Detailed Summary

Government Information Transparency Act - Requires the Director of the Office of Management and Budget (OMB) to adopt a single data standard: (1) for the collection, analysis, and dissemination of business and financial information for use by private sector entities in accordance with this Act for information required to be reported to the federal government; and (2) for use by agencies for federal financial information.

Requires the standard to: (1) be common across all agencies; (2) be a widely accepted, open source, nonproprietary, searchable, computer-readable format for business and financial data; (3) be consistent with and implement U.S. generally accepted accounting principles for federal financial accounting standards, industry best practices, and federal regulatory requirements; (4) improve the transparency, consistency, and usability of business and financial information; and (5) be capable of being continually upgraded.

Requires the Director: (1) within 180 days, to issue guidance to agencies on the use and implementation of the single data standard for information required to be reported to agencies by the private sector; (2) within one year, to develop the single data standard required for use by federal agencies for federal financial information; and (3) within 18 months, to issue guidance to agencies on the use and implementation of the single data standard.

Directs each agency head to ensure that information collected using the single data standard is accessible to the general public.

Requires the Director, within one year, to submit to the House Committee on Oversight and Government Reform and the Senate Committee on Homeland Security and Government Affairs a report on the status of the implementation of this Act.

Status of the Legislation

Latest Major Action: 7/30/2009: Placed on the Union Calendar, Calendar No. 133.

Points in Favor

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Points Against

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