InfoBytes Blog
Congressmembers push for swift FDTA implementation
On May 14, the Chairman of the House Financial Services Committee, Patrick McHenry (R-NC), Ranking Member Maxine Waters (D-CA), U.S. Senator Mike Crapo (R-ID), and U.S. Senator Mark Warner (D-VA) sent a letter to federal financial regulators urging them to implement their respective obligations under the Financial Data Transparency Act (FDTA) as directed by the National Defense Authorization Act for Fiscal Year 2023 (NDAA). The letter was addressed to various heads of financial regulatory agencies from members of Congress regarding FDTA, specifically urging the agencies to expedite their rulemaking processes in accordance with the timelines established by the FDTA. The letter asserted that implementation of the FDTA will reduce reporting burdens and increase accessibility, uniformity and usefulness of federal financial data. The letter also highlighted those advancements in technology, like artificial intelligence, were already used by the private market to utilize data, and that publishing machine-readable data in a consistent format under the FDTA, will allow those viewing the data to use such technologies with greater efficiency and provide for more transparency. The legislators also note that the FDTA has bipartisan support and stressed the importance of these agencies' adherence to implementing these efforts.