The Data Act also requires OMB to establish a two-year pilot program to develop recommendations for standardized reporting elements across the federal government, the elimination of unnecessary duplication in financial reporting, and the reduction of compliance costs for recipients of federal awards.
The bill also requires agency inspectors general to review spending data submitted under theact and assess the completeness, timeliness, quality, and accuracy of the data sampled and the implementation and use of data standards by the federal agency. (GAO will also report on federal agency submissions and the implementation of data standards.)
The bill further authorizes OMB to establish a data analysis center (to be funded with assets from the Recovery Accountability and Transparency Board), or expand an existing service, to provide data, analytic tools, and data management techniques to support the prevention and reduction of improper payments, and the improvement of efficiency and transparency in federal spending.
