Hultgren Supports Financial Transparency Act
Washington, DC — U.S. Representative Randy Hultgren (IL-14) has cosponsored the Financial Transparency Act of 2017 (H.R. 1530), a bill to ensure U.S. financial regulators—such as the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC)—adopt open, searchable and consistent data reporting standards.
“Fraudsters like Bernie Madoff have fooled major U.S. regulators because many are still using 1930s pen and paper technology to handle today’s digital challenges. This archaic practice harms our investors, markets and consumers. We need regulators to use searchable, open data to improve transparency and reduce the time consumers and businesses spend each year on unnecessary paperwork,” said Rep. Hultgren. “The Financial Transparency Act encourages data standards that would make regulatory filings more transparent, useful and efficient for everyone who generates, collects and uses the information. Better decisions by investors and regulators, and lower compliance costs, will translate to faster economic growth and greater confidence in our economy.”
The Financial Transparency Act requires the Treasury Department to disseminate data standards for the whole financial regulatory sector, while directing each agency to transform its regulatory reporting regime from disconnected documents into standardized, searchable data. The bill further provides that any information required by other laws to be public must be published as open data, and includes specific directives for the SEC to improve that agency’s existing data reporting regime.
Rep. Hultgren is a member of the House Financial Services Committee and Vice Chairman of the Subcommittee on Capital Markets, Securities and Investment.