Issa Announces MADOFF Transparency Act to Modernize Financial Reporting

Press Release

Today, at the Data Transparency Coalition's financial regulation summit in Washington, D.C., Congressman Darrell Issa (CA-49) announced the forthcoming introduction of the Making All Data Open for Financial Transparency (MADOFF) Act.

According to Issa, "By directing federal financial regulators to adopt consistent standards, the Making All Data Open for Financial (MADOFF) Transparency Act modernizes the process of financial regulatory reporting, while also increasing transparency throughout federal regulatory agencies.

"This has three primary benefits: first, public access to open, searchable regulatory reporting data promises new ways for investors to evaluate investment opportunities. Second, modernization would improve oversight efficiency and effectiveness, by ensuring all regulators are "reading from the same page,' so to speak, as opposed to a dozen agencies employing a dozen different approaches. Finally, an updated process promises to ease the burden placed on business owners by phasing out a cumbersome and outdated system based on paperwork in favor of widely-available technology that can simplify and automate reporting tasks."

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