This is a link to public input provided to Treasury related to the establishment of financial data standards. Treasury is required to implement these standards as part of The Data Act which was passed earlier this year by the US Congress and signed by the president. The Data Transparency Coalition played a major role in getting this legislation enacted as law.
This video is of a hearing of the House Committee on Oversight and Government Reform, a discussion about implementing The DATA Act. It is worth watching. The video helps one understand how tax payers will benefit from enacting this law.
Be sure to read my public input! Use the first link above to get to the list of comments.