H.R. 2989 — what changed
Financial Transparency Act of 2021
From Introduced in House to Engrossed in House. 30 sections amended and 3 removed between Introduced in House and Engrossed in House.
Sec. 101 Data standards
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:
“124. Data standards
“(a) In general—The Secretary of the Treasury shall, by rule, promulgate data standards, meaning a standard that specifies rules by which data is described and recorded, 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.
changed
“(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 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.(a).
“(c) Data standards
changed
“(1) Common identifiers—The data standards promulgated under subsection (a) shall include common identifiers for information reported to member agencies or collected on behalf of the Council, including Council. The common identifiers shall include a common nonproprietary legal entity identifier that is available under an open license (as defined under section 3502 of title 44, United States Code) for all entities required to report to member agencies.
“(2) Data standard—The data standards promulgated under subsection (a) shall, to the extent practicable—
“(A) render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);
“(B) enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define 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 regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;
“(D) be nonproprietary or made available under an open license;
“(E) incorporate standards developed and maintained by voluntary consensus standards bodies; and
“(F) use, be consistent with, and implement applicable accounting and reporting principles.
changed “(3) Consultation—In promulgating data standards under subsection (a), the Secretary of the Treasury shall consult with the member agencies and with other Federal departments and agencies and multi-agency initiatives responsible for Federal data standards.
changed
“(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.”Council.
added “(d) Member agencies defined—In this section, the term “member agencies” does not include the Commodity Futures Trading Commission.”
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. 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:
changed
“(d) “(e) Open data publication—All public information published by the Secretary of the Treasury under this subtitle 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 format and accessible via application programming interface where appropriate.”
Sec. 104 No new disclosure requirements
changed
Nothing in this title or the amendments made by this title shall be construed to require the disclosure Secretary of the Treasury to collect or make publicly available additional information under the public of—statutes amended by this title, beyond information that was collected or made publicly available under such statutes before the date of the enactment of this Act.
removed
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
removed
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 Report
changed
Nothing in this title or Not later than 1 year after the amendments made by this title shall be construed to require end of the Secretary 2-year period described in section 103, the Comptroller General of the Treasury United States shall submit to collect additional information under the statutes amended by this title, beyond information that was collected under such statutes before Congress a report on the date feasibility, costs, and potential benefits of building upon the enactment of taxonomy established by this Act.Act to arrive at a Federal Government-wide regulatory compliance standardization mechanism similar to Standard Business Reporting.
Sec. 106 Report
removed
removed
Not later than 1 year after the end of the 2-year period described in section 103, the Comptroller General of the United States shall submit to Congress a report on the feasibility, costs, and potential benefits of building upon the taxonomy established by this Act to arrive at a Federal Government-wide regulatory compliance standardization mechanism similar to Standard Business Reporting.
Sec. 107 Conforming amendments to the Office of Financial Research
removed
removed
Section 153 of the Financial Stability Act of 2010 (12 U.S.C. 5343) is amended—
removed
in subsection (a)—
removed
by striking paragraph (2); and
removed
by redesignating paragraphs (3) through (7) as paragraphs (2) through (6), respectively; and
removed
by amending subsection (c) to read as follows:
removed
“(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).”
Sec. 201 Data standards requirements for the Securities and Exchange Commission
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—
by redesignating the second subsection (d) (relating to Records of Persons With Custody of Use) as subsection (e); and
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 data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);
“(B) enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define 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 regulatory information collection requirement be consistently identified as such in associated machine-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 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.”
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—
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 data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);
“(B) enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define 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 regulatory information collection requirement be consistently identified as such in associated machine-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 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.”
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 data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);
“(B) enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define 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 regulatory information collection requirement be consistently identified as such in associated machine-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 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.”
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 data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);
“(B) enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define 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 regulatory information collection requirement be consistently identified as such in associated machine-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 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.”
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 data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);
“(ii) enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;
“(iii) assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;
“(iv) be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);
“(v) incorporate standards developed and maintained by voluntary consensus standards bodies; and
“(vi) use, 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.”
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 data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);
“(B) enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define 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 regulatory information collection requirement be consistently identified as such in associated machine-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 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.”
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 data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);
“(B) enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define 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 regulatory information collection requirement be consistently identified as such in associated machine-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 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.”
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 data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);
“(B) enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define 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 regulatory information collection requirement be consistently identified as such in associated machine-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 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.”
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 data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);
“(B) enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define 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 regulatory information collection requirement be consistently identified as such in associated machine-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 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.”
Rulemaking—
changed
In general— Not later than the end of the 2-year period beginning on the date the final rule is promulgated pursuant to section 124(a) of the enactment Financial Stability Act of this Act, 2010, the Securities and Exchange Commission shall issue the regulations required under the amendments made by this section.
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.
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. 203 Data transparency at the Municipal Securities Rulemaking Board
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 data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);
“(ii) enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;
“(iii) assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;
“(iv) be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);
“(v) incorporate standards developed and maintained by voluntary consensus standards bodies; and
“(vi) use, 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.”
Rulemaking—
changed
In general— Not later than the end of the 2-year period beginning on the date the final rule is promulgated pursuant to section 124(a) of the enactment Financial Stability Act of this Act, 2010, the Municipal Securities Rulemaking Board shall issue the regulations required under the amendments made by this section.
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.
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
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 data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);
“(B) enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define 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 regulatory information collection requirement be consistently identified as such in associated machine-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 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.”
Rulemaking—
changed
In general— Not later than the end of the 2-year period beginning on the date the final rule is promulgated pursuant to section 124(a) of the enactment Financial Stability Act of this Act, 2010, a national securities association shall adopt the standards required under the amendments made by this section.
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.
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. 206 No new disclosure requirements
changed 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 or make publicly available additional information under the statutes amended by this title, beyond information that was collected or made publicly available under such statutes before the date of the enactment of this Act.
Sec. 303 Rulemaking
changed
In general— Not later than the end of the 2-year period beginning on the date the final rule is promulgated pursuant to section 124(a) of the enactment Financial Stability Act of this Act, 2010, the Federal Deposit Insurance Corporation shall issue the regulations required under the amendments made by this title.
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.
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
changed Nothing in this title or the amendments made by this title shall be construed to require the Federal Deposit Insurance Corporation to collect or make publicly available additional information under the statutes amended by this title, beyond information that was collected or made publicly available under such statutes before the date of the enactment of this Act.
Sec. 402 Rulemaking
changed
In general— Not later than the end of the 2-year period beginning on the date the final rule is promulgated pursuant to section 124(a) of the enactment Financial Stability Act of this Act, 2010, the Comptroller of the Currency shall issue the regulations required under the amendments made by this title.
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.
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
changed Nothing in this title or the amendments made by this title shall be construed to require the Comptroller of the Currency to collect or make publicly available additional information under the statutes amended by this title, beyond information that was collected or made publicly available under such statutes before the date of the enactment of this Act.
Sec. 501 Data standards and open data publication requirements for the Bureau of Consumer Financial Protection
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:
“1019. Data standards
changed
“(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.Bureau.
“(b) Characteristics—The data standards required 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 section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;
“(3) assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified 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 maintained by voluntary consensus standards bodies; and
“(6) use, 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.
“1020. Open data publication
changed
“All public information published by the Bureau under this title 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 format and accessible via application programming interface where appropriate.”
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. 502 Rulemaking
changed
In general— Not later than the end of the 2-year period beginning on the date the final rule is promulgated pursuant to section 124(a) of the enactment Financial Stability Act of this Act, 2010, the Bureau of Consumer Financial Protection shall issue the regulations required under the amendments made by this title.
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.
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
changed Nothing in this title or the amendments made by this title shall be construed to require the Bureau of Consumer Financial Protection to collect or make publicly available additional information under the statutes amended by this title, beyond information that was collected or made publicly available under such statutes before the date of the enactment of this Act.
Sec. 601 Data standards requirements for the Board of Governors of the Federal Reserve System
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
changed “(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 supervised by the Board of Governors pursuant to this subsection.
“(B) Characteristics—The data standards required by this section shall, to the extent practicable—
“(i) render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);
“(ii) enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;
“(iii) assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;
“(iv) be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);
“(v) incorporate standards developed and maintained by voluntary consensus standards bodies; and
“(vi) use, 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.”
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 data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);
“(B) enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define 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 regulatory information collection requirement be consistently identified as such in associated machine-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 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.”
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 data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);
“(B) enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define 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 regulatory information collection requirement be consistently identified as such in associated machine-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 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.”
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 data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);
“(B) enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define 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 regulatory information collection requirement be consistently identified as such in associated machine-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 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. 603 Rulemaking
changed
In general— Not later than the end of the 2-year period beginning on the date the final rule is promulgated pursuant to section 124(a) of the enactment Financial Stability Act of this Act, 2010, the Board of Governors of the Federal Reserve System shall issue the regulations required under the amendments made by this title.
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.
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
changed 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 or make publicly available additional information under the statutes amended by this title, beyond information that was collected or made publicly available under such statutes before the date of the enactment of this Act.
Sec. 701 Data standards
changed
The Commodity Exchange Title I of the Federal Credit Union Act (7 (12 U.S.C. 1 1752 et seq.) is amended by adding at the end the following:
changed
“24. “132. Data standards
changed
“(a) Requirement—The Commission Board shall, by rule, adopt data standards for all information that is and reports 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 Administration under this Act.
“(b) Characteristics—The data standards required 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 section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;
“(3) assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified 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 maintained by voluntary consensus standards bodies; and
“(6) use, be consistent with, and implement applicable accounting and reporting principles.
changed
“(c) Incorporation of standards—In adopting data standards by rule under this section, the Commission Board shall incorporate all applicable data standards promulgated by the Secretary of the Treasury.”
Sec. 702 Open data publication by the National Credit Union Administration
changed
The Commodity Exchange Title I of the Federal Credit Union Act (7 (12 U.S.C. 1 1752 et seq.), as amended by section 701, 801, is further amended by adding at the end the following:
changed
“25. “133. Open data publication
changed
“All public information published by the Commission Administration under this Act title 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 format and accessible via application programming interface where appropriate.”
Sec. 703 Rulemaking
changed
In general— Not later than the end of the 2-year period beginning on the date the final rule is promulgated pursuant to section 124(a) of the enactment Financial Stability Act of this Act, 2010, the Commodity Futures Trading Commission National Credit Union Administration Board shall issue the regulations required under the amendments made by this title.
changed
Scaling of regulatory requirements— In issuing the regulations required under the amendments made by this title, the Commodity Futures Trading Commission National Credit Union Administration Board may scale data reporting requirements in order to reduce any unjustified burden on smaller regulated entities.
changed
Minimizing disruption— In issuing the regulations required under the amendments made by this title, the Commodity Futures Trading Commission National Credit Union Administration Board shall seek to minimize disruptive changes to the persons affected by such regulations.
Sec. 704 No new disclosure requirements
changed
Nothing in this title or the amendments made by this title shall be construed to require the Commodity Futures Trading Commission National Credit Union Administration Board to collect or make publicly available additional information under the statutes amended by this title, beyond information that was collected or made publicly available under such statutes before the date of the enactment of this Act.
Sec. 801 Data standards requirements for the Federal Housing Finance Agency
changed
Title I Part 1 of subtitle A of the Federal Credit Union Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 1752 4501 et seq.) is amended by adding at the end the following:
changed
“132. “1319H. Data standards
changed
“(a) Requirement—The Board Agency shall, by rule, adopt data standards for all information and reports that is regularly filed with or submitted to the Administration Agency under this Act.
“(b) Characteristics—The data standards required 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 section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;
“(3) assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified 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 maintained by voluntary consensus standards bodies; and
“(6) use, be consistent with, and implement applicable accounting and reporting principles.
changed
“(c) Incorporation of standards—In adopting data standards by rule under this section, the Board Agency shall incorporate all applicable data standards promulgated by the Secretary of the Treasury.”
Sec. 802 Open data publication by the Federal Housing Finance Agency
changed
Title I Part 1 of subtitle A of the Federal Credit Union Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 1752 4501 et seq.), as amended by section 801, 901, is further amended by adding at the end the following:
changed
“133. “1319I. Open data publication
changed
“All public information published by the Administration Agency under this title 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 format and accessible via application programming interface where appropriate.”
Sec. 803 Rulemaking
changed
In general— Not later than the end of the 2-year period beginning on the date the final rule is promulgated pursuant to section 124(a) of the enactment Financial Stability Act of this Act, 2010, the National Credit Union Administration Board Federal Housing Finance Agency shall issue the regulations required under the amendments made by this title.
changed
Scaling of regulatory requirements—Minimizing disruption— 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 Federal Housing Finance Agency shall seek to reduce any unjustified burden on smaller regulated entities.minimize disruptive changes to the persons affected by such regulations.
removed
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
changed
Nothing in this title or the amendments made by this title shall be construed to require the National Credit Union Administration Board Federal Housing Finance Agency to collect or make publicly available additional information under the statutes amended by this title, beyond information that was collected or made publicly available under such statutes before the date of the enactment of this Act.
Sec. 901 Rules of construction
added
No effect on intellectual property— Nothing in this Act or the amendments made by this Act may be construed to alter the existing legal protections of copyrighted material or other intellectual property rights of any non-Federal person.
added
No effect on monetary policy— Nothing in this Act or the amendments made by this Act may be construed to apply to activities conducted, or data standards used, exclusively in connection with a monetary policy proposed or implemented by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee.
added
Preservation of agency authority to tailor regulations— Nothing in this Act or the amendments made by this Act may be construed to—
added
require Federal agencies to incorporate identical data standards to those promulgated by the Secretary of the Treasury; or
added
prohibit Federal agencies from tailoring such standards when issuing rules under this Act and the amendments made by this Act to adopt data standards.
removed
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:
removed
“1319H. Data standards
removed
“(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.
removed
“(b) Characteristics—The data standards required by subsection (a) shall, to the extent practicable—
removed
“(1) render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code);
removed
“(2) enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements;
removed
“(3) assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;
removed
“(4) be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code);
removed
“(5) incorporate standards developed and maintained by voluntary consensus standards bodies; and
removed
“(6) use, be consistent with, and implement applicable accounting and reporting principles.
removed
“(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 Classified and protected information
added
In general— Nothing in this Act or the amendments made by this Act shall require the disclosure to the public of—
added
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
added
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.
added
Existing agency regulations— Nothing in this Act or the amendments made by this Act shall be construed to require the Secretary of the Treasury, the Securities and Exchange Commission, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Bureau of Consumer Financial Protection, the Board of Governors of the Federal Reserve System, the National Credit Union Administration Board, or the Federal Housing Finance Agency to amend existing regulations and procedures regarding the sharing and disclosure of nonpublic information, including confidential supervisory information.
removed
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:
removed
“1319I. Open data publication
removed
“All public information published by the Agency under this 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 format and accessible via application programming interface where appropriate.”
Sec. 903 Discretionary surplus fund
changed
In general— Not later than the end of the 2-year period beginning on the date of the enactment The dollar amount specified under section 7(a)(3)(A) of this Act, the Federal Housing Finance Agency shall issue the regulations required under the amendments made Reserve Act (12 U.S.C. 289(a)(3)(A)) is reduced by this title.$100,000,000.
changed
Minimizing disruption—Effective date— In issuing the regulations required under the amendments The amendment made by this title, the Federal Housing Finance Agency subsection (a) shall seek to minimize disruptive changes to the persons affected by such regulations.take effect on September 30, 2031.
Sec. 904 Determination of budgetary effects
changed
Nothing in The budgetary effects of this title or Act, for the amendments made by this title purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be construed determined by reference to require the Federal Housing Finance Agency to collect additional information under latest statement titled “Budgetary Effects of PAYGO Legislation” for this Act, submitted for printing in the statutes amended Congressional Record by this title, beyond information that was collected under such statutes before the date Chairman of the enactment of this Act.House Budget Committee, provided that such statement has been submitted prior to the vote on passage.
Sec. 1001 Rule of construction
removed
removed
Nothing in this Act or the amendments made by this Act may be construed to alter the existing legal protections of copyrighted material or other intellectual property rights of any non-Federal person.