Workiva Applauds Bipartisan Introduction of the Financial Transparency Act in the U.S. House of Representatives
25 September 2019 - 3:03PM
Business Wire
Workiva (NYSE:WK), provider of the world’s leading connected
reporting and compliance platform, today applauded Rep. Carolyn
Maloney (D-NY) and Rep. Patrick McHenry (R-NC) for their
introduction of the Financial Transparency Act (HR 4476) in the
116th Congress.
The Financial Transparency Act (FTA) would require eight major
U.S. financial regulatory agencies to adopt uniform,
machine-readable data standards for the information they collect
from regulated entities. This proposal complements other
legislative efforts to transform government data into open,
searchable and downloadable formats without proprietary
restrictions.
“The Financial Transparency Act is really about innovation and
efficiency,” said Marty Vanderploeg, CEO of Workiva. “This
common-sense legislation will ensure that all of the major
financial regulatory agencies are consistent in how they align
their requirements and compliance with our digital economy.”
“We are encouraged to see the federal government increase its
reliance on technology to improve how agencies collect, use and
publish data,” said Vanderploeg. “We help private and public
companies as well as state and local governments better understand
and leverage their data every day, so we know there is enormous
potential for innovation and transparency by unlocking federal
government data.”
The FTA has been introduced in previous sessions of Congress,
but this is the first time the bill has been introduced by senior
members of the Financial Services Committee, which has jurisdiction
over the legislation. Rep. Maloney chairs the House Financial
Services Investor Protection, Entrepreneurship and Capital Markets
Subcommittee, and Rep. McHenry serves as the leading Republican, or
Ranking Member, on the full Financial Services Committee.
The FTA seeks to modernize financial regulatory filings to gain
similar efficiencies and benefits found in government innovation
programs in tax, banking regulations and open data reforms. For
example, in the 1990s, the IRS and state tax authorities harmonized
data standards for tax returns, which transformed that industry by
enabling e-filing. In 2005, the FDIC adopted data standards for
collecting call reports from U.S. banks, reducing error rates by
more than 33 percent and cutting weeks in preparation time.
Supporters of the FTA are looking to the early success of The
Digital Accountability and Transparency Act of 2014 (DATA Act) that
converts information about federal government expenditures into
open and machine-readable data formats, and the 2019 Open, Public,
Electronic, and Necessary (OPEN) Government Data Act, which
requires all non-sensitive government data to be made available in
similar open formats.
“The FTA has the potential to benefit all aspects of our
financial regulatory system,” said Vanderploeg. “Compliance will
become easier for companies, and financial regulators will be able
to process and understand data more efficiently. Taxpayers,
investors and innovators will benefit from the new transparency and
access to financial data that until now has been locked away in
legacy data formats.”
About Workiva
Workiva, provider of the world’s leading connected reporting and
compliance platform, is used by thousands of enterprises across 180
countries, including more than 75 percent of Fortune 500®
companies, and by government agencies. Our customers have linked
over five billion data elements to trust their data, reduce risk
and save time. For more information about Workiva (NYSE:WK), please
visit workiva.com.
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Kevin McCarthy Workiva Inc. (515) 663-4471 press@workiva.com
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