From OpenCongress Wiki

Contents 1 Introduction 2 Coverage 3 Commodity Futures Trading Commission 4 Office of the Comptroller of the Currency 5 Federal Deposit Insurance Corporation 6 Federal Reserve 7 Securities and Exchange Commission

Introduction

After passage of the law overhauling the nation’s financial regulations, some federal agencies responsible for implementing the law have announced they will write the implementing regulations in the public eye. The following links to the source documents and news coverage of these announcements.

Coverage

• New York Times: "New Rules on Finance to Be Done in the Open" (August 13, 2010)

• Blog of the Legal Times: "FDIC, SEC Announce Open-Door Rulemaking For Wall Street Reform Law" (August 13, 2010)

• Sunlight Foundation Blog: "Stimulus Lobbying Rules: Take Two" (July 27, 2009)

• Sunlight Foundation Blog: "The TARP Lobbying Rules: What They Say And What They Mean For Transparency" (October 15, 2009)

Commodity Futures Trading Commission

• Press release: "CFTC Releases List of Areas of Rulemaking for Over-the-Counter Derivatives" (July 21, 2010)

The Commission is requesting input from the public on each of the rule-writing areas. Instructions for submitting views can be accessed on the individual rule-writing pages on the CFTC’s website at http://www.cftc.gov/LawRegulation/OTCDerivatives/.

• Announcement of "Joint CFTC/SEC Advisory Committee Meeting" ([http://www.cftc.gov/PressRoom/Events/opaevent_cftcsec081110.html August 11, 2010) which contains the events webcast, agenda, and press release.
• Disclosures: http://www.cftc.gov/LawRegulation/Swaps/ExternalMeetings/otc_meetings.html

Office of the Comptroller of the Currency

No change in policy

Federal Deposit Insurance Corporation

• Press Release: "FDIC Announces Open Door Policy for Regulatory Reform Rulemaking" (August 12, 2010)

• First, 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. In addition, any interested party can request a meeting with FDIC officials or staff by submitting a form that will be provided on the FDIC's webpage.

• Along with this new process will come additional public disclosure. 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 implementing the new law through independent or joint rulemakings. The FDIC will also release the subject matter of those meetings. As always, the FDIC will webcast all open Board meetings, including those regarding regulatory reform.

• To seek input from the widest audience possible, the public can submit views via email on how the FDIC should implement the new law. These comments will become part of the record and will be posted on the FDIC website. The public will also be able to sign up for a subscription service for receiving notices on major developments. The FDIC has also crafted bill summaries and added a fact sheet that will be regularly updated to reflect policy decisions during the implementation process. This can all be accessed at the dedicated financial reform webpage, http://www.fdic.gov/financialreform/

• FDIC Resource Page: "FDIC and Financial Regulatory Reform" (link)

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.

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.

• Disclosure Page of "Private Sector Meetings on Financial Reform" (link)

Federal Reserve

No information

Securities and Exchange Commission

• Speech by SEC Chairman: "Moving Forward: The Next Phase in Financial Regulatory Reform" (July 27, 2010)

As many of you know, the SEC generally seeks public comments on its proposed rules. But, because of the significant rulemaking envisioned under the Act, we are expanding our process beyond what is legally required.

The idea is to offer maximum opportunity for public comment and to provide greater transparency. We are inviting public comment even before the various rules are proposed and before the official comment periods have begun.

As part of this process, we have created a series of e-mail inboxes—that can be accessed at www.sec.gov—so that anyone interested can easily weigh in. These mailboxes are organized by topic and have been deployed in tranches, starting with those rules that have the shortest time frame for implementation.

If, for example, you are interested in capital and margin in OTC derivatives rules, you can just go to that mailbox to provide your preliminary comments.

Also, while we want and need input, we also recognize that there is significant interest in how we obtain it. I believe that an open process maximizes public confidence in the rules that are proposed and ultimately adopted—as well as in the studies that are released.

At the same time, we need to have a process that does not stifle communication of important information from the public. To address all of these issues, we have instructed the staff to follow a few best practices:

First, our staff will try to meet with any interested parties who seek to meet with us. When the number of requests exceeds availability, the staff will seek out parties with varying viewpoints. Our staff may have to limit the number of meetings with similarly situated parties and certainly it will limit multiple meetings with the same party. The goal in these instances will be to hear all varying viewpoints. If need be, we will reach out to solicit views from those whose interests are affected, but who do not appear to be fully represented by the developing record.

Second, the staff will ask persons who request meetings to provide, prior to the meeting, an agenda of intended topics for discussion. After the meeting, the agenda will be filed in the public e-mail file.

Third, meeting participants will be encouraged to submit written comments to this same public file, so that all interested parties have the opportunity to review and consider the views expressed.

Fourth, I expect we will hold public hearings on selected topics.

We are determined to do this right, and we are determined to get this right.

• Public Comments on SEC Regulatory Initiatives Under the Dodd-Frank Act (link)

• Press release: "SEC, CFTC to Host August 20 Roundtable on Clearing and Listing of Swaps and Security-Based Swaps" (August 13, 2010)