The budget proposal addresses core priorities from the Biden campaign and earlier policy announcements from the Administration, including for economic recovery, climate change, and equity.
As the volume of cross-border transactions continues to increase, the risk of fraud and criminal activity rises in unison. To combat this, organizations must be able to establish a stakeholder’s legal identity in order to facilitate trust and transparency in transactions worldwide.
The Data Foundation’s Open Data Standards Task Force has issued recommendations that highlight areas where the federal government can take steps in 2021 to immediately institute improvements to financial regulatory data.
The response to COVID-19 using data around the globe suggests that, if societies want to combat future pandemics effectively, it is necessary, to employ new approaches to data governance. This will mean using evidence (data) to lead behavioral change.
Congress passed the Financial Data Transparency Act (FDTA) in late 2022, a long-standing policy priority for the Data Foundation. When enacted, “covered agencies” in the financial regulatory community initiated a rapid implementation process, including reports to Congress from the Securities and Exchange Commission (e.g. Regarding Public and Internal Use of Machine-Readable Data for Corporate Disclosures).
