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

The proposed Financial Transparency Act brings about a lot of questions. How exactly will it transform financial regulation? The video below explains how:

Most financial regulatory agencies still use outdated document-based formats, instead of standardized, open data, to collect information from the financial industry. The Financial Transparency Act (H.R. 2477), introduced by Rep. Darrell Issa and bipartisan cosponsors, would direct the eight major financial agencies to adopt searchable open data formats for all the information they collect under the securities, commodities, and banking laws. And open data means better transparency for investors, automated and cheaper reporting for financial companies, and better analytics for the agencies themselves.

The Data Coalition’s Financial Data Summit next Tuesday, March 29, will gather the largest-ever group of supporters of open data in financial regulation at the JW Marriott in Washington, D.C.

At the Summit, you will hear from these government leaders:

• Hon. Allan Mendelowitz, President, ACTUS Financial Research Foundation
• Dick Berner, Director, Office of Financial Research, Department of the Treasury
• Scott Bauguess, Deputy Director, Division of Economic and Risk Analysis, SEC
• Alan Deaton, Acting Associate Director, Statistics Branch, FDIC
• 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!

To explore the potential of open data to transform financial regulation, register here.