Step 1 :The problem is asking for the mean and standard deviation of the sampling distribution of $\hat{p}$. The mean of the sampling distribution of $\hat{p}$ is equal to the population proportion, p.
Step 2 :Given that p = 0.4, the mean of the sampling distribution of $\hat{p}$ is $\boxed{0.4}$.
Step 3 :The standard deviation of the sampling distribution of $\hat{p}$ can be calculated using the formula $\sqrt{\frac{p(1-p)}{n}}$, where n is the sample size.
Step 4 :Given that p = 0.4 and n = 200, we can substitute these values into the formula to calculate the standard deviation.
Step 5 :The standard deviation of the sampling distribution of $\hat{p}$ is approximately 0.034641016151377546.
Step 6 :Rounding to three decimal places, the standard deviation of the sampling distribution of $\hat{p}$ is $\boxed{0.035}$.