WASHINGTON. D.C.– House Committee on Oversight and Government Reform Ranking Member Darrell Issa (R-CA) introduced legislation today to implement real transparency that will allow government officials and the public to track the use of TARP funds and value toxic assets.
“The technology exists to create real transparency that would allow us to track TARP dollars and value toxic assets but the Federal government is far behind the curve in implementing available solutions,” said Issa. “This legislation offers more than the promise of change and transparency, it is a substantive plan to implement it.”
H.R. 2392, the Government Information Transparency Act, standardizes the collection, analysis, and dissemination of business information by federal agencies. It mandates the use of 21st century information technology under a single data standard known as eXtensible Business Reporting Language (XBRL) and requires that collected information be made readily available for public access to the extent permitted by law.
XBRL is already in place as a reporting standard in approximately 40 countries around the world. Banks in the U.S. are currently required to disclose information to the FDIC in XBRL format. The SEC recently approved a final rule mandating the use of XBRL for all public company reporting, with some companies required to comply starting in June of 2009.
Click here to read the legislation.