Title: Financial Transparency Act of 2017
Policy area: Finance and Financial Sector

Summary:
Financial Transparency Act of 2017
This bill amends the Financial Stability Act of 2010, the Investment Advisers Act of 1940, the Federal Deposit Insurance Act, and other laws to require federal financial regulatory agencies to adopt specified data standards with respect to format, searchability, and transparency.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1530 Introduced in House (IH)]

<DOC>






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 enable 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 addition to the Committee on Agriculture, 
for a period to be subsequently determined 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 Representatives 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 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 
                            Commission.
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 
                            Corporation.
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 
                            Bureau 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 
                            Federal Reserve System.
Sec. 602. Open data publication by the Board of Governors of the 
                            Federal Reserve 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 
                            Commission.
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 
                            Agency.
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 Financial 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 information 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.
    ``(b) Standardization.--Member agencies, in consultation with the 
Secretary of the Treasury, shall implement regulations promulgated by 
the Secretary of the Treasury under subsection (a) to standardize the 
types and formats of data reported to member agencies or collected on 
behalf of the Council, as described under subsection (a). If a member 
agency fails to implement such regulations prior to the expiration of 
the 3-year period following the date of publication of final 
regulations, the Secretary of the Treasury, in consultation with the 
Chairperson, 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 formats.--The data 
        standards promulgated under subsection (a) shall include--
                    ``(A) common identifiers for information reported 
                to member agencies or collected on behalf of the 
                Council, including a common legal entity identifier for 
                all entities required to report to member agencies; and
                    ``(B) common data formats for information reported 
                to member agencies or collected on behalf of the 
                Council.
            ``(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 applicable 
                accounting and reporting principles.
            ``(3) Consultation.--In promulgating data standards under 
        subsection (a), the Secretary of the Treasury shall consult 
        with other Federal departments and agencies and multi-agency 
        initiatives responsible for Federal data standards.
            ``(4) Interoperability of data.--In promulgating data 
        standards under subsection (a), the Secretary of the Treasury 
        shall seek to promote interoperability of financial regulatory 
        data across members 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.''.

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 information 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 programming 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 Department 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 disclosure under 
        section 552 of title 5, United States Code (commonly known as 
        the ``Freedom of Information Act''); or
            (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 Internal 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 statutes amended by this title, beyond 
information that was collected under such statutes before the date of 
the enactment 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), respectively; and
            (2) by amending subsection (c) to read as follows:
    ``(c) Rulemaking Authority.--The Office, in consultation with the 
Chairperson, shall issue rules, regulations, and orders only to the 
extent necessary to carry out 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 SECURITIES 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 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 applicable 
                accounting and reporting principles.
            ``(3) Incorporation of standards.--In adopting data 
        standards by rule under this subsection, the Commission shall 
        incorporate all applicable data standards promulgated by the 
        Secretary of the Treasury.''.
    (b) Data Standards for Registration Statements and Reports Under 
the Investment Company 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 following:
    ``(g) Data Standards for Registration Statements.--
            ``(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 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 applicable 
                accounting and reporting principles.
            ``(3) Incorporation of standards.--In adopting data 
        standards by rule under this subsection, the Commission shall 
        incorporate all applicable data standards promulgated by the 
        Secretary of the Treasury.''; and
            (2) in section 30, by adding at the end the following:
    ``(k) Data Standards for Reports.--
            ``(1) Requirement.--The Commission shall, by rule, adopt 
        data standards for all reports 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 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 applicable 
                accounting and reporting principles.
            ``(3) Incorporation of standards.--In adopting data 
        standards by rule under this subsection, the Commission shall 
        incorporate all applicable data standards promulgated by the 
        Secretary of the Treasury.''.
    (c) Data Standards for Information Required To Be Submitted or 
Published by Nationally Recognized 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 Required To Be Submitted or 
Published Under This Section.--
            ``(1) Requirement.--The Commission shall, by rule, adopt 
        data standards for all information required 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 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 applicable 
                accounting and reporting principles.
            ``(3) Incorporation of standards.--In adopting data 
        standards by rule under this subsection, the Commission shall 
        incorporate all applicable data standards promulgated by the 
        Secretary of the Treasury.''.
    (d) Data Standards for Asset-Backed Securities 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 securities 
        disclosures.--
                    ``(A) Requirement.--The Commission shall, by rule, 
                adopt data standards for all disclosures required under 
                this subsection.
                    ``(B) Characteristics.--The data standards required 
                by subparagraph (A) shall, to the extent practicable--
                            ``(i) render information fully searchable 
                        and machine-readable;
                            ``(ii) be nonproprietary;
                            ``(iii) incorporate standards developed and 
                        maintained by voluntary consensus standards 
                        bodies; and
                            ``(iv) be consistent with and implement 
                        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 Secretary of the Treasury.''.
    (e) Data Standards for Corporate Disclosures Under the Securities 
Act of 1933.--Section 7 of the Securities Act of 1933 (15 U.S.C. 77g) 
is amended 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 registration statements required to be 
        filed with the Commission under this title, 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 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 applicable 
                accounting and reporting principles.
            ``(3) Incorporation of standards.--In adopting data 
        standards by rule under this subsection, the Commission shall 
        incorporate all applicable data standards promulgated by the 
        Secretary of the Treasury.''.
    (f) Data Standards for Periodic and Current Corporate Disclosures 
Under the Securities Exchange Act of 1934.--Section 13 of the 
Securities Exchange Act of 1934 (15 U.S.C. 78m) is amended by adding 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 section 15(d), 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 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 applicable 
                accounting and reporting principles.
            ``(3) Incorporation of standards.--In adopting data 
        standards by rule under this subsection, the Commission shall 
        incorporate all applicable data standards promulgated by the 
        Secretary of the Treasury.''.
    (g) Data Standards for Corporate Proxy and Consent Solicitation 
Materials Under the Securities Exchange Act of 1934.--Section 14 of the 
Securities Exchange Act of 1934 (15 U.S.C. 78n) is amended 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 contained in any proxy or 
        consent solicitation material prepared by an issuer for an 
        annual meeting of the shareholders of the issuer, 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 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 applicable 
                accounting and reporting principles.
            ``(3) Incorporation of standards.--In adopting data 
        standards by rule under this subsection, the Commission shall 
        incorporate all applicable data standards promulgated by the 
        Secretary of the Treasury.''.
    (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:
    ``(m) Data Standards for Security-Based Swap Reporting.--
            ``(1) Requirement.--The Commission shall, by rule, adopt 
        data standards for all reports related to security-based swaps 
        that are required under this Act.
            ``(2) Characteristics.--The data standards required by 
        paragraph (1) 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 applicable 
                accounting and reporting principles.
            ``(3) Incorporation of standards.--In adopting data 
        standards by rule under this subsection, the Commission shall 
        incorporate all applicable data standards promulgated by the 
        Secretary of the Treasury.''.
    (i) Rulemaking.--
            (1) In general.--Not later than the end of the 2-year 
        period beginning on the date of the enactment of this Act, the 
        Securities and Exchange Commission shall issue the regulations 
        required under the amendments made by this section.
            (2) Scaling of regulatory requirements.--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 burden on 
        emerging growth companies, lending institutions, accelerated 
        filers, smaller reporting companies, and other smaller issuers, 
        as determined by the study required under section 205(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 Commission 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 following:
    ``(j) Open Data Publication.--All public information published by 
the Commission under the securities laws and the Dodd-Frank Wall Street 
Reform 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. 203. DATA TRANSPARENCY AT THE MUNICIPAL SECURITIES 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 establishes information 
        systems under paragraph (3), the Board shall adopt data 
        standards for information submitted via such systems.
            ``(B) Characteristics.--The data standards required by 
        subparagraph (A) shall, to the extent practicable--
                    ``(i) render information fully searchable and 
                machine-readable;
                    ``(ii) be nonproprietary;
                    ``(iii) incorporate standards developed and 
                maintained by voluntary consensus standards bodies; and
                    ``(iv) be consistent with and implement 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 Secretary of the 
        Treasury.''.
    (b) Rulemaking.--
            (1) In general.--Not later than the end of the 2-year 
        period beginning on the date of the enactment of this Act, the 
        Municipal Securities Rulemaking Board shall issue the 
        regulations required under the amendments made by this section.
            (2) Scaling of regulatory requirements.--In issuing the 
        regulations required under the amendments made by this section, 
        the Municipal Securities Rulemaking Board may scale data 
        reporting 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.

SEC. 204. DATA TRANSPARENCY AT NATIONAL SECURITIES ASSOCIATIONS.

    (a) In General.--Section 15A of the Securities Exchange Act of 1934 
(15 U.S.C. 78o-3) is amended by adding at the end the following:
    ``(n) Data Standards.--
            ``(1) Requirement.--A national securities association 
        registered pursuant to subsection (a) shall adopt data 
        standards for all information that is regularly filed with or 
        submitted to the association.
            ``(2) Characteristics.--The data standards required by 
        paragraph (1) 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 applicable 
                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 
        Secretary of the Treasury.''.
    (b) Rulemaking.--
            (1) In general.--Not later than the end of the 2-year 
        period beginning on the date of the enactment of this Act, a 
        national securities association shall adopt the standards 
        required under the amendments made by this section.
            (2) Scaling of regulatory requirements.--In adopting the 
        standards required under the amendments made by this section, a 
        national securities association may scale data reporting 
        requirements 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 DISCLOSURE SIMPLIFICATION 
              AT THE SECURITIES AND EXCHANGE COMMISSION; SUNSET.

    (a) Adoption of Standards for Corporate Financial Data.--
            (1) In general.--Not later than one year after the date of 
        enactment of this Act, the Securities and Exchange Commission, 
        shall, by rule, adopt a data standard that is both human-
        readable and machine-readable, and complies with the 
        requirements 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 requirements.--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, accelerated 
        filers, smaller reporting companies, and other smaller issuers, 
        as determined by the study required 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 Commission 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 Securities 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 program to improve the quality of corporate 
        financial data filed or furnished by issuers under the 
        Securities 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 improvement of the 
                quality of eXtensible Business Reporting Language data 
                filed with or furnished to the Commission by issuers.
                    (B) The issuance by the Division of Corporation 
                Finance of comment letters requiring correction of 
                errors in data filings and submissions, 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 commercially 
                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.--
            (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 Services of the House of Representatives and the 
        Committee 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 Securities 
                Act of 1933, section 13 of the Securities 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 Commission, and issuers;
                    (C) a summary of enforcement actions that result 
                from the use or analysis of machine-readable data 
                collected under section 7 of the Securities Act of 
                1933, section 13 of the Securities Exchange Act of 
                1934, or section 14 of the Securities 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 period 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 Exchange Commission, the 
Municipal Securities Rulemaking Board, or a national securities 
association to collect additional 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 FEDERAL 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 Corporation 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 required by subsection 
(a) shall, to the extent practicable--
            ``(1) render information fully searchable and machine-
        readable;
            ``(2) be nonproprietary;
            ``(3) incorporate standards developed and maintained by 
        voluntary consensus standards bodies; and
            ``(4) be consistent with and implement applicable 
        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 promulgated by the Secretary of the Treasury.
    ``(d) Financial Company Defined.--For purposes of this section, the 
term `financial company' has the meaning 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 DEPOSIT 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 Reform 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 Corporation may scale data reporting requirements in order to 
reduce any unjustified burden on smaller regulated entities.
    (c) Minimizing Disruption.--In issuing the regulations 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 Insurance Corporation to 
collect additional 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 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.

    The Revised Statutes of the United States is amended by inserting 
after section 332 (12 U.S.C. 14) the following:

``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 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 applicable 
                accounting and reporting principles.
            ``(3) Incorporation of standards.--In adopting data 
        standards by rule under this subsection, the Comptroller of the 
        Currency shall incorporate all applicable data standards 
        promulgated by the Secretary of the Treasury.
    ``(b) Open Data Publication.--All public information published by 
the Comptroller of the Currency under title LXII or the Dodd-Frank Wall 
Street Reform 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. 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 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 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 regulations required 
under the amendments made by this title, the Comptroller of the 
Currency shall seek to minimize disruptive changes to the persons 
affected by such regulations.

SEC. 403. NO NEW DISCLOSURE REQUIREMENTS.

    Nothing in this title or the amendments made by this title shall be 
construed to require the Comptroller of the Currency to collect 
additional 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 V--BUREAU OF CONSUMER FINANCIAL PROTECTION

SEC. 501. DATA STANDARDS AND OPEN DATA PUBLICATION REQUIREMENTS FOR THE 
              BUREAU OF CONSUMER FINANCIAL PROTECTION.

    (a) In General.--The Consumer Financial Protection Act of 2010 (12 
U.S.C. 5481 et seq.) is amended by inserting after section 1018 the 
following:

``SEC. 1019. DATA STANDARDS.

    ``(a) Requirement.--The Bureau shall, by rule, adopt data standards 
for all information that is regularly filed with or submitted to the 
Bureau under this title.
    ``(b) Characteristics.--The data standards required by subsection 
(a) shall, to the extent practicable--
            ``(1) render information fully searchable and machine-
        readable;
            ``(2) be nonproprietary;
            ``(3) incorporate standards developed and maintained by 
        voluntary consensus standards bodies; and
            ``(4) be consistent with and implement applicable 
        accounting and reporting principles.
    ``(c) Incorporation of Standards.--In adopting data standards by 
rule under this section, the Bureau shall incorporate all applicable 
data standards promulgated by the Secretary of the Treasury.

``SEC. 1020. OPEN DATA PUBLICATION.

    ``All public information published by the Bureau under this title 
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.''.
    (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 1018 the 
following:

``Sec. 1019. Data standards.
``Sec. 1020. Open data publication.''.

SEC. 502. 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 Bureau of 
Consumer Financial Protection 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 Bureau of 
Consumer Financial Protection may scale data reporting requirements in 
order to reduce any unjustified burden on smaller regulated entities.
    (c) Minimizing Disruption.--In issuing the regulations required 
under the amendments made by this title, the Bureau of Consumer 
Financial Protection shall seek to minimize disruptive changes to the 
persons affected by such regulations.

SEC. 503. NO NEW DISCLOSURE REQUIREMENTS.

    Nothing in this title or the amendments made by this title shall be 
construed to require the Bureau of Consumer Financial Protection to 
collect additional 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 VI--FEDERAL RESERVE SYSTEM

SEC. 601. DATA STANDARDS REQUIREMENTS FOR THE BOARD OF GOVERNORS OF THE 
              FEDERAL RESERVE SYSTEM.

    (a) Data Standards for Information Filed or Submitted by Nonbank 
Financial Companies.--Section 161(a) of the Financial Stability Act of 
2010 (12 U.S.C. 5361(a)) is amended by adding at the end the following:
            ``(4) Data standards for reports under this subsection.--
                    ``(A) In general.--The Board of Governors shall 
                adopt data standards for all financial data that is 
                regularly filed with or submitted to the Board of 
                Governors by any nonbank financial company pursuant to 
                this subsection.
                    ``(B) Characteristics.--The data standards required 
                by this section shall, to the extent practicable--
                            ``(i) render information fully searchable 
                        and machine-readable;
                            ``(ii) be nonproprietary;
                            ``(iii) incorporate standards developed and 
                        maintained by voluntary consensus standards 
                        bodies; and
                            ``(iv) be consistent with and implement 
                        applicable accounting and reporting principles.
                    ``(C) Incorporation of standards.--In adopting data 
                standards by rule under this paragraph, the Board of 
                Governors shall incorporate all applicable data 
                standards promulgated by the Secretary of the 
                Treasury.''.
    (b) Data Standards for Information Filed or Submitted by Savings 
and Loan Holding Companies.--Section 10 of the Home Owners' Loan Act 
(12 U.S.C. 1467a) is amended by adding at the end the following:
    ``(u) Data Standards.--
            ``(1) Requirement.--The Board shall adopt data standards 
        for all information that is regularly filed with or submitted 
        to the Board by any savings and loan holding company, or 
        subsidiary of a savings and loan holding company, other than a 
        depository institution, under this section.
            ``(2) Characteristics.--The data standards required by this 
        subsection 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 applicable 
                accounting and reporting principles.
            ``(3) Incorporation of standards.--In adopting data 
        standards by rule under this section, the Board of Governors 
        shall incorporate all applicable data standards promulgated by 
        the Secretary of the Treasury.''.
    (c) Data Standards for Information Filed or Submitted by Bank 
Holding Companies.--Section 5 of the Bank Holding Company Act of 1956 
(12 U.S.C. 1844) is amended by adding at the end the following:
    ``(h) Data Standards.--
            ``(1) Requirement.--The Board shall adopt data standards 
        for all information that is regularly filed with or submitted 
        to the Board by any bank holding company in a report under 
        subsection (c).
            ``(2) Characteristics.--The data standards required by this 
        subsection 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 applicable 
                accounting and reporting principles.
            ``(3) Incorporation of standards.--In adopting data 
        standards under this subsection, the Board shall incorporate 
        all applicable data standards promulgated by the Secretary of 
        the Treasury.''.
    (d) Data Standards for Information Submitted by Financial Market 
Utilities or Institutions Under the Payment, Clearing, and Settlement 
Supervision Act of 2010.--Section 809 of the Payment, Clearing, and 
Settlement Supervision Act of 2010 (12 U.S.C. 5468) is amended by 
adding at the end the following:
    ``(h) Data Standards.--
            ``(1) Requirement.--The Board of Governors shall adopt data 
        standards for all information that is regularly filed with or 
        submitted to the Board by any financial market utility or 
        financial institution under subsection (a) or (b).
            ``(2) Characteristics.--The data standards required by this 
        subsection 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 applicable 
                accounting and reporting principles.
            ``(3) Incorporation of standards.--In adopting data 
        standards under this subsection, the Board of Governors shall 
        incorporate all applicable data standards promulgated by the 
        Secretary of the Treasury.''.

SEC. 602. OPEN DATA PUBLICATION BY THE BOARD OF GOVERNORS OF THE 
              FEDERAL RESERVE SYSTEM.

    The Federal Reserve Act (12 U.S.C. 226 et seq.) is amended by 
adding at the end the following:

``SEC. 32. OPEN DATA PUBLICATION BY THE BOARD OF GOVERNORS.

    ``All public information published by the Board of Governors under 
this Act, the Bank Holding Company Act of 1956, the Financial Stability 
Act of 2010, the Home Owners' Loan Act, the Payment, Clearing, and 
Settlement Supervision Act of 2010, or the Enhancing Financial 
Institution Safety and Soundness Act of 2010 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. 603. 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 Board of 
Governors of the Federal Reserve System 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 Board of 
Governors of the Federal Reserve System may scale data reporting 
requirements in order to reduce any unjustified burden on smaller 
regulated entities.
    (c) Minimizing Disruption.--In issuing the regulations required 
under the amendments made by this title, the Board of Governors of the 
Federal Reserve System shall seek to minimize disruptive changes to the 
persons affected by such regulations.

SEC. 604. NO NEW DISCLOSURE REQUIREMENTS.

    Nothing in this title or the amendments made by this title shall be 
construed to require the Board of Governors of the Federal Reserve 
System to collect additional 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 VII--COMMODITY FUTURES TRADING COMMISSION

SEC. 701. DATA STANDARDS.

    The Commodity Exchange Act (7 U.S.C. 1 et seq.) is amended by 
adding at the end the following:

``SEC. 24. DATA STANDARDS.

    ``(a) Requirement.--The Commission shall, by rule, adopt data 
standards for all information that is regularly filed with or submitted 
to the Commission under this Act, all information that is required to 
be reported to a registered swap data repository under this Act, and 
all information that is required to be publicly disclosed by parties to 
a swap under this Act.
    ``(b) Characteristics.--The data standards required by subsection 
(a) shall, to the extent practicable--
            ``(1) render information fully searchable and machine-
        readable;
            ``(2) be nonproprietary;
            ``(3) incorporate standards developed and maintained by 
        voluntary consensus standards bodies; and
            ``(4) be consistent with and implement applicable 
        accounting and reporting principles.
    ``(c) Incorporation of Standards.--In adopting data standards by 
rule under this section, the Commission shall incorporate all 
applicable data standards promulgated by the Secretary of the 
Treasury.''.

SEC. 702. OPEN DATA PUBLICATION BY THE COMMODITY FUTURES TRADING 
              COMMISSION.

    The Commodity Exchange Act (7 U.S.C. 1 et seq.), as amended by 
section 701, is further amended by adding at the end the following:

``SEC. 25. OPEN DATA PUBLICATION.

    ``All public information published by the Commission under this 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. 703. 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 Commodity 
Futures Trading Commission 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 Commodity Futures 
Trading Commission may scale data reporting requirements in order to 
reduce any unjustified burden on smaller regulated entities.
    (c) Minimizing Disruption.--In issuing the regulations required 
under the amendments made by this title, the Commodity Futures Trading 
Commission shall seek to minimize disruptive changes to the persons 
affected by such regulations.

SEC. 704. NO NEW DISCLOSURE REQUIREMENTS.

    Nothing in this title or the amendments made by this title shall be 
construed to require the Commodity Futures Trading Commission to 
collect additional 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 VIII--NATIONAL CREDIT UNION ADMINISTRATION

SEC. 801. DATA STANDARDS.

    Title I of the Federal Credit Union Act (12 U.S.C. 1752 et seq.) is 
amended by adding at the end the following:

``SEC. 132. DATA STANDARDS.

    ``(a) Requirement.--The Board shall, by rule, adopt data standards 
for all information and reports regularly filed with or submitted to 
the Administration under this Act.
    ``(b) Characteristics.--The data standards required by subsection 
(a) shall, to the extent practicable--
            ``(1) render information fully searchable and machine-
        readable;
            ``(2) be nonproprietary;
            ``(3) incorporate standards developed and maintained by 
        voluntary consensus standards bodies; and
            ``(4) be consistent with and implement applicable 
        accounting and reporting principles.
    ``(c) Incorporation of Standards.--In adopting data standards by 
rule under this section, the Board shall incorporate all applicable 
data standards promulgated by the Secretary of the Treasury.''.

SEC. 802. OPEN DATA PUBLICATION BY THE NATIONAL CREDIT UNION 
              ADMINISTRATION.

    Title I of the Federal Credit Union Act (12 U.S.C. 1752 et seq.), 
as amended by section 801, is further amended by adding at the end the 
following:

``SEC. 133. OPEN DATA PUBLICATION.

    ``All public information published by the Administration under this 
title 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. 803. 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 National Credit 
Union Administration Board 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 National Credit 
Union Administration Board may scale data reporting requirements in 
order to reduce any unjustified burden on smaller regulated entities.
    (c) Minimizing Disruption.--In issuing the regulations required 
under the amendments made by this title, the National Credit Union 
Administration Board shall seek to minimize disruptive changes to the 
persons affected by such regulations.

SEC. 804. NO NEW DISCLOSURE REQUIREMENTS.

    Nothing in this title or the amendments made by this title shall be 
construed to require the National Credit Union Administration Board to 
collect additional 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 IX--FEDERAL HOUSING FINANCE AGENCY

SEC. 901. DATA STANDARDS REQUIREMENTS FOR THE FEDERAL HOUSING FINANCE 
              AGENCY.

    Part 1 of subtitle A of the Federal Housing Enterprises Financial 
Safety and Soundness Act of 1992 (12 U.S.C. 4501 et seq.) is amended by 
adding at the end the following:

``SEC. 1319H. DATA STANDARDS.

    ``(a) Requirement.--The Agency shall, by rule, adopt data standards 
for all information that is regularly filed with or submitted to the 
Agency under this Act.
    ``(b) Characteristics.--The data standards required by subsection 
(a) shall, to the extent practicable--
            ``(1) render information fully searchable and machine-
        readable;
            ``(2) be nonproprietary;
            ``(3) incorporate standards developed and maintained by 
        voluntary consensus standards bodies; and
            ``(4) be consistent with and implement applicable 
        accounting and reporting principles.
    ``(c) Incorporation of Standards.--In adopting data standards by 
rule under this section, the Agency shall incorporate all applicable 
data standards promulgated by the Secretary of the Treasury.''.

SEC. 902. OPEN DATA PUBLICATION BY THE FEDERAL HOUSING FINANCE AGENCY.

    Part 1 of subtitle A of the Federal Housing Enterprises Financial 
Safety and Soundness Act of 1992 (12 U.S.C. 4501 et seq.), as amended 
by section 901, is further amended by adding at the end the following:

``SEC. 1319I. OPEN DATA PUBLICATION.

    ``All public information published by the Agency under this 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. 903. 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 Housing 
Finance Agency shall issue the regulations required under the 
amendments made by this title.
    (b) Minimizing Disruption.--In issuing the regulations required 
under the amendments made by this title, the Federal Housing Finance 
Agency shall seek to minimize disruptive changes to the persons 
affected by such regulations.

SEC. 904. NO NEW DISCLOSURE REQUIREMENTS.

    Nothing in this title or the amendments made by this title shall be 
construed to require the Federal Housing Finance Agency to collect 
additional 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.
                                 <all>