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, meaning a standard that specifies rules by which data is described and recorded, 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 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 nonproprietary legal entity identifier that is available under an open license (as defined under section 3502 of title 44, United States Code) for all entities required to report to member agencies. The data standards promulgated under subsection
(a)shall, to the extent practicable— render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code); enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements; assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata; be nonproprietary or made available under an open license; incorporate standards developed and maintained by voluntary consensus standards bodies; and use, 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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