; and (D) hosting challenges, competitions, events, or other initiatives designed to create additional value from public data assets of the agency. . (2) Use of open data assets Not later than 1 year after the date of the enactment of this Act, the head of each agency shall ensure that any activities by the agency or any new contract entered into by the agency meet the requirements of section 3506 of title 44, United States Code, as amended by this subsection. (3) Effective date The amendments made by this subsection shall take effect on the date that is 1 year after the date of the enactment of this Act and shall apply with respect to any contract entered into by an agency on or after such effective date. (d) Data inventory and Federal data catalogue (1) Amendment Section 3511 of title 44, United States Code, is amended to read to read as follows: 3511. Data inventory and Federal data catalogue (a) Comprehensive data inventory (1) In general In consultation with the Director and in accordance with the guidance established under paragraph (2), the head of each agency shall develop and maintain a comprehensive data inventory that accounts for all data assets created by, collected by, under the control or direction of, or maintained by the agency. The head of each agency shall ensure that such inventory provides a clear and comprehensive understanding of the data assets in the possession of the agency. (2) Guidance The Director shall establish guidance for agencies to develop and maintain comprehensive data inventories under paragraph (1). Such guidance shall include the following: (A) A requirement for the head of an agency to include in the comprehensive data inventory metadata on each data asset of the agency, including the following: (i) A description of the data asset, including all variable names and definitions. (ii) The name or title of the data asset. (iii) An indication of whether the agency— (I) has determined if the data asset is an open Government data asset, available by request under section 552 of