Rep. Issa Announces MADOFF Transparency Act
Rep. Issa kicked off the Summit by announcing new legislation to require data standardization and publication for all information that financial regulators collect under existing U.S. securities, commodities, and banking laws. Issa's Making All Data Open For Financial Transparency Act (MADOFF Transparency Act) will be introduced in coming weeks with cosponsors on the House Financial Services Committee. The MADOFF Transparency Act is quite the acronym, at least according to The Washington Post. Check the story to the right!
Reps. Carolyn Maloney and Randy Hultgren Round Out Legislative Panel.
Joining Issa on stage, Reps. Carolyn Maloney (D-NY) and Randy Hulgren offered their valuable perspectives on Tuesday, drawing from experience serving the House Committee on Financial Services. Rep. Maloney pronounced open data "good for the economy, good for business, good for oversight, good for everything." Rep. Hultgren praised open data and increased transparency as crucial to the end goal of more successful markets. Rep. Hultgren also expressed concern that though our financial system is the most complex in the world, U.S. financial regulators still lag behind the international community in implementing technology tools like structured data.