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The Digital Accountability and Transparency Act of 2014, often referred to as the DATA Act, specifically aims to enhance the transparency of federal spending and improve the accuracy and completeness of financial data. One of the central goals of the legislation is to establish consistent financial data standards that require agencies to submit their financial information accurately and completely. This ensures that the data reported can be reliably used by both the government and the public, fostering accountability in how federal funds are managed and spent.

By emphasizing accuracy and completeness, the DATA Act helps to prevent issues such as misrepresentation of financial data and aids in the overall goal of improving public trust in government financial management. While providing timely reports, accessibility of funds, and compliance with privacy regulations are certainly important aspects of federal financial management, the core focus of the DATA Act is on ensuring that the data itself is accurate and comprehensive, which is essential for fostering transparency and accountability in government operations.