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With the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act into law, the FDIC has made a commitment to implement these new reforms as quickly and transparently as possible.
The FDIC's open door policy will make it easier for the public to give input and track the rulemaking process as the agency implements the new law. This will provide the American people with the ability to see in a clear and straightforward way how financial services reform will be implemented.
The initiative goes well beyond what is required by the Administrative Procedure Act that governs federal rulemakings.
Under this policy the public will have the ability to play a significant role in the process, particularly being able to participate before regulatory reform rules are drafted and proposed. What's more, public disclosure of meetings between senior FDIC officials and private sector individuals and other stakeholders will enhance openness and accountability.
The key elements of the policy include:
- The FDIC will hold a series of roundtable discussions with external parties on implementation issues. These will be designed to provide balanced public input throughout the rulemaking process and will be available for public viewing via webcast.
- The FDIC will release, on a bi-weekly basis, the names and affiliations of private sector individuals who meet with senior FDIC officials to discuss how the FDIC should interpret or implement provisions of the Dodd-Frank Act that are subject to independent or joint rulemaking. The FDIC will also release the subject matter of the meetings.
- To encourage public input in the process the FDIC has created a dedicated mailbox to collect input from interested parties. These will be reviewed for content and applicability and posted to the FDIC website.
- Consistent with our open door policy, members of the public can request a meeting with FDIC staff on implementation issues.
- The FDIC will webcast all open Board meetings, including those regarding regulatory reform.
The FDIC has also set up a subscription list to receive notices on major developments: https://service.govdelivery.com/service/multi_subscribe.html?code=USFDIC.
To send an email to the FDIC on financial reform implementation, please send it to: FinReformComments@fdic.gov. All submissions will be reviewed for applicability and content, and posted to the FDIC website.
View comments - Updated December 5, 2011
To request a meeting with FDIC staff on implementation issues, please fill out the following form: https://fdicsurvey.inquisiteasp.com/surveys/S3GJR6/
The FDIC will make every effort to accommodate these requests, taking into account staff availability and the need to reasonably balance workload.
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