; and (B) common data formats for information reported to member agencies or collected on behalf of the Council. (2) Data standard requirements The data standards promulgated under subsection (a) shall, to the extent practicable— (A) render information fully searchable and machine-readable; (B) be nonproprietary; (C) incorporate standards developed and maintained by voluntary consensus standards bodies; and (D) be consistent with and implement applicable accounting and reporting principles. (3) Consultation In promulgating data standards under subsection (a), the Secretary of the Treasury shall consult with other Federal departments and agencies and multi-agency initiatives responsible for Federal data standards. (4) Interoperability of data In promulgating data standards under subsection (a), the Secretary of the Treasury shall seek to promote interoperability of financial regulatory data across members of the Council. . (b) Clerical amendment The table of contents under section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by inserting after the item relating to section 123 the following: Sec. 124. Data standards. .