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December 3, 2015
Data Transparency News
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The latest
  • Recap: Reps. Issa and Quigley Host Financial Transparency Act Briefing on Capitol Hill
  • XBRL US Comment Letter Exposes Duplication in SEC Filings
  • Rep. David Moulton signs on to the Financial Transparency Act 

Recap: Reps. Issa and Quigley Host Financial Transparency Act Briefing on Capitol Hill

From left to right: Matt Rumsey; Daniel Castro; Dr. Allan Mendelowitz; Congressman Darell Issa.

Financial expert Allan Mendelowitz yesterday estimated that if U.S. financial regulatory agencies adopted consistent data formats for the information they collect, instead of using today’s document-based reports, a typical large investment firm could save “20 to 30 percent of operating expenses, or $200 to $300 million annually,” with similar savings across the whole financial industry.

Mendelowitz, former chairman of the Federal Housing Finance Board, joined a panel organized by the Congressional Transparency Caucus, which is co-chaired by Reps. Darrell Issa (R-CA) and Mike Quigley (D-IL). Last May, Issa introduced, and Quigley cosponsored, the proposed Financial Transparency Act (H.R. 2477), which would require all eight major financial agencies to transform their existing reporting requirements into structured data.

The bipartisan bill now boasts 29 cosponsors in the House of Representatives. Today’s panel featured Mendelowitz, Center for Data Innovation director Daniel Castro, and Sunlight Foundation senior policy analyst Matt Rumsey. All three praised the Financial Transparency Act.

Transforming financial regulatory reports from documents into data is “a win-win for both the [financial] industry and the regulatory community,” said Mendelowitz. “Most regulatory reporting today is a dead-weight loss. I have yet to find a firm that uses the material provided to the regulator to manage the firm.” But if regulators collected structured data instead of documents, management could “be looking at the same analytics as the regulators,” reducing compliance costs.

Meanwhile, regulators would benefit from the ability to deploy analytics. Switching from documents to data “is going to help identify [future] Enrons and … Bernie Madoffs … better open data that can be analyzed quickly by regulators and by [the public can] catch those problems before they become huge scandals,” said Rumsey.

For more, keep reading the Coalition press release

XBRL US Comment Letter Exposes Duplication in SEC Filings

XBRL US has published a report entitled, "Analysis of Fact Values Reported by Public Companies – How to Improve Effectiveness of Disclosure", showing that over half of the numbers that are reported in U.S. public companies' annual reports (which are reported on the Securities and Exchange Commission's (SEC) Form 10-K) are reported multiple times. The report suggests the SEC could dramatically reduce companies' compliance costs by only requiring numbers to be submitted once.

To read this report, click here

Rep. Seth Moulton signs on to the Financial Transparency Act (H.R. 2477)

The Financial Transparency Act (#TransparencyAct) gained another cosponsor this month - Congressman Seth Moulton (D-MA). The Financial Transparency Act which would require all eight major financial agencies to transform their existing reporting requirements into structured data.The bipartisan bill now boasts 29 cosponsors in the House of Representatives.

For more information and to access the Financial Transparency Act infograph click here.

VIDEO: Socrata Customer Summit Explores DATA Act and Financial Transparency Act

Socrates' largest-ever customer summit in October 2015 brought together the federal leaders who are transforming federal spending data under the DATA Act and financial regulatory reporting under the Financial Transparency Act.

The Coalition Welcomes Newest Partner Member: OpenGov

OpenGov sets a new standard across the country for how governments analyze, share, and compare financial data. With OpenGov’s cloud-based platform, state and local governments of all sizes collaborate more effectively, make smarter data-driven decisions, and achieve greater transparency.The Coalition is thrilled to welcome OpenGov as its fifth Partner Member.
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About Us

The Data Transparency Coalition advocates on behalf of the private sector and the public interest for the publication of government information as standardized, machine-readable data. Data transparency strengthens democratic accountability, enhances government management, reduces compliance costs, and stimulates innovation.
Copyright © 2015 Data Coalition, All rights reserved.


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