The future impact of the Digital Accountability and Transparency Act of 2011 (DATA Act) on recipients of federal appropriated funds remains uncertain, as there has yet to be resolution between the differences in the House-approved and Senate-proposed versions of the bill.
The House-approved bill laid out three main objectives:
- Establish a universal standard for collecting data on federal spending via a public database.
- Create the Federal Accountability and Spending Transparency (FAST) Board as the permanent successor to the Recovery Accountability and Transparency Board created by the American Recovery and Reinvestment Act of 2009.
- Require nearly all recipients of federal funds – including grants, contracts, and loans – to report on a regular basis on their use of the money.
Among the differences between the two versions of the act are issues such as recipient reporting requirements, data standards, and use of existing infrastructure, to name a few. Crowe continues to monitor the progress of the act and will communicate the final outcome and potential effects once these are determined.
View the full House bill for more information.