Since President Obama signed the Digital Accountability and Transparency Act in May 2014, federal agencies have been hard at work implementing data standards and establishing a framework for increasing financial transparency by May 2017. The Office of Management and Budget and the Treasury Department are leading the effort.
The DATA Act requires two things. First, agencies must standardize information they report about their finances, grants and contracts, using common fields and formats established by OMB and Treasury. Second, once all the spending data has been standardized, Treasury and OMB will publish it on a much-expanded version of the USASpending.gov website. Meanwhile, a pilot program is under development to test whether the same standards should be applied to the information nonfederal grantees and contractors must report. Read More