Lawmaker Calls for Bailout Formatting

A Republican House member proposed a measure on Thursday that would demand banks receiving bailout funds hand over business results in a special format that is easily accessible, after many open government advocates had urged the administration to require such formatting.

Rep. Darrell Issa, R-Calif., the ranking member on the House Oversight and Government Reform Committee, introduced legislation, H.R. 2392, to standardize federal collection, analysis and publication of financial information regarding the business of companies through the use of eXtensible Business Reporting Language (XBRL).

"The technology exists to create real transparency that would allow us to track TARP dollars and value toxic assets but the Federal government is far behind the curve in implementing available solutions," Issa stated in a press release. "This legislation offers more than the promise of change and transparency, it is a substantive plan to implement it."