It was built as part of the open-source Data Transfer Project - a technology partnership between major social networking and digital companies created to make information hosted on one social media service available on other services.
All the data you transfer is encrypted and you'll have to enter your password before anything is moved, Facebook said.
It also said it planned to include other services in future as part of its commitment to "data portability".
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Facebook has allowed members to download their data since 2010.
"We've learned from our conversations with policymakers, regulators, academics, advocates and others that real-world use cases and tools will help drive policy discussions forward", Mr Satterfield said.
You can find the new tool under Facebook settings within Your Facebook Information.
United States Senators Josh Hawley, Mark Warner and Richard Blumenthal introduced a bill in late October that would require communications platforms with more than 100 million monthly active members to allow its users to easily move, or port, their data to another network.
The open-source Data Transfer Project has been under development for a while, and we are finally starting to see some actual products using the new system.
The wider Data Transfer Project consists of three main parts - a set of shared data to represent each content type, a system to handle authentication and a task manager to ensure everything is put together properly.