H.R. 2989: Financial Transparency Act of 2021

CBO Score

$500 thousand

Date of Report

Mon October 25th, 2021

CBO Report Details

Legislation Details

117th Congress

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.

Sponsor: Rep. Carolyn Maloney — D — NY

Requires federal financial regulatory agencies to adopt specified data standards with respect to format, searchability, and transparency. 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.)

View the full vote history of this bill on GovTrack.us.

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