Issa wants to know who killed data transparency amendment

A data transparency clause in the financial overhaul legislation has mysteriously disappeared from the final version of the bill to the consternation of its sponsor, Rep. Darrell Issa (R-Cali.).

The clause, which has attracted bipartisan support, would require regulators to post financial industry filings online in a standards electronic format such as Extensible Business Reporting Language or XBRL. XBRL allows users to easily search and share financial data; the Securities and Exchange Commission passed a rule in December requiring companies to use the format when filing their electronic disclosures.

Issa worked with House Financial Services Committee chairman Barney Frank (D-N.Y.) on the amendment to the financial regulatory reform bill only to see it disappear from the conference report that passed the House Wednesday without any explanation. Issa spokesman Frederick Hill said no one has publicly voiced opposition to the amendment but attributed its disappearance to the Senate side of the conference committee.

"It's deeply disappointing that bipartisan transparency provisions were removed from the conference report in a manner that couldn't have been any less transparent," Hill told Nextgov. Transparency advocates have long touted the benefits of XBRL for financial disclosures; it is currently the most popular format for financial data because it uses the markup language XML to make any document searchable.

Frank said he will try again by sending the proposal to the House floor for a vote. Hill said Issa is also similarly unwillling to give up.

"Mr. Issa is committed to this and going to continue to push for this," Hill said.