Financial Data Transparency Act of 2022

Senate Bill 4295 - Financial Data Transparency Act of 2022: Overview, Status, and Impact

Hozzl · 2022-12-29T16:48:34Z

Explore the details of Senate Bill 4295 Financial Data Transparency Act of 2022 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/29/2022, 4:48 PM

Congressional Summary of S 4295

Financial Data Transparency Act of 2022

This bill requires federal financial regulatory agencies to adopt specified data standards with respect to format, searchability, and transparency.

The bill also decreases, beginning September 30, 2031, the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)

The Government Accountability Office must report on the feasibility of applying the taxonomy established by this bill to the wider federal government.

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Current Status of Bill S 4295

Bill S 4295 is currently in the status of Bill Introduced since May 24, 2022. Bill S 4295 was introduced during Congress 117 and was introduced to the Senate on May 24, 2022. Bill S 4295's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of May 24, 2022

Bipartisan Support of Bill S 4295

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 4295

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 4295

Financial Data Transparency Act of 2022

A bill to amend securities and banking laws to make the information reported to financial regulatory agencies electronically searchable, to further enable the development of regulatory technologies and artificial intelligence applications, to put the United States on a path towards building a comprehensive Standard Business Reporting program to ultimately harmonize and reduce the private sector's regulatory compliance burden, while enhancing transparency and accountability, and for other purposes.