Financial Transparency Act of 2021

Floor Speech

Mr. Speaker, I rise in support of Representative Maloney and Ranking Member McHenry's bipartisan legislation, H.R. 2989, the Financial Transparency Act of 2021.

Our securities and banking laws require financial regulatory agencies to collect countless pieces of data from regulated entities each year. Yet, there is no consistency in the manner in which they collect this data. As a result, data is often difficult to find and to understand.

This commonsense legislation ensures our regulatory agencies are working together to adopt consistent data fields and formats for the information they collect.

The bill will require our banking and securities regulators to better organize data and make this information available in open-source formats. This, in turn, benefits investors, businesses, and even the Federal Government.

Setting data standards will foster more transparency and increase the efficiency for everyone who generates, collects, and uses the information.

This bill will make financial data more easily available. It will also reduce overhead costs and streamline workloads.

I applaud Congresswoman Maloney and Ranking Member McHenry for their commitment to this issue.

Reforming our information management practices and establishing uniform data standards for regulatory reporting is critical to ensuring an efficient and effective regulatory framework.

I urge Members to support this commonsense piece of legislation and vote ``yes'' on H.R. 2989, the Financial Transparency Act of 2021.

BREAK IN TRANSCRIPT

Mrs. WAGNER. Mr. Speaker, I urge my colleagues to support H.R. 2989, and I yield back the balance of my time.

BREAK IN TRANSCRIPT

Source