Public Finance Network Letter on Financial Data Transparency Act

On September 29, GFOA led a Public Finance Network (PFN) letter responding to recent efforts to advance S. 4295, the Financial Data Transparency Act (FDTA) in the U.S. Senate. The letter was joined by several public issuer groups and expressed concerns about the potential implications if the bill were enacted. In particular, the concerns focused on Section 203 of the bill given the seemingly broad language granting the Municipal Securities Rulemaking Board (MSRB) with the authority to develop data standards related to the financial reporting for state and local governments. Additionally, the letter expressed concern over the potential costs and confusion new standards would create especially given the significant financial transparency standards already in place. Click HERE to review the letter, and click HERE for additional GFOA analysis and resource page on FDTA.