A group of technology companies sent a letter Wednesday to leaders of the House Financial Services Committee objecting to legislation that would exempt companies with under $250 million in annual revenue from existing requirements to file financial statements as machine-readable open data.
The committee approved the legislation in March, but it has not yet been passed in the House (see House Panel Approves Bill Exempting Small Companies from XBRL Requirement). The financial tech companies include Edgar Online, Calcbench, Enigma, FindTheBest and Tagnifi. They have united under the umbrella of a lobbying group called the Data Transparency Coalition. In the letter, they called on the House Financial Services Committee to direct the Securities and Exchange Commission to fully enforce the quality of the financial disclosure data it collects, rather than eliminate open data reporting for most public companies.
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