To improve the effectiveness of the Government's collection, analysis, and dissemination of business information by using modern interactive data technologies.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Government Information Transparency 
Act''.

SEC. 2. DATA STANDARD REQUIREMENTS.

    (a) Requirement.--The Director of the Office of Management and 
Budget shall adopt a single data standard for the collection, analysis, 
and dissemination of business and financial information for use by 
private sector entities in accordance with section 3 for information 
required to be reported to the Federal Government, and a single data 
standard for use by agencies within the Federal Government in 
accordance with section 4 for Federal financial information.
    (b) Characteristics of Data Standards.--The single data standards 
required by subsection (a) shall--
            (1) be common across all agencies, to the maximum extent 
        practicable;
            (2) be a widely accepted, open source, non-proprietary, 
        searchable, computer-readable format for business and financial 
        data;
            (3) be consistent with and implement--
                    (A) United States generally accepted accounting 
                principles or Federal financial accounting standards 
                (as appropriate);
                    (B) industry best practices; and
                    (C) Federal regulatory requirements;
            (4) improve the transparency, consistency, and usability of 
        business and financial information; and
            (5) be capable of being continually upgraded to be of 
        maximum use as technologies and content evolve over time.

SEC. 3. IMPLEMENTATION OF SINGLE DATA STANDARD FOR PRIVATE SECTOR.

    (a) OMB Guidance.--Not later than 180 days after the date of the 
enactment of this Act, the Director of the Office of Management and 
Budget shall issue guidance to agencies on the use and implementation 
of the single data standard required by section 2 for information 
required to be reported to agencies by the private sector.
    (b) Agency Requirements.--
            (1) Requirement.--To the maximum extent practicable and 
        consistent with the guidance provided by the Office of 
        Management and Budget under subsection (a), the head of each 
        agency shall require the use of the single data standard 
        required by section 2 for business and financial information 
        reported to the agency by private sector companies.
            (2) Implementation.--The head of the agency shall begin 
        implementing the requirement of paragraph (1) within one year 
        after the date of the enactment of this Act.

SEC. 4. IMPLEMENTATION OF SINGLE DATA STANDARD FOR FEDERAL GOVERNMENT.

    (a) OMB Development.--Not later than 1 year after the date of the 
enactment of this Act, the Director of the Office of Management and 
Budget shall develop the single data standard required by section 2 for 
use by agencies within the Federal Government for Federal financial 
information.
    (b) OMB Guidance.--Not later than 18 months after the date of the 
enactment of this Act, the Director shall issue guidance to agencies on 
the use and implementation of the single data standard developed under 
subsection (a).

SEC. 5. PUBLIC ACCESS TO DATA.

    The head of each agency shall ensure that information collected 
using the single data standards required under this Act is accessible 
to the general public in that format to the extent permitted by law.

SEC. 6. REPORT.

    Within one year after the date of the enactment of this Act, the 
Director of the Office of Management and Budget shall submit to the 
Committee on Oversight and Government Reform of the House of 
Representatives and the Committee on Homeland Security and Governmental 
Affairs of the Senate a report on the status of the implementation of 
this Act.

SEC. 7. DEFINITIONS.

    In this Act:
            (1) Agency.--The term ``agency'' means any executive 
        department, military department, Government corporation, 
        Government controlled corporation, independent establishment, 
        or other establishment in the executive branch of the 
        Government (including the Executive Office of the President), 
        or any independent regulatory agency, but does not include--
                    (A) the Government Accountability Office;
                    (B) the Federal Election Commission;
                    (C) the governments of the District of Columbia and 
                of the territories and possessions of the United 
                States, and their various subdivisions; or
                    (D) Government-owned contractor-operated 
                facilities, including laboratories engaged in national 
                defense research and production activities.
            (2) Executive department, military department, government 
        corporation, government controlled corporation, independent 
        establishment.--The terms ``Executive department'', ``military 
        department'', ``Government corporation'', ``Government 
        controlled corporation'', and ``independent establishment'' 
        have the meanings given those terms by chapter 1 of title 5, 
        United States Code.
            (3) Independent regulatory agency.--The term ``independent 
        regulatory agency'' has the meaning given that term by section 
        3502(5) of title 44, United States Code.

Summary: Government Information Transparency Act - Requires the Director of the Office of Management and Budget (OMB) to adopt a single data standard for: (1) collection, analysis, and dissemination of business and financial information for use by private sector entities in accordance with this Act for information required to be reported to the federal government; and (2) use by agencies for federal financial information.

Requires the standard to: (1) be common across all agencies; (2) be a widely accepted, open source, nonproprietary, searchable, computer-readable format for business and financial data; (3) be consistent with and implement U.S. generally accepted accounting principles for federal financial accounting standards, industry best practices, and federal regulatory requirements; (4) improve the transparency, consistency, and usability of business and financial information; and (5) be capable of being continually upgraded.

Requires the Director: (1) within 180 days, to issue guidance to agencies on the use and implementation of the single data standard for information required to be reported to agencies by the private sector; (2) within one year, to develop the single data standard required for use by federal agencies for federal financial information; and (3) within 18 months, to issue guidance to agencies on the use and implementation of the single data standard.

Directs each agency head to ensure that information collected using the single data standard is accessible to the general public.

Requires the Director, within one year, to submit to the House Committee on Oversight and Government Reform and the Senate Committee on Homeland Security and Government Affairs a report on the status of the implementation of this Act.