Bipartisan Financial Transparency Act Reintroduced in the 117th Congress

Today, Representatives Carolyn Maloney (D-NY) and Patrick McHenry (R-NC) reintroduced the Financial Transparency Act (H.R. 2989) to the 117th Congress. This bipartisan bill establishes a framework that improves the efficiency of regulatory reporting by adopting consistent data fields and formats, including a non-proprietary legal entity identifier for regulated entities. Corinna Turbes, Managing Director of the Data Coalition  issued the following statement about the reintroduction of the Financial Transparency Act: 

“The Data Coalition is glad to see continued bipartisan interest and commitment in improving regulatory data. The Financial Transparency Act brings common sense updates to our outdated financial regulatory system. By requiring the information already collected by regulators to be reported and published as structured data, financial firms and regulators will have more timely and accurate data to support decision-making as well as weed out fraud and other abuses, ultimately strengthening the US financial system. Structured financial data will enable new analytic capabilities that will help us understand what is happening in financial markets in near real time, improving  decision-making and enhancing accountability. The importance of this modernization effort should not be underestimated, especially as we work to recover from the pandemic.”