; or (ii) an agreement that provides only— (I) direct Government cash assistance to an individual; (II) a subsidy; (III) a loan; (IV) a loan guarantee; or (V) insurance. (5) Secretary The term Secretary means the head of the standard-setting agency. (6) Standard-setting agency The term standard-setting agency means the Executive department designated under section 6402(a)(1). 6402. Data standards for grant reporting (a) In general (1) Designation of standard-setting agency The Director shall designate the Executive department (as defined in section 101 of title 5) that issues the most Federal awards as the standard-setting agency. (2) Establishment of standards Not later than 1 year after the date of the enactment of this chapter, the Secretary and the Director shall establish Governmentwide data standards for information reported by recipients of Federal awards. (3) Data elements The data standards established under paragraph (2) shall include, at a minimum— (A) a comprehensive taxonomy of standard definitions for data elements required for managing Federal awards; and (B) unique and nonproprietary identifiers for Federal awards and entities receiving Federal awards that can be consistently applied Governmentwide. (b) Scope The data standards established under subsection (a) shall include core standard data elements and may cover any information required to be reported to any agency by recipients of Federal awards, including audit-related information reported under chapter 75 of this title. (c) Requirements The data standards required to be established under subsection (a) shall, to the extent reasonable and practicable— (1) render information reported by recipients of Federal grant and cooperative agreement awards fully searchable and machine-readable; (2) be nonproprietary; (3) incorporate standards developed and maintained by voluntary consensus standards bodies; (4) be consistent with and implement applicable accounting and reporting principles