Whether you are buying a plane ticket, searching for energy providers or determining where to begin your college education, making market decisions can be complex and overwhelming. The good news – government is working to disclose information that can help you buy smarter, and a new report proves this.
The National Science and Technology Council released today the first comprehensive report on the federal government’s efforts to support the smart disclosure of marketplace information.
“Smart Disclosure and Consumer Decision Making: Report of the Task Force on Smart Disclosure” is important because smart disclosure of information helps consumers make better decisions based on trusted information. The report highlights ways federal agencies and other organizations can and do use smart disclosure approaches to increase market transparency and empower consumers.
Data transparency in government has been a priority for the Obama administration, and the report represents another critical milestone. As one example of smart disclosure and its benefits, the report cited the government’s release of product recall data, which enabled services allowing consumers to monitor the products in their home and protect themselves and others from faulty devices.
Another example is the Green Button initiative, which gave companies the opportunity to provide tailored advice to consumers on how to save money on their electricity bills based on prior energy use data.
In addition, broader smart disclosure efforts have given consumers more access to their health records, allowing them to make better insurance and health care decisions.
The report also offered agencies recommendations on how to promote more effective smart disclosure adoption, including incorporating smart disclosure as a core element of efforts to institutionalize and operationalize open data practices, and developing a governmentwide community of practice.