In a letter to SEC Commissioner Mary Jo White, Rep. Darrell Issa, chairman of the House Committee on Oversight and Government Reform, demanded answers for reports that the agency is “using printouts, pencils and calculators” to manually review filings.
“The SEC’s failure to utilize its own superior data, resulting in a continued cost to taxpayers to access commercial databases, requires explanation,” the California Republican wrote.
Under the 2009 Interactive Data Rule, securities issuers must submit their financial statements in an electronic format known f eXtensible Business Reporting Language (XBRL).
“The Interactive Data Rule is part of a government-wide move toward structured data formats for a wide variety of federal reports and other materials,” Issa continued. “[G]iven the SEC’s awareness of interactive data’s potential, it is surprising that the SEC has not yet integrated interactive data into its internal review processes to improve efficiency or reduce costs.”
Meanwhile, he noted, the SEC has continued to ask Congress for funding to hire additional employees.
Issa: SEC not playing by own data technology rules
By Benjamin Goad - 09/11/13 09:20 PM EDT