AMES, Iowa–(BUSINESS WIRE)–Workiva Inc. (NYSE:WK), the corporate powering clear reporting for a greater world, at the moment applauded Senator Mark Warner (D-VA) and Senator Mike Crapo (R-ID) for his or her introduction of the Monetary Knowledge Transparency Act (S.4295) within the 117th Congress.
The Monetary Knowledge Transparency Act (FDTA) would direct eight main U.S. monetary regulatory businesses to undertake uniform, machine-readable knowledge requirements for the knowledge they’re already required to gather from regulated entities. This proposal enhances different legislative efforts to rework authorities knowledge into open, sensible, searchable, and downloadable codecs with out proprietary restrictions.
“At a time when bipartisan assist for points is difficult to come back by, the Monetary Knowledge Transparency Act demonstrates that innovation and capital market effectivity are areas for settlement,” mentioned Workiva Inc. CEO Marty Vanderploeg. “With the expertise out there to our monetary regulatory businesses at the moment, this laws is a game-changer, making certain consistency and transparency throughout the board. We commend Senators Warner and Crapo’s management on this actually transformative invoice and urge Congress to move this common sense laws briefly order.”
The FDTA seeks to modernize monetary regulatory filings to realize comparable efficiencies and advantages present in authorities innovation packages in tax, banking laws, and open knowledge reforms. For instance, within the 1990s, the IRS and state tax authorities harmonized knowledge requirements for tax returns, which remodeled that trade by enabling e-filing. In 2005, the FDIC adopted knowledge requirements for gathering name experiences from U.S. banks, lowering logical and mathematical error charges by greater than 90 % and reducing weeks of time between the submission of the information to the regulator and its subsequent availability to buyers.
The eight main monetary regulatory businesses that will be directed to undertake uniform, non-proprietary machine-readable knowledge requirements underneath the FDTA embody the Division of the Treasury; the U.S. Securities and Change Fee; the Federal Deposit Insurance coverage Company; the Workplace of the Comptroller of the Forex; the Client Monetary Safety Bureau; the Federal Reserve Board; the Nationwide Credit score Union Administration; and the Federal Housing Finance Company.
Traders and regulators want dependable, high quality data in a well timed method. With advances in areas of machine-learning and synthetic intelligence, the modernization proposed by the FDTA will tackle each the wants and the rising alternatives for better sensible knowledge reliability that drives extra environment friendly and automatic compliance reporting options.
About Workiva
Workiva Inc. (NYSE:WK) is on a mission to energy clear reporting for a greater world. We construct and ship the world’s main regulatory, monetary, and ESG reporting options to fulfill stakeholder calls for for motion, transparency, and disclosure of monetary and non-financial knowledge. Our cloud-based platform simplifies essentially the most complicated reporting and disclosure challenges by streamlining processes, connecting knowledge and groups, and making certain consistency. Be taught extra at workiva.com.
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