Financial Data Transparency Act of 2022

The Financial Data Transparency Act of 2022 is a bill whose purpose is:

To amend securities and banking laws to make the information reported to financial regulatory agencies electronically searchable, to further enable the development of regulatory technologies and artificial intelligence applications, to put the United States on a path towards building a comprehensive Standard Business Reporting program to ultimately harmonize and reduce the private sector’s regulatory compliance burden, while enhancing transparency and accountability, and for other purposes.

The bill specifically mentions the following U.S. Federal agencies that would likely be impacted:

  • Securities and Exchange Commission
  • Federal Deposit Insurance Corporation
  • Office of the Comptroller of the Currency
  • Bureau of Consumer Financial Protection
  • Federal Reserve
  • National Credit Union Administration
  • Federal Housing Finance Authority

The bill is basically getting the federal government to use data standards to create machine readable data that reduces the compliance burden, enhances transparency and accountability, and basically "put the United States on a path towards building a comprehensive Standard Business Reporting program".

As I understand it, this bill is supposed to pass both houses of congress and be signed into law by December 31, 2022.

Let us see what actually happens...

It appears that this bill is now part of the National Defense Authorization Act for Fiscal Year 2023. See this.

Additional Information:


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