The rule proposal for the Financial Data Transparency Act (FDTA) has been published on the websites of the FDIC, the Consumer Financial Protection Bureau (CFPB), the Commodities Future Trading Commission (CFTC), the National Credit Union Administration (NCUA), the Federal Housing Finance Agency (FHFA) , the Securities Exchange Commission (SEC), and the Federal Reserve.
Securities and Exchange Commission Chair Gensler and Commissioners Pierce and Uyeda issued public statements on the proposal for the Financial Data Transparency Act (FDTA). In Commissioner Pierce’s statement, she notes, “If well implemented, the FDTA could enhance the analytical capability of regulators, investors, and other market participants and reduce compliance costs for regulated entities. However, this result is not guaranteed. Mangling implementation could result in costs disproportionate to the benefits. FDTA regulations, for example, could drive municipal issuers away from securities markets, prevent companies from going and staying public, or force the publication of unreliable data. To maximize the potential for the FDTA to serve the public interest, we need broad public input. I urge commenters to address the questions in the proposing release and my additional questions below, as well as to provide advance thoughts on the second, agency-specific, phase of the FDTA rulemaking process.”
Read statements by Chair Gensler, Commissioner Pierce, and Commissioner Uyeda.
Read the Statement by Martin J. Gruenberg, Chairman, FDIC.
Read the Federal Reserve announcement.
The Agencies are requesting comment during a 60-day comment period which will begin when the proposal is published in the Federal Register.
