Yesterday the United States House of Representatives passed the Digital Accountability and Transparency Act -- a/k/a the DATA Act -- which is designed to enforce better transparency, more effective federal management, and cheaper compliance in the U.S. federal government. When the DATA Act is passed and adopted, US citizens will be able to see how and where their tax dollars are being spent.
The legislation in the House has bipartisan support and will go a long way towards making the federal government's spending open and transparent. In addition, the Senate Homeland Security and Government Affairs Committee has referred an amended version of the House bill out-of-committee, thus setting it up for a vote by the full Senate at some point in the future.
As a member of the Data Transparency Coalition -- the trade association that advocates for data reform in the US government -- OMG fully supports the DATA Act and believes that standardizing data will vastly improve the transparency and accountability of the US government. With the successful passage of the DATA Act here in the US and similar legislation in several European and Asian countries, we believe an age of greater data standardization and transparency will be under way.
Now the Act wends its way through Congress; we encourage all members of the US House of Representatives, Senate and President Obama to swiftly pass a final DATA Act. OMG stands ready -- alongside other standards organizations -- to develop the standards that will help make the US federal government more transparent.
Click here to learn more about the work on semantic data standards that the OMG Financial Services Domain Task Force is currently working on. In addition to the standardization efforts led by our members, I personally have joined forces with David Saul, Senior Vice President of State Street Bank; Said Tabet, CTO, Governance, Risk and Compliance Strategy, EMC; David Blaszkowsky, until recently a US Federal financial regulator; and Lars Toomre, Managing Director of Toomre Capital Markets, in an informal group we call the Financial Semantics Collaborative, spreading the message of data collaboration and quality, governance and standards.