(a) DesignationThe Secretary shall, in consultation with an interagency work group established by the Office of Management and Budget, and considering State government perspectives, designate data exchange standards to govern, under this chapter—
(b) RequirementsThe data exchange standards required by subsection (a) shall, to the maximum extent practicable—
incorporate a widely accepted, nonproprietary, searchable, computer-readable format, such as the eXtensible Markup Language;
contain interoperable standards developed and maintained by intergovernmental partnerships, such as the National Information Exchange Model;
incorporate interoperable standards developed and maintained by Federal entities with authority over contracting and financial assistance;
be implemented in a manner that is cost-effective and improves program efficiency and effectiveness; and
(c) Rules of construction
Nothing in this section requires a change to existing data exchange standards for Federal reporting found to be effective and efficient.