The Federal Deposit Insurance Corp. (FDIC) will soon post bi-weekly records of closed-door meetings it holds with bankers and other stakeholders regarding regulatory reform, the agency said Thursday.
The plan is part of an "open door policy" that the agency says will help give the public a better glimpse of the FDIC's process implementing provisions of the Dodd-Frank law.
"Transparency is a significant issue for each step along the way," FDIC Chairman Sheila Bair said in a press release Thursday. "We owe it to the public to have an open door policy so that people can see for themselves how financial services reform is going to be implemented."
Under normal procedures, agencies post meeting records as part of the comment period following specific rulemaking proposals. But the new FDIC policy is intended to go further. For one thing, the FDIC said interested parties can get involved before a proposal is issued.
Much of the details about the new initiative were available on the FDIC's Web site Thursday. A spokesman said meeting records will be posted starting in two weeks. The agency said the posting of meeting records will include "the names and affiliations of private sector individuals" who met with senior officials, as well as the subject matter.
"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," the agency said.
Before a formal rulemaking, the FDIC said it will hold roundtable discussions with outside parties to discuss implementation issues. In addition, the Web site will also provide a form that members of the public can use to request a meeting with FDIC officials about the implementation process. The public can also submit formal comments via email.