The Federal Deposit Insurance Corporation on August 12, 2010 announced an open door policy that will make it easier for the public to give input and track the rulemaking process as the agency implements the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The policy goes well beyond what is required by the Administrative Procedure Act that governs federal rulemakings. Under the new policy the public will have a larger role in the process than ever before, especially being able to participate even before regulatory reform rules are drafted and proposed. What’s more, public disclosure of meetings between senior FDIC officials and private sector individuals will enhance openness and accountability. This voluntary public disclosure policy will apply to meetings discussing how the FDIC should interpret or implement provisions of the Dodd-Frank Act that are subject to independent or joint rulemaking by the FDIC.