McHenry, Maloney Introduce Bipartisan Financial Transparency Act

September 27, 2019 by Dan McCue

WASHINGTON – Reps. Patrick McHenry, R-N.C., and Carolyn Maloney, D-N.Y., have introduced legislation to make financial data more easily available online and less opaque.

McHenry, ranking Republican of the House Financial Services Committee, said with technology playing such a large role in American’s financial lives, it just makes sense for financial regulators to use the same technology to make public data more easily accessible.

“I was glad to partner with Rep. Maloney to introduce this commonsense solution that will streamline data sets, benefiting everyone from financial institutions to tech startups,” he said.

Maloney, chair of the House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, said H.R. 4476, also called the Financial Transparency Act, will “bring financial reporting into the 21st Century.”

She said it would do so by making information easier to access, while reducing unnecessary regulatory burdens for businesses across the country.

“This bill is a true win-win because it helps investors, businesses, and the government,” Maloney said. “I’ve long been an advocate for structured data in financial reporting, and I’m proud to introduce this bill with Ranking Member McHenry.”

The Financial Transparency Act would require all eight of the country’s financial regulators to adopt a set of data collection and dispersion standards for the information they collect under current law, including the adoption of electronic forms to replace paper-based forms.

All data would be made available in an open source format that is electronically searchable, downloadable in bulk and without license restrictions.

But H.R. 4476 wasn’t the only bill related to finance that McHenry introduced this week.

On Tuesday, he introduced H.R. 4458, the Cybersecurity and Financial System Resilience Act of 2019, to combat cybersecurity threats facing the Federal Reserve System.

 “This legislation works to ensure the Federal Reserve is prioritizing cybersecurity and modernization to combat the growing threat of cyberattacks to our financial system,” McHenry said in a statement.

The bill would give the Board of Governors of the Federal Reserve System 180 days from enactment of the legislation to provide a report and briefings to the House Financial Services Committee and Senate Banking Committee on its cybersecurity efforts.

Following the initial report, the Board would be required to update Congress annually.

In the report, the Federal Reserve would be required to detail its policies and procedures that guard against:

  • Efforts to deny access to or degrade, disrupt, or destroy an information and communications technology system or network;
  • Efforts to filtrate information from such a system or network without authorization;
  • Malware attacks;
  • Denial of service activities; and
  • Any other efforts that, in the determination of the Board, may threaten the functions of the Federal Reserve System by undermining cybersecurity.

Additionally, the report would detail activities the Federal Reserve has undertaken to strengthen cybersecurity in coordination with departments and agencies of the Federal Government, foreign central banks, and other partners.

“We need to ensure the Fed is working with financial institutions, regulators, third-party service providers, and government partners to ensure that all parties are appropriately prioritizing and safeguarding American’s most sensitive information and our financial system,” McHenry said.

“My bill ensures Congress is read-in on the Fed’s cybersecurity countermeasures, and its oversight functions of financial institutions, to help us better protect consumers from the threats of tomorrow,” he added.

Finance

Supreme Court Holds SEC Can Recoup Money in Fraud Cases
Finance
Supreme Court Holds SEC Can Recoup Money in Fraud Cases
June 22, 2020
by Dan McCue

WASHINGTON - With decisions in several high profile cases pending -- including one on whether President Donald Trump can shield his financial records from Congressional scrutiny --  the U.S. Supreme court on Monday opted to rule on a case with quite a bit lower profile. By... Read More

NY Stock Exchange Reopens for First Time in Two Months
Finance
NY Stock Exchange Reopens for First Time in Two Months
May 26, 2020
by Dan McCue

The trading floor of the New York Stock Exchange reopened Tuesday, and though it was largely seen as a symbolic first step toward economic recovery, the financial markets opened with a surge of optimism. In early trading, the Dow Jones Industrial Average was up 600 points,... Read More

Ratings Agency Says Non-Bank Mortgage Lenders Face 'Intense' Liquidity Crunch
Economy
Ratings Agency Says Non-Bank Mortgage Lenders Face 'Intense' Liquidity Crunch
April 3, 2020
by Dan McCue

WASHINGTON - The rating agency Moody's downgraded its outlook for non-bank mortgage lenders in the U.S. from "stable" to "negative" on Thursday, warning the industry faces "intense" liquidity problems due to the ongoing coronavirus outbreak. As previously reported in The Well News, nonbank lenders like ABC... Read More

Burr Faces Lawsuit Over Sale of Up to $1.7 Million in Stock
Litigation
Burr Faces Lawsuit Over Sale of Up to $1.7 Million in Stock

CHARLOTTE, N.C. — Fallout continued this week over revelations that U.S. Sen. Richard Burr dumped up to $1.7 million in stock after private briefings about the coronavirus, including a personal lawsuit against him. Politico reported the shareholder suit against Burr in U.S. District Court for the... Read More

Warren Stand on Private Equity Under Scrutiny at House Hearing
Finance
Warren Stand on Private Equity Under Scrutiny at House Hearing
December 6, 2019
by Dan McCue

WASHINGTON - Massachusetts Sen. Elizabeth Warren may score political points with the far left-wing of her party by vowing to rein in the ills of the private equity industry, but her proposals came under fire at a recent House Financial Services Committee. Warren's Stop Wall Street... Read More

Zuckerberg Threatened With Facebook Breakup
Congress
Zuckerberg Threatened With Facebook Breakup

WASHINGTON — Facebook CEO Mark Zuckerberg faced a threat to break up his company as a congressional hearing opened on the social media giant’s proposal to establish a cryptocurrency, Libra. The cryptocurrency proposal drew scrutiny due to Facebook Inc.’s enormous base of more than 2 billion... Read More

News From The Well
scroll top