[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2989 Referred in Senate (RFS)]
<DOC>
117th CONGRESS
1st Session
H. R. 2989
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
October 26, 2021
Received; read twice and referred to the Committee on Banking,
Housing, and Urban Affairs
_______________________________________________________________________
AN ACT
To amend securities and banking laws to make the information reported
to financial regulatory agencies electronically searchable, to further
enable the development of RegTech 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.
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 2021''.
(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. No new disclosure requirements.
Sec. 105. Report.
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--NATIONAL CREDIT UNION ADMINISTRATION
Sec. 701. Data standards.
Sec. 702. Open data publication by the National Credit Union
Administration.
Sec. 703. Rulemaking.
Sec. 704. No new disclosure requirements.
TITLE VIII--FEDERAL HOUSING FINANCE AGENCY
Sec. 801. Data standards requirements for the Federal Housing Finance
Agency.
Sec. 802. Open data publication by the Federal Housing Finance Agency.
Sec. 803. Rulemaking.
Sec. 804. No new disclosure requirements.
TITLE IX--MISCELLANEOUS
Sec. 901. Rules of construction.
Sec. 902. Classified and protected information.
Sec. 903. Discretionary surplus fund.
Sec. 904. Determination of budgetary effects.
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, 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.
``(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).
``(c) Data Standards.--
``(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. 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.
``(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.
``(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.
``(d) Member Agencies Defined.--In this section, the term `member
agencies' does not include the Commodity Futures Trading Commission.''.
(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:
``(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. 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. 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 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. 105. REPORT.
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.
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 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.''.
(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 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.''; 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 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.''.
(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 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.''.
(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 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.''.
(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 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.''.
(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 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.''.
(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 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.''.
(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 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.''.
(i) Rulemaking.--
(1) 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 Financial Stability Act of
2010, 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:
``(k) 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 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. 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 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.''.
(b) Rulemaking.--
(1) 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 Financial Stability Act of
2010, 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 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.''.
(b) Rulemaking.--
(1) 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 Financial Stability Act of
2010, 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) 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, the Securities Exchange Act of 1934,
and the Investment Company Act of 1940. 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 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.
(b) 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 public and internal 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.
(c) 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 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.
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. 52. 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 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 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. 53. 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 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. 303. RULEMAKING.
(a) 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 Financial Stability Act of 2010, 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 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.
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 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 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 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. 402. RULEMAKING.
(a) 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 Financial Stability Act of 2010, 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 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.
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.
``(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.
``SEC. 1020. OPEN DATA PUBLICATION.
``All public information published by the Bureau 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.''.
(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 the final rule is promulgated pursuant to section
124(a) of the Financial Stability Act of 2010, 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 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.
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 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.''.
(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 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.''.
(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 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.''.
(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 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. 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 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. 603. RULEMAKING.
(a) 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 Financial Stability Act of 2010, 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 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.
TITLE VII--NATIONAL CREDIT UNION ADMINISTRATION
SEC. 701. 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 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 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.
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 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.
(a) 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 Financial Stability Act of 2010, 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. 704. 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 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.
TITLE VIII--FEDERAL HOUSING FINANCE AGENCY
SEC. 801. 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 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 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.
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 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.
(a) 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 Financial Stability Act of 2010, 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. 804. 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 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.
TITLE IX--MISCELLANEOUS
SEC. 901. RULES OF CONSTRUCTION.
(a) 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.
(b) 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.
(c) Preservation of Agency Authority to Tailor Regulations.--
Nothing in this Act or the amendments made by this Act may be construed
to--
(1) require Federal agencies to incorporate identical data
standards to those promulgated by the Secretary of the
Treasury; or
(2) prohibit Federal agencies from tailoring such standards
when issuing rules under this Act and the amendments made by
this Act to adopt data standards.
SEC. 902. CLASSIFIED AND PROTECTED INFORMATION.
(a) In General.--Nothing in this Act or the amendments made by this
Act 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.
(b) 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.
SEC. 903. DISCRETIONARY SURPLUS FUND.
(a) In General.--The dollar amount specified under section
7(a)(3)(A) of the Federal Reserve Act (12 U.S.C. 289(a)(3)(A)) is
reduced by $100,000,000.
(b) Effective Date.--The amendment made by subsection (a) shall
take effect on September 30, 2031.
SEC. 904. DETERMINATION OF BUDGETARY EFFECTS.
The budgetary effects of this Act, for the purpose of complying
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by
reference to the latest statement titled ``Budgetary Effects of PAYGO
Legislation'' for this Act, submitted for printing in the Congressional
Record by the Chairman of the House Budget Committee,
provided that such statement has been submitted prior to the vote on
passage.
Passed the House of Representatives October 25, 2021.
Attest:
CHERYL L. JOHNSON,
Clerk.