Sec. 101. Data standards
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Subtitle A of title I of the Financial Stability Act of 2010 ( 12 U.S.C. 5311 et seq.) is amended by adding at the end the following: The Secretary of the Treasury shall, by rule, promulgate data standards for the information reported to member agencies by financial entities under the jurisdiction of the member agency and the data collected from member agencies on behalf of the Council. Member agencies, in consultation with the Secretary of the Treasury, shall implement regulations promulgated by the Secretary of the Treasury under subsection
(a)to standardize the types and formats of data reported to member agencies or collected on behalf of the Council, as described under subsection (a). If a member agency fails to implement such regulations prior to the expiration of the 3-year period following the date of publication of final regulations, the Secretary of the Treasury, in consultation with the Chairperson, may implement such regulations with respect to the financial entities under the jurisdiction of the member agency. The data standards promulgated under subsection
(a)shall include— common identifiers for information reported to member agencies or collected on behalf of the Council, including a common legal entity identifier for all entities required to report to member agencies; and common data formats for information reported to member agencies or collected on behalf of the Council. The data standards promulgated under subsection
(a)shall, to the extent practicable— render information fully searchable and machine-readable; be nonproprietary; incorporate standards developed and maintained by voluntary consensus standards bodies; and be consistent with and implement applicable accounting and reporting principles. In promulgating data standards under subsection (a), the Secretary of the Treasury shall consult with other Federal departments and agencies and multi-agency initiatives responsible for Federal data standards. In promulgating data standards under subsection (a), the Secretary of the Treasury shall seek to promote interoperability of financial regulatory data across members of the Council. . The table of contents under section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by inserting after the item relating to section 123 the following: Sec. 124. Data standards. .
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