U.S. Rep. Darrell Issa (R-CA) recently discussed the upcoming introduction of the Making All Data Open for Financial Transparency (MADOFF) Act, legislation that would clean up the reporting of federal financial regulations by implementing new standards.
“By directing federal financial regulators to adopt consistent standards, the Making All Data Open for Financial Transparency Act modernizes the process of financial regulatory reporting, while also increasing transparency throughout federal regulatory agencies,” Issa said during the Financial Regulation Summit, hosted by the Data Transparency Coalition in Washington, D.C. on Tuesday.
The congressman went on to layout the plan for the legislation.
“This has three primary benefits,” Issa said. “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 Finally, an updated process promises to ease the burden placed on business owners by phasing out a cumbersome and outdated system based on paperwork in favor of widely available technology that can simplify and automate reporting tasks.”