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March 24, 2016
Data Coalition News
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Special Edition: The Financial Data Summit, March 29 in DC!

Financial Data Summit Prep:
  • Required Reading – Hudson Hollister and David LeDuc in The Hill
  • Speaker Lineup – New Speakers Added!
  • VIDEO – Financial Transparency Act
The latest:
  • House Rules and Manual in XML Format!

Technological change is coming to financial regulation

By Hudson Hollister and David LeDuc

Financial regulation, at least in the United States, is famously resistant to technological change.

Bernie Madoff’s infamous sixteen-year fraud lasted as long as it did because multiple offices at the Securities and Exchange Commission were unaware of one another’s parallel inquiries into Madoff firms.

The Madoff failure was a data failure.

Different parts of the SEC use different electronic codes to identify the companies and firms they are supposed to track. Even within the agency, a particular entity cannot be matched to its subsidiaries and affiliates. Without a standard data field, there is no way to aggregate data on a complex company or firm - at least, not without lots of manual research.

In 2013, the SEC’s investor advisory committee pointed out that crucial disclosure forms are expressed as documents, instead of data. Executive compensation tables, mutual fund voting records, and many other types of information would be much more useful to investors if they were “tagged” using a standard data format. But because these disclosures are documents, there is no electronic, let alone automated, way for the markets to quickly absorb the information that they contain.

Three years later, the agency has not acted on the committee’s recommendations. This, too, is a data failure.

To continue reading The Hill's article, click here.

To learn more about how technological changes are transforming financial regulatory reporting, join us for the Financial Data SummitMarch 29!

Financial Data Summit: Speaker Lineup 

At the Summit you will hear from these government and private sector financial regulatory leaders:

  • Dick Berner, Director, Office of Financial Research, Department of the Treasury
  • Lewis Alexander, Chief U.S. Economist, Nomura (via video chat)
  • Scott Bauguess, Deputy Director, Division of Economic and Risk Analysis, SEC
  • Alan Deaton, Acting Associate Director, Statistics Branch, FDIC
  • Hon. Allan Mendelowitz, President, ACTUS Financial Research Foundation
  • Mike Willis, Assistant Director, Office of Structured Disclosure, Division of Economic and Risk Analysis, SEC
  • Srinivas Bangarbale, Chief Data Officer, CFTC
  • Gwendolyn Mitchell, Manager, Metadata and Taxonomy Operations, Federal Reserve
  • Justin Stekervetz, Associate Director of Strategy and Standards,Office of Financial Research, Treasury Department
  • Linda Powell, Chief Data Officer, CFPB
  • Hill Staff for Sen. Mark Warner, Rep. Randy Hultgren, Rep. Scott Garrett and Rep. Keith Ellison.
  • And more!
Click Here to Register!

VIDEO: How the Financial Transparency Act will Bring Open Data to Financial Regulation

This brand-new video explains how the Financial Transparency Act (H.R. 2477) will transform financial regulation  and bring powerful new tools for the investors, companies, and researchers who use the valuable data collected by financial agencies.

To learn even more, join us at next week’s Financial Data Summit – Tuesday, March 29th, at the JW Marriott Washington.

House Rules and Manual in XML Format!

Yesterday, the House Rules Committee made available text of the House Rules and Manual in XML format on the Government Publishing Office (GPO) GitHub account, allowing for greater functionality, transparency and better usability. Additionally made available are the Constitution and other support pages that will allow greater functionality with regard to referencing, analysis and indexing:

“House Republicans have taken pride in increased transparency since gaining the majority in 2010, and such advances have gone hand-in-hand with access to Congressional data online,” said House Rules Committee Chairman Pete Sessions. “Technology plays an important role in our daily lives, and it is necessary that the House keep up with the most efficient and effective ways to provide information about Congressional activities. As Chairman of the House Rules Committee, I am committed to the advancement of sharing legislative data online and am confident that our efforts will result in a better informed public.”

“Chairman Sessions’ decision to publish the Rules as searchable, open XML data is a leap forward - not just for public transparency, but also for the conduct of House business,” said Hudson Hollister, executive director of the Data Coalition, which represents technology companies supporting open data in government. “As Congressional information is increasingly standardized in open formats, technology companies are building new tools that make it easier to work on bills, amendments, and, today, the Rules of the House.”

To access the House Rules and Manual for the 114th Congress and supporting documents on GPO’s GitHub account, click here.

To continue reading the release, click here.

UPCOMING EVENTS!

April 14: Esri's GIS and Policy Meetup

Esri’s Public Policy team and GovLoop invite you to a speaker program and reception focused on how congress is using GIS to inform policy making and reach constituents. Transform big data into easy to understand content so that policy makers can make decisions based on evidence and evaluate impacts by geography.  

Every policy issue has a geographic component and affects citizens everywhere. Learn how  congressional offices are using maps to: 
  • Understand constituent sentiment
  • Gain more media traction
  • Build larger crowds at town hall meetings
  • Analyze policy’s impact on constituents
To register, click here.
Where: Thursday, April 14, 2016, 5:30pm – 8:00pm
When: U.S. Capitol Visitors Center
Facebook
Facebook
Twitter
Twitter
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When GE got it wrong: Glaring mistake in GE’s 10 K for FY 2015

 

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About Us

The Data Coalition advocates on behalf of the private sector and the public interest for the publication of government information as standardized, open data.
Copyright © 2016 Data Coalition, All rights reserved.


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