New regs for Wednesday: Presidential records, walk-in coolers

Wednesday’s edition of the Federal Register contains a proposed rule from the National Archives and Records Administration for presidential records; new test procedures from the Department of Energy for walk-in coolers and freezers; and expanded reporting requirements for troubled banks and credit unions. 

Here’s what to look for: 

Presidential records: The National Archives and Records Administration (NARA) wants to make clear that the president has the power to keep all records the agency maintained during his presidency confidential after he leaves office.

Under the 2014 Presidential Records Act, NARA said the president retains exclusive control over records the agency maintained on his behalf before his term expired.

Under the proposed rule, NARA said it must notify former and incumbent presidents of its intent to disclose presidential records under the Presidential Records Act. The notice gives former and incumbent president time to assert their constitutionally based claim of privilege against disclosure.

The public will have 30 days to comment on the proposed rule.

Walk-in coolers: The Department of Energy has made changes to the way manufactures must test walk-in coolers and freezers to ensure performance-based energy efficiency standards are being met.

The agency said the rule aims to clarify the test procedures to make it easier for manufactures to know if they are meeting the standards. The rule applies to enclosed, refrigerated storage spaces under 3,000 square feet that can be walked into.

The final rule will take effect in 30 days.

Reporting requirements: The Federal Deposit Insurance Corporation (FDIC) is working on a rule to expand the reporting requirements of troubled banks and credit unions.

Under the proposed rule, insured depository institutions with at least $50 billion in assets will be required to provide more comprehensive records on qualified financial contracts. The agency said the additional data will give it more information about the risks associated with the QFC portfolio.

The public will have 60 days to comment.