Patrick Quinlan testifies on how visionary SEC mandate creates data transparency and high tech jobs

DENVER--(BUSINESS WIRE)-- Patrick Quinlan, CEO of Rivet Software, testified in front of the Chairman Issa’s Oversight Committee yesterday. The Field hearing entitled, “Policies Affecting High Tech Growth and Federal Adoption of Industry Best Practices,” was held at the San Jose City Hall.

The hearing examined (1) federal regulations and policies that impede the growth of high tech jobs; and (2) technologies and business practices developed in the high tech industry that could be implemented by the federal government to create efficiencies including the reduction of waste, fraud, abuse and mismanagement at federal agencies.

“In today’s economy, we have to be proactive. Let’s stop dealing with fuzzy numbers and start tracking where and how our money is being spent,” said Quinlan. “With access to standardized and structured data we can use facts, not spin, to determine where our money can be better spent.”

Quinlan discussed the benefits of using XBRL to create data transparency. XBRL, or eXtensible Business Reporting Language, is a language that makes document content machine-readable and therefore instantly available for research and analysis. The SEC’s visionary mandate for XBRL has created at least 15 companies and roughly 1500 high tech jobs. This translates into over $100 million in salaries and approximately $30 million in taxes per year.

“New data standards will continue to be set, serving the public in countless ways,” said Quinlan. “This will create tens of thousands of high quality, high paying jobs in the private sector, and reduce spending and waste in our government.” Quinlan urged the SEC to work with the House Oversight Committee and the White House to further the benefits of true data transparency for the American people.

Amid deep budget cuts, Congress has considered terminating government data transparency sites such as USASpending.gov and Recovery.gov. These sites collect and communicate data in the form of exception and comparison reports, charts, and mobile apps; if the U.S. is to successfully increase innovation and high tech jobs, bold moves towards transparency must continue, not step back.

About Rivet Software

Founded in 2002 and headquartered in Denver, Rivet Software is at the forefront of standards-based business reporting and analytics. Rivet empowers companies with control over the collection, analysis, and dissemination of their internal and external financial information to help advance the transformation of business communication worldwide. This privately-owned technology company works with more Fortune 500 companies than any other XBRL vendor and emerged from Q4 of 2010 as the XBRL vendor of choice for companies in search of a cost-effective, reliable solution for SEC reporting compliance. Rivet is a member of the Colorado’s Technology Association, CSIA, and a current finalist for the prestigious Red Herring 100 Award. RivetSoftware.com

CONTACT:

for Rivet Software
Heather Carmichael, 512-585-9508
heather.carmichael@rivetsoftware.com

KEYWORDS:   United States  North America  California  Colorado

INDUSTRY KEYWORDS:   Technology  Data Management  Software  Public Policy/Government  Congressional News/Views  Public Policy  White House/Federal Government

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