Digital Financial Reporting

Carolyn Maloney (NY-D) and Patrick McHenry (NC-R) introduced H.R. 4476 on Tuesday, September 24th in the U.S. House of Representatives:

H.R.4476 - To amend securities, commodities, and banking laws to make the information reported to financial regulatory agencies electronically searchable, to further enable the development of RegTech 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. (Full text of the bill)

The bill calls for the eight financial regulatory member agencies of the Financial Stability Oversight Council (FSOC) to adopt uniform data standards for the information they currently collect from regulated entities. Member agencies are the FSOC include:

• Securities and Exchange Commission (SEC),
• Federal Deposit Insurance Corporation (FDIC), 
• Office of the Comptroller of the Currency (OCC), 
• Consumer Financial Protection Bureau (CFPB), 
• Federal Reserve (FED), 
• Federal Housing Finance Agency, the National Credit Union Administration (NCUA), 
• Commodity Futures Trading Commission (CFTC).

Per XBRL US: (emphasis is mine)

Language in the bill calls for the use of a common nonproprietary legal entity identifier that is available under an open license, and for the use of data standards that render data fully searchable and machine-readable, enable high quality data through accompanying metadata, are documented in machine-readable taxonomies, are nonproprietary or made available under an open license, incorporate standards maintained by voluntary consensus standards bodies and are consistent with applicable accounting and reporting principles.

I don't understand how this is tied to what the U.S. Treasury Department is doing per the Data Act.  As I understand it any entity which receives federal grants over $500,000 is required to be audited per the Office of Management and Budget (OMB) A-133 audit or "single audit".  As I understand it there are about 300,000 such grants each year.

Also, I would speculate that the Department of Labor (DOL) per the Employee Retirement Income Security Act of 1974 (ERISA) which requires the audit of certain retirement plans.  As I understand it, there are about 800,000 such plans.