The Financial Data Transparency Act (FDTA) calls for the use of open data standards by member agencies of the U.S. Financial Stability Oversight Council: U.S. Treasury, the Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Bureau of Consumer Financial Protection (CFPB), the Federal Reserve System, the National Credit Union Administration (NCUA), and the Federal Housing Finance Agency (FHFA).
Data standards to be established include common identifiers, must be open and nonproprietary, and render data searchable and machine-readable. The FDTA requires the SEC to implement standardized data for municipal bond issuance.
The FDTA is included as TITLE LVIII in the H.R. 7776, the National Defense Authorization Act for Fiscal Year 2023.
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