DATA Act Celebrated for Combating Fraud and Boosting Innovation
The DATA Act, a pioneering legislation, has been celebrated for its role in combating fraud and stimulating new businesses. A recent summit in Washington, D.C., hosted by the Data Transparency Coalition, highlighted its benefits and future implementation plans.
The DATA Act, passed by the House of Representatives as H.R. 2061 and by the Senate as S. 994, standardizes and publishes federal government's financial reporting and spending data in machine-readable formats. This transparency enables government oversight bodies and the private sector to conduct large-scale data analysis, fostering better decision-making and accountability.
At the Data Transparency Summit, key figures such as Rep. Darrell Issa, Sen. Mark Warner, and Sen. Rob Portman discussed the DATA Act's applications and potential for data-driven governance. Issa argued that increased efficiency through data use could significantly reduce the national debt.
The DATA Act's data standardization provisions also free government agencies from vendor lock-in when using third-party reporting software. By promoting transparency and efficiency, the DATA Act continues to demonstrate its value in fighting fraud and spurring innovation.
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