The Financial Data Transparency Act (FDTA) is designed to modernize the collection and dissemination of financial data by federal financial regulators, making that information more accessible, more uniform, and ultimately more useful to investors and consumers through the MRSB.  This legislation is being proposed by US Senator Warner from Virginia and Senator Crapo from Idaho, known as SB4295.  It is currently being considered as part of the federal defense authorization legislation which must be passed by the end of the year.  Section 203 of the legislation requires the MSRB to establish uniform reporting requirements for financial reporting of data from issuers.  This mandate would require all governments to use this uniform reporting without providing for funding to implement this disclosure. There is also not a requirement that these disclosures be in accordance with GASB issued GAAP.

The Government Finance Officer's (GFOA) has created a website and provided a podcast outlining the issues and concerns with the proposal.  Please take time to educate yourself and if you feel inclined to reach out to our elected Senators. Timely reaching out to our Senators is important since they must pass the federal defense authorization by the end of the year. Please reach out to Bret Brodersen the Professional Rules and Operational Standards Chair at if you have any questions.

GFOA website Link: New Financial Reporting Requirements for Governments Proposed in U.S. Senate: A Costly and Burdensome Unfunded Mandate (
GFOA Podcast: The Financial Data Transparency Act: What GFOA Members Need to Know by GFOA (
Information on the FDTA from Senator Warner’s website: data-transparency-act-fact-sheet.pdf.
Template Letter Opposed to Finanical Data Transparcney Act inclusion in defense authorization act 10042022