External | what does this mean? This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Call for US trade associations to lobby Congress on LEIs 11 May 2021 Source: Financial InterGroup In this year's upcoming congressional session, the House will be reintroducing the Financial Transparency Act (FTA). The FTA will amend financial services laws to make data reported to financial regulators electronically searchable and to further enable the development of RegTech and Artificial Intelligence applications. The legislation is intended to put the United States on a path towards a comprehensive, standardized and harmonized reporting framework to reduce the private sector's regulatory compliance burden, while enhancing transparency and accountability. The ACT, in last year's introduction in the House called for a standard legal entity identifier, yet failed to endorse the global LEI, a specific identifier that was initiated by US regulatory agencies and endorsed by leading financial industry trade associations.