Bipartisan Bill Promises to Reduce Regulatory Burdens and Create Trusted Transparency in Federal Government Data
Workiva Inc. (NYSE:WK), today announced its support of the reintroduction of the Financial Transparency Act (FTA) (H.R. 2989) in the 117th U.S. Congress by Reps. Carolyn Maloney (D-NY) and Patrick McHenry (R-NC).
The FTA proposes the establishment of a framework that will improve the efficiency of regulatory reporting by requiring eight major U.S. financial regulatory agencies to adopt consistent data fields and formats, including uniform, machine-readable data standards and non-proprietary, legal entity identifiers for regulated entities. Additionally, the FTA directs financial regulatory agencies to make their reporting information electronically searchable, downloadable in bulk, and available without license restrictions or fees.
“The Financial Transparency Act is common-sense legislation that will drive innovation and efficiency,” said Marty Vanderploeg, chief executive officer of Workiva. “We continue to be encouraged by the federal government's progress in improving how agencies collect, use and publish data. There is a tremendous opportunity unlocked when trusted and transparent data are reported.”
Workiva works with the Data Coalition, a membership-based initiative that advocates for responsible policies to make government data high-quality, accessible, and usable, and has been supporting lawmakers on the reintroduction of the bipartisan bill.
Find out more information on the FTA and the efforts of Workiva and the Data Coalition.
Workiva Inc. (NYSE: WK) simplifies complex work for thousands of organizations worldwide. Customers trust Workiva’s open, intelligent and intuitive platform to connect data, documents and teams. The results: improved efficiency, greater transparency and less risk. Learn more at workiva.com.
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