By: @Kyle Packham
The National Special Districts Coalition (NSDC) recently cosigned a Public Finance Network comment letter to the Securities and Exchange Commission expressing concerns over fiscal impacts of a Proposed Rule to establish data standards to meet financial requirements in the Financial Data Transparency Act of 2022 (FDTA). Collectively the letters’ signatories represent over 100,000 state and local governments and entities from across the country who are affected by the mandates that will be implemented through this and future rulemaking.
Read Public Finance Network comment letter here: PFN Comment S7-2024-05.pdf
The Government Finance Officers Association recently estimated for over 50,000 issuers that cost of compliance to the proposed FDTA is $1.5 billion and, in California alone, "compliance cost to counties may exceed $20m". (Bond Buyer Oct 23, 2024)
A link to the Proposed Rule can be found here: (https://www.fdic.gov/system/files/2024-07/fr-npr-on-financial-data-transparency-act.pdf).
CSDA is a founding member of NSDC and all members of CSDA enjoy full access to NSDC benefits and services.