[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 4295 Introduced in Senate (IS)]
<DOC>
117th CONGRESS
2d Session
S. 4295
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.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 24, 2022
Mr. Warner (for himself and Mr. Crapo) introduced the following bill;
which was read twice and referred to the Committee on Banking, Housing,
and Urban Affairs
_______________________________________________________________________
A BILL
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.
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 Data
Transparency Act of 2022''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
TITLE I--DATA STANDARDS FOR COVERED AGENCIES; DEPARTMENT OF THE
TREASURY RULEMAKING
Sec. 101. Data standards.
Sec. 102. Open data publication by the Department of the Treasury.
Sec. 103. No new disclosure requirements.
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. Report.
Sec. 905. Determination of budgetary effects.
TITLE I--DATA STANDARDS FOR COVERED AGENCIES; DEPARTMENT OF THE
TREASURY RULEMAKING
SEC. 101. DATA STANDARDS.
(a) In General.--Subtitle A of the Financial Stability Act of 2010
(12 U.S.C. 5321 et seq.) is amended by adding at the end the following:
``SEC. 124. DATA STANDARDS.
``(a) Definitions.--In this section--
``(1) the term `covered agencies' means--
``(A) the Department of the Treasury;
``(B) the Board of Governors;
``(C) the Office of the Comptroller of the
Currency;
``(D) the Bureau;
``(E) the Commission;
``(F) the Corporation;
``(G) the Federal Housing Finance Agency;
``(H) the National Credit Union Administration
Board; and
``(I) any other primary financial regulatory agency
designated by the Secretary;
``(2) the term `data standard' means a standard that
specifies rules by which data is described and recorded; and
``(3) the terms `machine-readable', `metadata', and `open
license' have the meanings given the terms in section 3502 of
title 44, United States Code.
``(b) Promulgation of Standards.--Not later than 2 years after the
date of enactment of this section, the heads of the covered agencies
shall jointly promulgate final rules that establish data standards
for--
``(1) the collections of information reported to each
covered agency by financial entities under the jurisdiction of
the covered agency; and
``(2) the data collected from covered agencies on behalf of
the Council.
``(c) Data Standards.--
``(1) Common identifiers; quality.--The data standards
established in the final rules promulgated under subsection (b)
shall--
``(A) include common identifiers for collections of
information reported to covered agencies or collected
on behalf of the Council, which shall include a common
nonproprietary legal entity identifier that is
available under an open license for all entities
required to report to covered agencies; and
``(B) to the extent practicable--
``(i) render data fully searchable and
machine-readable;
``(ii) enable high quality data through
schemas, with accompanying metadata documented
in machine-readable taxonomy or ontology
models, which clearly define the semantic
meaning of the data, as defined by the
underlying regulatory information collection
requirements;
``(iii) ensure 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;
``(v) incorporate standards developed and
maintained by voluntary consensus standards
bodies; and
``(vi) use, be consistent with, and
implement applicable accounting and reporting
principles.
``(2) Consultation; interoperability.--In establishing data
standards in the final rules promulgated under subsection (b),
the heads of the covered agencies shall--
``(A) consult with other Federal departments and
agencies and multi-agency initiatives responsible for
Federal data standards; and
``(B) seek to promote interoperability of financial
regulatory data across members of the Council.
``(d) Effective Date.--The data standards established in the final
rules promulgated under subsection (b) shall take effect not later than
2 years after the date on which those final rules are promulgated under
that subsection.''.
(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.
(a) In General.--Subtitle A of the Financial Stability Act of 2010
(12 U.S.C. 5321 et seq.), as amended by section 101(a), is further
amended by adding at the end the following:
``SEC. 125. OPEN DATA PUBLICATION.
``All public data assets published by the Secretary under this
subtitle shall be--
``(1) made available as an open Government data asset (as
defined in section 3502 of title 44, United States Code);
``(2) freely available for download in bulk;
``(3) rendered in a human-readable format; and
``(4) 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, as
amended by section 101(b), is further amended by inserting after the
item relating to section 124 the following:
``Sec. 125. Open data publication.''.
(c) Rulemaking.--The Secretary of the Treasury shall issue rules to
carry out the amendments made by this section, which shall take effect
not later than 2 years after the date on which final rules are
promulgated under section 124(b) of the Financial Stability Act of
2010, as added by section 101(a) of this Act.
SEC. 103. 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 Financial
Stability Act of 2010 (12 U.S.C. 5311 et seq.), beyond information that
was collected or made publicly available under that Act, as of the day
before the date of enactment of this Act.
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) Consistency.--The data standards required under
paragraph (1) shall incorporate, and ensure compatibility with
(to the extent feasible), all applicable data standards
established in the rules promulgated under section 124 of the
Financial Stability Act of 2010, including, to the extent
practicable, by having the characteristics described in clauses
(i) through (vi) of subsection (c)(1)(B) of such section
124.''.
(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 (15 U.S.C. 80a-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 those data standards.
``(2) Consistency.--The data standards required under
paragraph (1) shall incorporate, and ensure compatibility with
(to the extent feasible), all applicable data standards
established in the rules promulgated under section 124 of the
Financial Stability Act of 2010, including, to the extent
practicable, by having the characteristics described in clauses
(i) through (vi) of subsection (c)(1)(B) of such section
124.''; and
(2) in section 30 (15 U.S.C. 80a-29), 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 those data
standards.
``(2) Consistency.--The data standards required under
paragraph (1) shall incorporate, and ensure compatibility with
(to the extent feasible), all applicable data standards
established in the rules promulgated under section 124 of the
Financial Stability Act of 2010, including, to the extent
practicable, by having the characteristics described in clauses
(i) through (vi) of subsection (c)(1)(B) of such section
124.''.
(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 collections of information required to
be submitted or published by a nationally recognized
statistical rating organization under this section.
``(2) Consistency.--The data standards required under
paragraph (1) shall incorporate, and ensure compatibility with
(to the extent feasible), all applicable data standards
established in the rules promulgated under section 124 of the
Financial Stability Act of 2010, including, to the extent
practicable, by having the characteristics described in clauses
(i) through (vi) of subsection (c)(1)(B) of such section
124.''.
(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) Consistency.--The data standards required
under subparagraph (A) shall incorporate, and ensure
compatibility with (to the extent feasible), all
applicable data standards established in the rules
promulgated under section 124 of the Financial
Stability Act of 2010, including, to the extent
practicable, by having the characteristics described in
clauses (i) through (vi) of subsection (c)(1)(B) of
such section 124.''.
(e) Data Standards for Corporate Disclosures Under the Securities
Act of 1933.--Title I of the Securities Act of 1933 (15 U.S.C. 77a et
seq.) is amended by adding at the end the following:
``SEC. 29. DATA STANDARDS.
``(a) 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 those data standards.
``(b) Consistency.--The data standards required under subsection
(a) shall incorporate, and ensure compatibility with (to the extent
feasible), all applicable data standards established in the rules
promulgated under section 124 of the Financial Stability Act of 2010,
including, to the extent practicable, by having the characteristics
described in clauses (i) through (vi) of subsection (c)(1)(B) of such
section 124.''.
(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 collections of information with respect
to 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 those data standards.
``(2) Consistency.--The data standards required under
paragraph (1) shall incorporate, and ensure compatibility with
(to the extent feasible), all applicable data standards
established in the rules promulgated under section 124 of the
Financial Stability Act of 2010, including, to the extent
practicable, by having the characteristics described in clauses
(i) through (vi) of subsection (c)(1)(B) of such section
124.''.
(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 those data standards.
``(2) Consistency.--The data standards required under
paragraph (1) shall incorporate, and ensure compatibility with
(to the extent feasible), all applicable data standards
established in the rules promulgated under section 124 of the
Financial Stability Act of 2010, including, to the extent
practicable, by having the characteristics described in clauses
(i) through (vi) of subsection (c)(1)(B) of such section
124.''.
(h) Data Standards for Security-Based Swap Reporting.--The
Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended by
adding at the end the following:
``SEC. 41. DATA STANDARDS FOR SECURITY-BASED SWAP REPORTING.
``(a) Requirement.--The Commission shall, by rule, adopt data
standards for all reports related to security-based swaps that are
required under this Act.
``(b) Consistency.--The data standards required under subsection
(a) shall incorporate, and ensure compatibility with (to the extent
feasible), all applicable data standards established in the rules
promulgated under section 124 of the Financial Stability Act of 2010,
including, to the extent practicable, by having the characteristics
described in clauses (i) through (vi) of subsection (c)(1)(B) of such
section 124.''.
(i) Rulemaking.--
(1) In general.--The rules that the Securities and Exchange
Commission are required to issue under the amendments made by
this section shall take effect not later than 2 years after the
date on which final rules are promulgated under section 124(b)
of the Financial Stability Act of 2010, as added by section
101(a) of this Act.
(2) Scaling of regulatory requirements; minimizing
disruption.--In issuing the rules required under the amendments
made by this section, as described in paragraph (1), the
Securities and Exchange Commission--
(A) 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 any study required under section
205(b), while still providing searchable information to
investors; and
(B) shall seek to minimize disruptive changes to
the persons affected by those rules.
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 data assets published by
the Commission under the securities laws and the Dodd-Frank Wall Street
Reform and Consumer Protection Act (Public Law 111-203; 124 Stat. 1376)
shall be--
``(1) made available as an open Government data asset (as
defined in section 3502 of title 44, United States Code);
``(2) freely available for download in bulk;
``(3) rendered in a human-readable format; and
``(4) 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)(A) If the Board establishes information systems under
paragraph (3), the Board shall adopt data standards for information
submitted through those systems.
``(B) Any data standards adopted under subparagraph (A) shall
incorporate, and ensure compatibility with (to the extent feasible),
all applicable data standards established in the rules promulgated
under section 124 of the Financial Stability Act of 2010, including, to
the extent practicable, by having the characteristics described in
clauses (i) through (vi) of subsection (c)(1)(B) of such section
124.''.
(b) Rulemaking.--
(1) In general.--Not later than 2 years after the date on
which final rules are promulgated under section 124(b) of the
Financial Stability Act of 2010, as added by section 101(a) of
this Act, the Municipal Securities Rulemaking Board shall issue
rules to adopt the standards required under paragraph (8) of
section 15B(b) of the Securities Exchange Act of 1934 (15
U.S.C. 78o-4(b)), as added by subsection (a), if the Board has
established information systems under paragraph (3) of such
section 15B(b).
(2) Scaling of regulatory requirements; minimizing
disruption.--In issuing the rules described in paragraph (1),
the Municipal Securities Rulemaking Board--
(A) may scale data reporting requirements in order
to reduce any unjustified burden on smaller regulated
entities; and
(B) shall seek to minimize disruptive changes to
the persons affected by those 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) Consistency.--The data standards required under
paragraph (1) shall incorporate, and ensure compatibility with
(to the extent feasible), all applicable data standards
established in the rules promulgated under section 124 of the
Financial Stability Act of 2010, including, to the extent
practicable, by having the characteristics described in clauses
(i) through (vi) of subsection (c)(1)(B) of such section
124.''.
(b) Rulemaking.--
(1) In general.--Not later than 2 years after the date on
which final rules are promulgated under section 124(b) of the
Financial Stability Act of 2010, as added by section 101(a) of
this Act, each national securities association registered
pursuant to section 15A(a) of the Securities Exchange Act of
1934 (15 U.S.C. 78o-3(a)) shall issue rules to adopt the
standards required under subsection (n) of section 15A of the
Securities Exchange Act of 1934 (15 U.S.C. 78o-3), as added by
subsection (a) of this section.
(2) Scaling of regulatory requirements; minimizing
disruption.--In issuing the rules required under paragraph (1),
a national securities association described in that paragraph--
(A) may scale data reporting requirements in order
to reduce any unjustified burden on smaller regulated
entities; and
(B) shall seek to minimize disruptive changes to
the persons affected by those 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.--
(A) In general.--Not later than 180 days after the
date of enactment of this Act, the Securities and
Exchange Commission shall establish a program to
improve the quality of corporate financial data filed
or furnished by issuers under the Securities Act of
1933 (15 U.S.C. 77a et seq.), the Securities Exchange
Act of 1934 (15 U.S.C. 78a et seq.), and the Investment
Company Act of 1940 (15 U.S.C. 80a-1 et seq.).
(B) Contents.--The program established under
subparagraph (A) shall include the following:
(i) The designation of an official in the
Office of the Chairman of the Securities and
Exchange Commission responsible for the
improvement of the quality of data filed with
or furnished to the Commission by issuers.
(ii) The issuance by the Division of
Corporation Finance of the Securities and
Exchange Commission of comment letters
requiring correction of errors in data filings
and submissions, where necessary.
(2) Goals.--In establishing the program required under this
subsection, the Securities and Exchange 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 180 days after the date of
enactment of this Act, and once every 180 days thereafter, the
Securities and Exchange Commission shall submit to the
Committee on Banking, Housing, and Urban Affairs of the Senate
and the Committee on Financial Services of the House of
Representatives a report regarding 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 (15 U.S.C. 77g), section 13 of the
Securities Exchange Act of 1934 (15 U.S.C. 78m), and
section 14 of the Securities Exchange Act of 1934 (15
U.S.C. 78n) 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 Securities and Exchange
Commission, and issuers;
(C) a summary of enforcement actions that result
from the use or analysis of machine-readable data
collected under the provisions of law described in
subparagraph (A); and
(D) an analysis of how the Securities and Exchange
Commission uses the machine-readable data collected by
the Commission.
(c) Sunset.--Beginning on the date that is 7 years after the date
of 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 any national securities
association to collect or make publicly available additional
information under the provisions of law amended by this title (or under
any provision of law referenced in an amendment made by this title),
beyond information that was collected or made publicly available under
any such provision, as of the day before the date of 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) Definition.--In this section, the term `financial company'
has the meaning given the term in section 201(a) of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (12 U.S.C. 5381(a)).
``(b) Requirement.--The Corporation shall, by rule, adopt data
standards for all collections of information with respect to
information received by the Corporation 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 (12 U.S.C. 5381 et
seq.).
``(c) Consistency.--The data standards required under subsection
(b) shall incorporate, and ensure compatibility with (to the extent
feasible), all applicable data standards established in the rules
promulgated under section 124 of the Financial Stability Act of 2010,
including, to the extent practicable, by having the characteristics
described in clauses (i) through (vi) of subsection (c)(1)(B) of such
section 124.''.
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 data assets published by the Corporation under this
Act or under the Dodd-Frank Wall Street Reform and Consumer Protection
Act (Public Law 111-203; 124 Stat. 1376) shall be--
``(1) made available as an open Government data asset (as
defined in section 3502 of title 44, United States Code);
``(2) freely available for download in bulk;
``(3) rendered in a human-readable format; and
``(4) accessible via application programming interface
where appropriate.''.
SEC. 303. RULEMAKING.
(a) In General.--The Federal Deposit Insurance Corporation shall
issue rules to carry out the amendments made by this title, which shall
take effect not later than 2 years after the date on which final rules
are promulgated under section 124(b) of the Financial Stability Act of
2010, as added by section 101(a) of this Act.
(b) Scaling of Regulatory Requirements; Minimizing Disruption.--In
issuing the rules required under subsection (a), the Federal Deposit
Insurance Corporation--
(1) may scale data reporting requirements in order to
reduce any unjustified burden on smaller regulated entities;
and
(2) shall seek to minimize disruptive changes to the
persons affected by those 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
Acts amended by this title (or under any provision of law referenced in
an amendment made by this title), beyond information that was collected
or made publicly available under any such provision, as of the day
before the date of 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 collections of
information that are 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 in section 3 of
the Federal Deposit Insurance Act (12 U.S.C. 1813)).
``(2) Consistency.--The data standards required under
paragraph (1) shall incorporate, and ensure compatibility with
(to the extent feasible), all applicable data standards
established in the rules promulgated under section 124 of the
Financial Stability Act of 2010, including, to the extent
practicable, by having the characteristics described in clauses
(i) through (vi) of subsection (c)(1)(B) of such section 124.
``(b) Open Data Publication.--All public data assets published by
the Comptroller of the Currency under title LXII or the Dodd-Frank Wall
Street Reform and Consumer Protection Act (Public Law 111-203; 124
Stat. 1376) shall be--
``(1) made available as an open Government data asset (as
defined in section 3502 of title 44, United States Code);
``(2) freely available for download in bulk;
``(3) rendered in a human-readable format; and
``(4) accessible via application programming interface
where appropriate.''.
SEC. 402. RULEMAKING.
(a) In General.--The Comptroller of the Currency shall issue rules
to carry out the amendments made by section 401, which shall take
effect not later than 2 years after the date on which final rules are
promulgated under section 124(b) of the Financial Stability Act of
2010, as added by section 101(a) of this Act.
(b) Scaling of Regulatory Requirements; Minimizing Disruption.--In
issuing the rules required under subsection (a), the Comptroller of the
Currency--
(1) may scale data reporting requirements in order to
reduce any unjustified burden on smaller regulated entities;
and
(2) shall seek to minimize disruptive changes to the
persons affected by those 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 Revised
Statutes of the United States (or under any other provision of law
referenced in an amendment made by this title), beyond information that
was collected or made publicly available under any such provision of
law, as of the day before the date of 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.--Subtitle A of the Consumer Financial Protection
Act of 2010 (12 U.S.C. 5491 et seq.) is amended by--
(1) redesignating section 1018 (12 U.S.C. 5491 note) as
section 1020; and
(2) by inserting after section 1017 (12 U.S.C. 5497) the
following:
``SEC. 1018. DATA STANDARDS.
``(a) Requirement.--The Bureau shall, by rule, adopt data standards
for all collections of information that are regularly filed with or
submitted to the Bureau.
``(b) Consistency.--The data standards required under subsection
(a) shall incorporate, and ensure compatibility with (to the extent
feasible), all applicable data standards established in the rules
promulgated under section 124 of the Financial Stability Act of 2010,
including, to the extent practicable, by having the characteristics
described in clauses (i) through (vi) of subsection (c)(1)(B) of such
section 124.
``SEC. 1019. OPEN DATA PUBLICATION.
``All public data assets published by the Bureau shall be--
``(1) made available as an open Government data asset (as
defined in section 3502 of title 44, United States Code);
``(2) freely available for download in bulk;
``(3) rendered in a human-readable format; and
``(4) 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 striking the item relating to section 1018 and inserting the
following:
``Sec. 1018. Data standards.
``Sec. 1019. Open data publication.
``Sec. 1020. Effective date.''.
SEC. 502. RULEMAKING.
(a) In General.--The Director of the Bureau of Consumer Financial
Protection shall issue rules to carry out the amendments made by
section 501, which shall take effect not later than 2 years after the
date on which final rules are promulgated under section 124(b) of the
Financial Stability Act of 2010, as added by section 101(a) of this
Act.
(b) Scaling of Regulatory Requirements; Minimizing Disruption.--In
issuing the rules required under subsection (a), the Director of the
Bureau of Consumer Financial Protection--
(1) may scale data reporting requirements in order to
reduce any unjustified burden on smaller regulated entities;
and
(2) shall seek to minimize disruptive changes to the
persons affected by those 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
Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et seq.),
beyond information that was collected or made publicly available under
that Act, as of the day before the date of 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 information that, through
a collection of information, is regularly filed with or
submitted to the Board of Governors under this
subsection by any nonbank financial company supervised
by the Board of Governors or any subsidiary thereof.
``(B) Consistency.--The data standards required
under subparagraph (A) shall incorporate, and ensure
compatibility with (to the extent feasible), all
applicable data standards established in the rules
promulgated under section 124, including, to the extent
practicable, by having the characteristics described in
clauses (i) through (vi) of subsection (c)(1)(B) of
section 124.''.
(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, through a collection of information,
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) Consistency.--The data standards required under
paragraph (1) shall incorporate, and ensure compatibility with
(to the extent feasible), all applicable data standards
established in the rules promulgated under section 124 of the
Financial Stability Act of 2010, including, to the extent
practicable, by having the characteristics described in clauses
(i) through (vi) of subsection (c)(1)(B) of such section
124.''.
(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, through a collection of information,
is regularly filed with or submitted to the Board by any bank
holding company in a report under subsection (c).
``(2) Consistency.--The data standards required under
paragraph (1) shall incorporate, and ensure compatibility with
(to the extent feasible), all applicable data standards
established in the rules promulgated under section 124 of the
Financial Stability Act of 2010, including, to the extent
practicable, by having the characteristics described in clauses
(i) through (vi) of subsection (c)(1)(B) of such section
124.''.
(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, through a collection of
information, is regularly filed with or submitted to the Board
or the Council by any financial market utility or financial
institution under subsection (a) or (b).
``(2) Consistency.--The data standards required under
paragraph (1) shall incorporate, and ensure compatibility with
(to the extent feasible), all applicable data standards
established in the rules promulgated under section 124 of the
Financial Stability Act of 2010, including, to the extent
practicable, by having the characteristics described in clauses
(i) through (vi) of subsection (c)(1)(B) of such section
124.''.
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 data assets published by the Board of Governors under
this Act, the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et
seq.), the Financial Stability Act of 2010 (12 U.S.C. 5311 et seq.),
the Home Owners' Loan Act (12 U.S.C. 1461 et seq.), the Payment,
Clearing, and Settlement Supervision Act of 2010 (12 U.S.C. 5461 et
seq.), or the Enhancing Financial Institution Safety and Soundness Act
of 2010 (title III of Public Law 111-203) (or any provision of law
amended by that Act) shall be--
``(1) made available as an open Government data asset (as
defined in section 3502 of title 44, United States Code);
``(2) freely available for download in bulk;
``(3) rendered in a human-readable format; and
``(4) accessible via application programming interface
where appropriate.''.
SEC. 603. RULEMAKING.
(a) In General.--The Board of Governors of the Federal Reserve
System shall issue rules to carry out the amendments made by this
title, which shall take effect not later than 2 years after the date on
which final rules are promulgated under section 124(b) of the Financial
Stability Act of 2010, as added by section 101(a) of this Act.
(b) Scaling of Regulatory Requirements; Minimizing Disruption.--In
issuing the rules required under subsection (a), the Board of Governors
of the Federal Reserve System--
(1) may scale data reporting requirements in order to
reduce any unjustified burden on smaller regulated entities;
and
(2) shall seek to minimize disruptive changes to the
persons affected by those 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 any Act amended by this title, any Act referenced in an amendment
made by this title, or any Act amended by an Act referenced in an
amendment made by this title, beyond information that was collected or
made publicly available under any such provision of law, as of the day
before the date of 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 collections of information and reports regularly filed with or
submitted to the Administration under this Act.
``(b) Consistency.--The data standards required under subsection
(a) shall incorporate, and ensure compatibility with (to the extent
feasible), all applicable data standards established in the rules
promulgated under section 124 of the Financial Stability Act of 2010,
including, to the extent practicable, by having the characteristics
described in clauses (i) through (vi) of subsection (c)(1)(B) of such
section 124.''.
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 data assets published by the Administration under this
title shall be--
``(1) made available as an open Government data asset (as
defined in section 3502 of title 44, United States Code);
``(2) freely available for download in bulk;
``(3) rendered in a human-readable format; and
``(4) accessible via application programming interface
where appropriate.''.
SEC. 703. RULEMAKING.
(a) In General.--The National Credit Union Administration Board
shall issue rules to carry out the amendments made by this title, which
shall take effect not later than 2 years after the date on which final
rules are promulgated under section 124(b) of the Financial Stability
Act of 2010, as added by section 101(a) of this Act.
(b) Scaling of Regulatory Requirements; Minimizing Disruption.--In
issuing the rules required under subsection (a), the National Credit
Union Administration Board--
(1) may scale data reporting requirements in order to
reduce any unjustified burden on smaller regulated entities;
and
(2) shall seek to minimize disruptive changes to the
persons affected by those 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
Federal Credit Union Act (12 U.S.C. 1751 et seq.), beyond information
that was collected or made publicly available under that Act, as of the
day before the date of 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. 4511 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 collections of information that are regularly filed with or
submitted to the Agency.
``(b) Consistency.--The data standards required under subsection
(a) shall incorporate, and ensure compatibility with (to the extent
feasible), all applicable data standards established in the rules
promulgated under section 124 of the Financial Stability Act of 2010,
including, to the extent practicable, by having the characteristics
described in clauses (i) through (vi) of subsection (c)(1)(B) of such
section 124.''.
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. 4511 et seq.), as amended
by section 801, is further amended by adding at the end the following:
``SEC. 1319I. OPEN DATA PUBLICATION.
``All public data assets published by the Agency shall be--
``(1) made available as an open Government data asset (as
defined in section 3502 of title 44, United States Code);
``(2) freely available for download in bulk;
``(3) rendered in a human-readable format; and
``(4) accessible via application programming interface
where appropriate.''.
SEC. 803. RULEMAKING.
(a) In General.--The Director of the Federal Housing Finance Agency
shall issue rules to carry out the amendments made by this title, which
shall take effect not later than 2 years after the date on which final
rules are promulgated under section 124(b) of the Financial Stability
Act of 2010, as added by section 101(a) of this Act.
(b) Minimizing Disruption.--In issuing the regulations required
under subsection (a), the Director of the Federal Housing Finance
Agency shall seek to minimize disruptive changes to the persons
affected by those rules.
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 Federal
Housing Enterprises Financial Safety and Soundness Act of 1992 (12
U.S.C. 4501 et seq.), beyond information that was collected or made
publicly available under that Act, as of the day before the date of
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, in connection with 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 Requirements.--
Nothing in this Act, or the amendments made by this Act, may be
construed to prohibit the head of a covered agency, as defined in
section 124(a) of the Financial Stability Act of 2010, as added by
section 101(a) of this Act, from tailoring those standards when those
standards are adopted under this Act and the amendments made by this
Act.
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--
(A) section 552a of title 5, United States Code
(commonly known as the ``Privacy Act of 1974''); or
(B) 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 Director of the Bureau of Consumer Financial Protection, the Board
of Governors of the Federal Reserve System, the National Credit Union
Administration Board, the Director of the Federal Housing Finance
Agency, or the head of any other primary financial regulatory agency
(as defined in section 2 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (12 U.S.C. 5301)) designated by the Secretary
of the Treasury 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.--Section 7(a)(3)(A) of the Federal Reserve Act (12
U.S.C. 289(a)(3)(A)) is amended by striking ``$6,825,000,000'' and
inserting ``$6,725,000,000''.
(b) Effective Date.--The amendment made by subsection (a) shall
take effect on September 30, 2031.
SEC. 904. REPORT.
Not later than 3 years after the date of enactment of this Act, 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, and the amendments made by
this Act, to arrive at a Federal governmentwide regulatory compliance
standardization mechanism similar to Standard Business Reporting.
SEC. 905. 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.
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