Update (nearly two years later to the day):
My comments to a colleague over at ATCA on Yammer:
H.R. 2146 The DATA Act passed the House yesterday. Mark Warner is scheduled to introduce the companion bill in the Senate today. A synosis from an AP piece: On a voice vote, the House backed the Digital Accountability and Transparency Act, known as the DATA Act. The legislation would establish uniform standards for all recipients to report federal money and set up a single website where average Americans could search for information on how government agencies, departments and other recipients spend federal funds.
Read more: AP blurb on Foxnews
#Occupy needs to be on this ferociously. Extensible business reporting language (XBRL — pronounced “ecks burl”) is growing as a global accounting and reporting technology and the various accounting standards boards are bringing their standard vocabularies (taxonomies) into alignment. The question is: once #Occupy can identify wrong doing, do they have a legal fund and PAC strategy to pursue it? Notably, the National Governors Association came out against DATA ostensibly because it is filled with unfunded federal mandates. Point well taken. But the amount of savings each State would accrue by putting XBRL into their “data chains” would create so many efficiencies and cost savings it would be hard to anticipate at this point. However, it would also allow for apples to apples comparisons of States’ programs and we would know within a very short time who is overpaying and who is getting the graft, kickbacks, sweetheart deals, etc.
# # # #
From April, 2010: