Lawmakers push DATA Act for financial industry

Lawmakers push DATA Act for financial industry

By Chase Gunter |

Rep. Darrell Issa (R-Calif.) has reintroduced a bill to modernize the financial reporting process for industry by mandating a standardized, machine-readable, open-data format.

Specifically, the Financial Transparency Act would direct the government’s eight financial regulatory agencies to adopt data standards for the information they collect from the private sector in order to reduce duplication, burden and fraud and make it available for download, accessible via application programming interfaces and easily searchable. Currently, companies must supply reports in both machine-readable and paper – or PDF – formats.

At the Data Coalition’s third annual Financial Data Summit March 16, Issa characterized the bill as achieving the same function as a bill he introduced that became law in 2014: the Digital Accountability and Transparency Act. …read more…