H.R. 2477: Financial Transparency Act of 2015

114th Congress · introduced 2015-05-20 · Finance and Financial Sector · Latest: Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

federal

Follow this bill, step by step

Where it came from: introduced 2015-05-20 · 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 Commodity Exchanges, Energy, and Credit. 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 Transparency Act of 2015

Plain summary

Financial Transparency Act of 2015 This bill directs the Office of Financial Research of the Department of the Treasury and the following financial regulatory agencies to adopt data standards for all information collected or received by them, including corporate financial data: the Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Bureau of Consumer Financial Protection, the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission, the National Credit Union Administration, and the Federal Housing Finance Agency. The Financial Stability Act of 2010 is amended to direct the Office of Financial Research (OFR) to promulgate data standards, including common identifiers and data formats, for the information reported to member agencies or collected on behalf of the Financial Stability Oversight Council. The OFR must publish any public information (with specified exceptions) as open data, freely available for download in bulk, accessible via application programming interface where appropriate, and offered without any registration requirement or reuse restriction (open data publication). The Investment Advisers Act of 1940 is amended to require the SEC to adopt data standards incorporating those promulgated by the OFR and apply them to: investment advisers reports and registration statements, information submitted by nationally recognized statistical rating organizations, asset-backed securities disclosures, corporate disclosures in registration statements and prospectuses, periodic and current corporate disclosures, corporate proxy and consent solicitation materials, and security-based swap reporting. The SEC, like the OFR, must publish all public information as open data. The Municipal Securities Rulemaking Board and national securities associations must likewise adopt OFR-promulgated data transparency standards. The SEC must, by rule, adopt a data standard that is both human-readable and machine-readable, and that complies with this Act regarding corporate financial data for which it was using the eXtensible Business Reporting Language standard. The SEC shall also establish a program to improve the quality of corporate financial data furnished by issuers. The Federal Deposit Insurance Act is amended to require the Federal Deposit Insurance Corporation to adopt the data standards and open data publication requirements prescribed in this Act and apply them to all information received from a depository institution or financial company. The Revised Statutes of the United States, the Consumer Financial Protection Act of 2010, the Commodity Exchange Act, the Federal Credit Union Act, and the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 are amended to direct the Comptroller of the Currency, the Consumer Financial Protection Bureau, the Commodity Futures Trading Commission, the National Credit Union Administration Board, and the Federal Housing Finance Agency, respectively, to adopt, for all information regularly submitted to them, the data standards and open data publication requirements prescribed by this Act.

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 Transparency Act of 2015

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] · 35 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

David Schweikert (R-AZ), Mike Quigley (D-IL), James P. McGovern (D-MA), Joe Wilson (R-SC), Tom Emmer (R-MN), Elise M. Stefanik (R-NY), Tim Walberg (R-MI), Tammy Duckworth (D-IL), Andy Barr (R-KY), Seth Moulton (D-MA), Brian Babin (R-TX), Julia Brownley (D-CA), Donald S. Beyer, Jr. (D-VA)

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 (5)

Appropriation: Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
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-114hr2477.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/hr>

Record fed-us-cong114-hr2477 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114