The proposed Financial Transparency Act brings about a lot of questions. How exactly will it transform financial regulation? The video below explains how:
Most financial regulatory agencies still use outdated document-based formats, instead of standardized, open data, to collect information from the financial industry. The Financial Transparency Act (H.R. 2477), introduced by Rep. Darrell Issa and bipartisan cosponsors, would direct the eight major financial agencies to adopt searchable open data formats for all the information they collect under the securities, commodities, and banking laws.