerging growth companies, lending institutions, ac-
celerated filers, smaller reporting companies, and 
other smaller issuers, as determined by the study re-
quired under subsection (c), while still providing 
searchable information to investors. 
(3) MINIMIZING DISRUPTION.—In issuing the 
regulations required under the amendments made by 
this section, the Securities and Exchange Commis-
sion shall seek to minimize disruptive changes to the 
persons affected by such regulations. 
(b) BETTER ENFORCEMENT OF THE QUALITY OF 
CORPORATE FINANCIAL DATA SUBMITTED TO THE SECU-
RITIES AND EXCHANGE COMMISSION.— 
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