Workiva Supports Reintroduction of the Financial Transparency Act in the U.S. House of Representatives

Rhea-AI Summary

Workiva (NYSE: WK) has announced its support for the reintroduction of the Financial Transparency Act (H.R. 2989) in the U.S. Congress. This legislation aims to enhance regulatory reporting efficiency by establishing consistent data fields among eight major U.S. financial regulatory agencies. The Act promotes machine-readable data standards and mandates that agencies make their reporting information searchable and available for free. CEO Marty Vanderploeg emphasized the potential for increased innovation and efficiency through transparent data reporting.

Positive

• Support for the Financial Transparency Act may enhance regulatory efficiency.
• Potential for increased innovation through consistent data reporting standards.

Negative

• None.

Workiva Inc. (NYSE:WK), today announced its support of the reintroduction of the Financial Transparency Act (FTA) (H.R. 2989) in the 117th U.S. Congress by Reps. Carolyn Maloney (D-NY) and Patrick McHenry (R-NC).

The FTA proposes the establishment of a framework that will improve the efficiency of regulatory reporting by requiring eight major U.S. financial regulatory agencies to adopt consistent data fields and formats, including uniform, machine-readable data standards and non-proprietary, legal entity identifiers for regulated entities. Additionally, the FTA directs financial regulatory agencies to make their reporting information electronically searchable, downloadable in bulk, and available without license restrictions or fees.

“The Financial Transparency Act is common-sense legislation that will drive innovation and efficiency,” said Marty Vanderploeg, chief executive officer of Workiva. “We continue to be encouraged by the federal government's progress in improving how agencies collect, use and publish data. There is a tremendous opportunity unlocked when trusted and transparent data are reported.”

Workiva works with the Data Coalition, a membership-based initiative that advocates for responsible policies to make government data high-quality, accessible, and usable, and has been supporting lawmakers on the reintroduction of the bipartisan bill.

Find out more information on the FTA and the efforts of Workiva and the Data Coalition.

About Workiva

Workiva Inc. (NYSE: WK) simplifies complex work for thousands of organizations worldwide. Customers trust Workiva’s open, intelligent and intuitive platform to connect data, documents and teams. The results: improved efficiency, greater transparency and less risk. Learn more at workiva.com.

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FAQ

What is the Financial Transparency Act supported by Workiva (WK)?

The Financial Transparency Act (H.R. 2989) aims to improve regulatory reporting efficiency by requiring consistent data fields and formats among U.S. financial regulatory agencies.

How does the Financial Transparency Act impact regulatory agencies?

The Act directs financial regulatory agencies to adopt uniform data standards and make reporting information electronically searchable and downloadable.

Who introduced the Financial Transparency Act in Congress?

The Act was introduced by Reps. Carolyn Maloney (D-NY) and Patrick McHenry (R-NC).

What are the benefits of the Financial Transparency Act for Workiva (WK)?

The Act may promote innovation and efficiency, which aligns with Workiva's mission to simplify complex reporting processes.