Financial Industry Transparency Act of 2010
Latest action · Nov 16, 2010 Referred to the Subcommittee on General Farm Commodities and Risk Management.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 30, 2010
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Financial Industry Transparency Act of 2010 - Amends the Financial Stability Act of 2010 to instruct the Financial Stability Oversight Council (Council) to adopt, according to specified requirements, data standards for all financial data received by it or by the Office of Financial Research (Office).
Directs the Board of Governors of the Federal Reserve System (Board) to adopt data standards for financial data regularly submitted to it by any nonbank financial company, savings and loan holding company or subsidiary (other than a depository institution), financial market utility, or institution under the Payment, Clearing, and Settlement Supervision Act of 2010.
Amends the Federal Reserve Act to direct the Board to ensure that the information provided on its Web site as required by statute is available in a format consistent with a financial data standard.
Amends the Federal Deposit Insurance Act to direct the Federal Deposit Insurance Corporation (FDIC) to adopt data standards for all financial data that it receives from any financial company or submits to Congress under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Amends the Revised Statutes of the United States to instruct the Comptroller of the Currency to adopt data standards for all financial data regularly filed with the Comptroller by any financial institution.
Amends the Investment Advisers Act of 1940 to require the Securities and Exchange Commission (SEC) to adopt a data standard for any financial data that is included in reports filed with it by investment advisers.
Amends the Securities Exchange Act of 1934 to direct the SEC to adopt a data standard for: (1) all quantitative data that nationally recognized statistical rating organizations (NRSROs) are required to either submit to the Commission, or to disclose publicly; (2) mandatory periodic and current corporate reports; (3) corporate proxy and consent solicitation materials; and (4) the reporting of security-based swap transactions.
Amends the Securities Act of 1933 to direct the SEC to adopt a data standard for asset-backed securities disclosures and for corporate registration statements.
Amends United States Monetary Code to direct the Office of National Insurance to adopt a data standard for all financial data that it requires any insurer or affiliate to submit directly to it.
Requires all these agencies to ensure the public accessibility of financial data subject to their standards.
Amends the Commodity Exchange Act to direct the Commodities Future Trading Commission (CFTC) to adopt a standard for swap transaction data that is subject to specified public availability requirements.
Cosponsors 2
Members who signed on, in the order they did. All signed on Jul 30, 2010.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Edolphus Towns | Original | Jul 30, 2010 |
| R-AL | Spencer Bachus | Original | Jul 30, 2010 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jul 30, 2010 |
| House | Agriculture Committee | Referred Jul 30, 2010 |
| General Farm Commodities, Risk Management, and Credit Subcommittee | Referred Nov 16, 2010 |
Actions 5
Everything that happened, newest first.
- Nov 16, 2010Referred to the Subcommittee on General Farm Commodities and Risk Management.
- Jul 30, 2010Introduced in House
- Jul 30, 2010Referred to House Financial Services
- Jul 30, 2010Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- Jul 30, 2010Referred to House Agriculture
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to increase financial industry transparency, and for other purposes.
- Short Titles as Introduced
- Financial Industry Transparency Act of 2010
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Accounting and auditing
- Administrative law and regulatory procedures
- Banking and financial institutions regulation
- Business records
- Department of the Treasury
- Federal Deposit Insurance Corporation (FDIC)
- Federal Reserve System
- Finance and Financial Sector
- Financial services and investments
- Government information and archives
- Insurance industry and regulation
- Securities
- Securities and Exchange Commission (SEC)
Text 1
Each version as it was printed, newest first.
- Jul 30, 2010Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
