On Friday, May 9, 2014, the President signed into law:
S. 994, the “Digital Accountability and Transparency Act of 2014” or the “DATA Act,” which amends the Federal Funding Accountability and Transparency Act of 2006 to make publicly available specific classes of Federal agency spending data, with more specificity and at a deeper level than is currently reported; require agencies to report this data on USASpending.gov; create Government-wide standards for financial data; apply to all agencies various accounting approaches developed by the Recovery Act’s Recovery Accountability and Transparency Board; and streamline agency reporting requirements.