At BrightScope we are absolutely committed to bringing an increased level of transparency to the 401k market.Â We believe that transparency will restore confidence in the 401k system and benefit all of the participants who rely upon 401k plans for a portion of their retirement income.Â In that spirit, we mailed a letter this week to Attorney General Eric Holder requesting that he take the lead on improving the Freedom of Information Act (FOIA) and making more data available to the public in a timely manner.Â The impetus for the letter was Obama’s memorandum on transparency that we blogged about last month.
In the letter we propose numerous improvements to the FOIA process which I will summarize here:
- Facilitate Adoption of Extensible Business Reporting Language (XBRL) for Business Data
- Encourage Quick Turnaround of Disclosure Data
- Expand Use of Electronic Submissions
- Expand Use of Electronic Reading Rooms
- Establish a Public FOIA Advisory Committee
To download a PDF of the letter please click the image below: