Today, the House of Representatives voted to pass the Financial Transparency Act (H.R. 2989). This bipartisan bill, introduced by Reps. Carolyn Maloney (D-NY) and Patrick McHenry (R-NC), 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. Nick Hart, President of the Data Foundation, issued the following statement about the passage of the Financial Transparency Act:

“The Financial Transparency Act will modernize our financial regulatory system, with common-sense data reforms that will benefit regulators, regulated entities, and investors. With the strong bipartisan support seen from the House of Representatives, the Financial Transparency Act will help provide more accurate, timely, and comprehensive financial information. We are grateful for the leadership from Representative Maloney and Representative McHenry in co-sponsoring this legislation, and hope to see the Senate advance the Financial Transparency Act  as soon as possible.” 

Download our Financial Transparency Act fact sheet here.