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."
Aliya Sternstein
Aliya Sternstein reports on cybersecurity and homeland security systems for Nextgov. She has covered technology for nine years at such publications as National Journal's TechnologyDaily, Federal Computer Week and Forbes. Before joining Government Executive, she covered agriculture and derivatives trading for Congressional Quarterly. She has been a guest commentator on C-SPAN, WTOP and Federal News Radio. She is a graduate of the University of Pennsylvania.
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