The bill will unlock and standardize data, enhance transparency while creating reporting efficiency in the financial regulatory sector — and one that Donnelley Financial Solutions (DFIN), has and will continue to support.
This week, the US House passed the Data Coalition-endorsed Financial Transparency Act (FTA). This adoption is much welcomed one. We at Donnelley Financial Solutions (DFIN) are incredibly pleased to see such a strong bipartisan vote for this important legislation. For with it, businesses, organizations, and governments will all work better, together.
This bipartisan bill directs seven of the major U.S. financial regulatory agencies to adopt consistent data fields and formats, including a non-proprietary legal entity identifier, for information already collected from regulated entities. This will ensure that information collected through existing reporting processes will utilize fully searchable and machine-readable non-proprietary data formats to help facilitate more reliable and regulatory compliance. This will also help to enhance accuracy, increase efficiency, enable greater automation, and facilitate data analysis.
As DFIN has previously stated, this approach will enable organizations and markets to be more transparent, make better and informed financial decisions, and help to drive the evolution and adoption of regulatory and emerging technologies like Artificial Intelligence and advanced analytics that we can support using standardized, machine-readable formats like iXBRL / XBRL.
Congratulations to Reps. Carolyn Maloney (D-NY) and Patrick McHenry (R-NC).