{"format":1,"id":"117-hr-2989","congress":117,"number":"H.R. 2989","kind":"bill","group":"bills","title":"Financial Transparency Act of 2021","title_source":"Short Title(s) as Passed House","official_title":"To amend securities, commodities, and banking laws to make the information reported to financial regulatory agencies electronically searchable, to further enable the development of RegTech and Artificial Intelligence applications, to put the United States on a path towards building a comprehensive Standard Business Reporting program to ultimately harmonize and reduce the private sector's regulatory compliance burden, while enhancing transparency and accountability, and for other purposes.","titles":[{"type":"Official Title as Introduced","title":"To amend securities, commodities, and banking laws to make the information reported to financial regulatory agencies electronically searchable, to further enable the development of RegTech and Artificial Intelligence applications, to put the United States on a path towards building a comprehensive Standard Business Reporting program to ultimately harmonize and reduce the private sector's regulatory compliance burden, while enhancing transparency and accountability, and for other purposes."},{"type":"Short Titles from RFS (Referred to Senate) bill text","title":"Financial Transparency Act of 2021"},{"type":"Display Title","title":"Financial Transparency Act of 2021"},{"type":"Short Title(s) as Passed House","title":"Financial Transparency Act of 2021"},{"type":"Short Title(s) as Introduced","title":"Financial Transparency Act of 2021"}],"outcome":"passed_house","law_number":null,"introduced":"2021-05-04","chambers":{"house":{"status":"roll_call","date":"2021-10-25","vote":{"id":"117-2021-h333","question":"On Motion to Suspend the Rules and Pass, as Amended","title":"Financial Transparency Act","result":"Passed","yea":400,"nay":19,"present":0,"not_voting":12,"source":"https://clerk.house.gov/evs/2021/roll333.xml"}},"senate":{"status":"na","date":null,"vote":null}},"president":{"status":"na","date":null},"vice_president_tie_breaker":null,"latest_action":{"text":"Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.","date":"2021-10-26"},"nominees":null,"amendments":[],"other_votes":[],"crs_summary":{"date":"2021-10-25","stage":"Passed House","blocks":[{"k":"h","t":"Financial Transparency Act of 2021"},{"k":"p","t":"This bill requires federal financial regulatory agencies to adopt specified data standards with respect to format, searchability, and transparency."},{"k":"p","t":"The bill also decreases, beginning September 30, 2031, the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)"}],"words":56},"summary":{"main_subject":{"text":"Requires the Secretary of the Treasury and a list of federal financial regulators and securities self-regulatory bodies to adopt data standards, including machine-readable and searchable formats, for information filed with them.","cites":[{"label":"Sec. 101","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-H6D38E7723E6B426FB647C4F6DB4B289E"},{"label":"Sec. 201","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-H847DD9068CB143D5B0D6F4DC01BA1B15"},{"label":"Sec. 203","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-H8B79BFBB00E74DC7B58DEEC09C139508"},{"label":"Sec. 204","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-H06D6A8DAEDD84A348561D7E8379B4921"},{"label":"Sec. 301","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-H481E1CB5B37B42BF825CAFA9C2D1795D"},{"label":"Sec. 401","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-H8BC37B5AD41A4DCFB646EADC75BEBC1D"},{"label":"Sec. 501","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-H3B05D0F326464D6884363C636D415B74"},{"label":"Sec. 601","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-H6F141A8E30244E1A9454E9B64F15900F"},{"label":"Sec. 701","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-H8EA5B510D440476889A11D4BE8BA2480"},{"label":"Sec. 801","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-H22B79DF0FD7D4A44931AD889C4474214"}]},"core_areas":["Treasury data standards for financial regulatory reporting","Securities and Exchange Commission filing data standards","Municipal Securities Rulemaking Board and national securities association data standards","Banking, credit union, housing finance and consumer finance regulator data standards","Open data publication by financial regulators","Securities and Exchange Commission data quality program and reports"],"what_it_does":[{"text":"Requires the Secretary of the Treasury to issue rules setting data standards for information that financial entities report to member agencies, including a common nonproprietary legal entity identifier available under an open license.","cite":{"label":"Sec. 101","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-H6D38E7723E6B426FB647C4F6DB4B289E"}},{"text":"Requires the Securities and Exchange Commission to adopt data standards by rule for filings including investment adviser reports, registration statements, periodic and current reports, proxy materials and security-based swap reports.","cite":{"label":"Sec. 201","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-H847DD9068CB143D5B0D6F4DC01BA1B15"}},{"text":"Requires the Federal Deposit Insurance Corporation to adopt data standards by rule for all information it receives from any depository institution or financial company under the Federal Deposit Insurance Act or title II of the Dodd-Frank Act.","cite":{"label":"Sec. 301","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-H481E1CB5B37B42BF825CAFA9C2D1795D"}},{"text":"Requires the Board of Governors of the Federal Reserve System to adopt data standards for information regularly filed by nonbank financial companies, savings and loan holding companies, bank holding companies and financial market utilities or institutions.","cite":{"label":"Sec. 601","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-H6F141A8E30244E1A9454E9B64F15900F"}},{"text":"Requires the Securities and Exchange Commission to set up a corporate financial data quality program within six months and to report every six months on machine-readable data; the section ends after 7 years.","cite":{"label":"Sec. 205","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-HCB9198829123454CAFF3918E53C7F023"}},{"text":"Reduces by $100,000,000 the dollar amount specified in section 7(a)(3)(A) of the Federal Reserve Act, effective September 30, 2031.","cite":{"label":"Sec. 903","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-H3A13E49DB10C4AC3820C5CBA97FBBF6A"}}],"unexpected":[{"category":"off_subject","items":[{"cite":{"label":"Sec. 105","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-H5FD808167247491FABF22D9B79D4D238"},"heading":"Report","effect":"Requires the Comptroller General to report to Congress on the feasibility, costs, and benefits of a Federal Government-wide regulatory compliance standardization mechanism similar to Standard Business Reporting.","amount":null,"quote":"a report on the feasibility, costs, and potential benefits of building upon the taxonomy established by this Act to arrive at a Federal Government-wide regulatory compliance standardization mechanism"},{"cite":{"label":"Sec. 903","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-H3A13E49DB10C4AC3820C5CBA97FBBF6A"},"heading":"Discretionary surplus fund","effect":"Reduces the dollar amount specified in section 7(a)(3)(A) of the Federal Reserve Act by $100,000,000, effective September 30, 2031.","amount":"$100,000,000","quote":"The dollar amount specified under section 7(a)(3)(A) of the Federal Reserve Act (12 U.S.C. 289(a)(3)(A)) is reduced by $100,000,000."},{"cite":{"label":"Sec. 904","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-H2C77F7E1269C4BE0B743542201EB0017"},"heading":"Determination of budgetary effects","effect":"Sets how the Act's budgetary effects are determined for Statutory Pay-As-You-Go Act of 2010 purposes, by reference to a statement printed in the Congressional Record by the House Budget Committee Chairman.","amount":null,"quote":"The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement"}]},{"category":"selective_carve_out","items":[{"cite":{"label":"Sec. 201","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-H847DD9068CB143D5B0D6F4DC01BA1B15"},"heading":"Data standards requirements for the Securities and Exchange Commission","effect":"Requires SEC data standards for several filing types, and lets the SEC scale reporting requirements to reduce burden on emerging growth companies, lending institutions, accelerated filers, smaller reporting companies, and other smaller issuers.","amount":null,"quote":"may scale data reporting requirements in order to reduce any unjustified burden on emerging growth companies, lending institutions, accelerated filers, smaller reporting companies, and other smaller issuers"},{"cite":{"label":"Sec. 901","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-HD2A4A84CF5734239B2C9007177BBAF11"},"heading":"Rules of construction","effect":"Provides that nothing in the Act or its amendments may be construed to apply to activities conducted, or data standards used, exclusively in connection with a monetary policy proposed or implemented by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee.","amount":null,"quote":"Nothing in this Act or the amendments made by this Act may be construed to apply to activities conducted, or data standards used, exclusively in connection with a monetary policy"},{"cite":{"label":"Sec. 902","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-HEDCC4A6A7C4041BF933D7DD8B2F3169E"},"heading":"Classified and protected information","effect":"States that nothing in the Act requires public disclosure of information exempt under the Freedom of Information Act or protected under the Privacy Act or section 6103 of the Internal Revenue Code, and that the named agencies need not amend existing rules on sharing nonpublic information, including confidential supervisory information.","amount":null,"quote":"Nothing in this Act or the amendments made by this Act shall require the disclosure to the public of—"}]},{"category":"process_change","items":[{"cite":{"label":"Sec. 205","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh#toc-HCB9198829123454CAFF3918E53C7F023"},"heading":"Shorter-term burden reduction and disclosure simplification at the Securities and Exchange Commission; sunset","effect":"Requires the SEC to set up a data quality improvement program within six months, issue semiannual reports to congressional committees on machine-readable corporate disclosure data, and ends the section's force after 7 years.","amount":null,"quote":"the Commission shall establish a program to improve the quality of corporate financial data filed or furnished by issuers"}]}],"version":{"type":"Engrossed in House","date":"2021-10-25","rule":"passed","href":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text/eh"},"current":true,"model":"claude-sonnet-5-5","approved":"2026-10-15","approved_by":"checks"},"sources":{"congress_gov":"https://www.congress.gov/bill/117th-congress/house-bill/2989","text":"https://www.congress.gov/bill/117th-congress/house-bill/2989/text"},"card":{"image":"card/item/117-hr-2989.png","v":"fe1d2c6968af","alt":"Votes on Record. H.R. 2989, 117th Congress: Financial Transparency Act of 2021. House: 400 Yea, 19 Nay. Outcome: Passed House, 25 Oct 2021."}}