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Submitted by Workiva
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AMES, Iowa, June 1, 2022 /CSRwire/ — Workiva Inc. (NYSE:WK), the corporate powering clear reporting for a greater world, right now 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 information requirements for the data they’re already required to gather from regulated entities. This proposal enhances different legislative efforts to rework authorities information into open, sensible, searchable, and downloadable codecs with out proprietary restrictions.
“At a time when bipartisan help for points is difficult to come back by, the Monetary Knowledge Transparency Act demonstrates that innovation and capital market effectivity are areas for settlement,” stated Workiva Inc. CEO Marty Vanderploeg. “With the expertise accessible to our monetary regulatory businesses right now, this laws is a game-changer, guaranteeing consistency and transparency throughout the board. We commend Senators Warner and Crapo’s management on this actually transformative invoice and urge Congress to go this common sense laws briefly order.”
The FDTA seeks to modernize monetary regulatory filings to achieve comparable efficiencies and advantages present in authorities innovation packages in tax, banking rules, and open information reforms. For instance, within the 1990s, the IRS and state tax authorities harmonized information requirements for tax returns, which reworked that business by enabling e-filing. In 2005, the FDIC adopted information requirements for amassing name experiences from U.S. banks, decreasing 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 traders.
The eight main monetary regulatory businesses that might be directed to undertake uniform, non-proprietary machine-readable information requirements beneath the FDTA embrace 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 Foreign money; the Shopper 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 handle each the wants and the rising alternatives for better sensible information 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 satisfy stakeholder calls for for motion, transparency, and disclosure of economic and non-financial information. Our cloud-based platform simplifies probably the most complicated reporting and disclosure challenges by streamlining processes, connecting information and groups, and guaranteeing consistency. Be taught extra at workiva.com.
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Media:
Darcie Brossart
Workiva Inc.
press@workiva.com
(515) 663-4471
Supply: Workiva Inc.
Workiva
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 satisfy stakeholder calls for for motion, transparency, and disclosure of economic and non-financial information. Our cloud-based platform simplifies probably the most complicated reporting and disclosure challenges by streamlining processes, connecting information and groups, and guaranteeing consistency. Be taught extra at workiva.com.
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