H.R. 6038: Financial Industry Transparency Act of 2010

111th Congress · introduced 2010-07-30 · Finance and Financial Sector · Latest: Referred to the Subcommittee on General Farm Commodities and Risk Management.

federal

Follow this bill, step by step

Where it came from: introduced 2010-07-30 · official record
Who proposed it: Rep. Issa, Darrell E. [R-CA-49] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the Subcommittee on General Farm Commodities and Risk Management. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Financial Industry Transparency Act of 2010

Plain 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.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Financial Industry Transparency Act of 2010

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Issa, Darrell E. [R-CA-49] · 2 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Sponsor's campaign money: Rep. Issa, Darrell E. [R-CA-49] reported raising $2.2 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)

Securities: Financial investments that can be bought and sold, such as stocks and bonds.
Statute: A written law passed by a legislature. A statute can be changed by a later law; changing a constitution needs an amendment.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-111hr6038.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/111/hr>

Record fed-us-cong111-hr6038 · catalog fed-us-congress-bills-cong111 · updated 2026-11-15 by psicol fed-bills-cong111