82 FR 49206 - Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB

FEDERAL RESERVE SYSTEM

Federal Register Volume 82, Issue 204 (October 24, 2017)

The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to implement the Survey of Household Economics and Decisionmaking (FR 3077; OMB No. 7100-NEW). On June 15, 1984, the Office of Management and Budget (OMB) delegated to the Board authority under the Paperwork Reduction Act (PRA) to approve of and assign OMB control numbers to collection of information requests and requirements conducted or sponsored by the Board. Board- approved collections of information are incorporated into the official OMB inventory of currently approved collections of information. Copies of the Paperwork Reduction Act Submission, supporting statements and approved collection of information instrument(s) are placed into OMB's public docket files. The Federal Reserve may not conduct or sponsor, and the respondent is not required to respond to, an information collection that has been extended, revised, or implemented on or after October 1, 1995, unless it displays a currently valid OMB control number.

[Federal Register Volume 82, Number 204 (Tuesday, October 24, 2017)]
[Notices]
[Pages 49206-49207]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-22996]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
is adopting a proposal to implement the Survey of Household Economics 
and Decisionmaking (FR 3077; OMB No. 7100-NEW).
    On June 15, 1984, the Office of Management and Budget (OMB) 
delegated to the Board authority under the Paperwork Reduction Act 
(PRA) to

[[Page 49207]]

approve of and assign OMB control numbers to collection of information 
requests and requirements conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official 
OMB inventory of currently approved collections of information. Copies 
of the Paperwork Reduction Act Submission, supporting statements and 
approved collection of information instrument(s) are placed into OMB's 
public docket files. The Federal Reserve may not conduct or sponsor, 
and the respondent is not required to respond to, an information 
collection that has been extended, revised, or implemented on or after 
October 1, 1995, unless it displays a currently valid OMB control 
number.

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of 
Governors of the Federal Reserve System, Washington, DC, 20551 (202) 
452-3829. Telecommunications Device for the Deaf (TDD) users may 
contact (202) 263-4869, Board of Governors of the Federal Reserve 
System, Washington, DC 20551.
    OMB Desk Officer--Shagufta Ahmed--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, 725 17th Street NW., Washington, DC 20503 
or by fax to (202) 395-6974.
    Final approval under OMB delegated authority of the implementation 
of the following report:
    Report title: Survey of Household Economics and Decisionmaking.
    Agency form number: FR 3077.
    OMB control number: 7100-NEW.
    Frequency: Quantitative Survey, annually; Qualitative Survey, 
occasionally.
    Respondents: Consumers.
    Estimated number of respondents: Quantitative Survey, 17,000 
respondents; Qualitative Survey, 30 respondents.
    Estimated average hours per response: Quantitative Survey, 0.47 
hours; Qualitative Survey, 2 hours.
    Estimated annual burden hours: Quantitative Survey, 7,990 hours; 
Qualitative Survey, 180 hours.
    General description of report: The information collected could be 
used for the Board's Report on the Economic Well-Being of U.S. 
Households, for Board studies or working papers, professional journals, 
the Federal Reserve Bulletin, testimony and reports to the Congress, or 
other vehicles. Such event-driven consumer data collections could also 
be used to inform Board policy, regulatory, supervisory and operational 
decisions.
    The Board anticipates that the SHED would include such topics as 
individuals' overall financial well-being, employment experiences, 
income and savings behaviors, economic preparedness, access to banking 
and credit, housing and living arrangement decisions, education and 
human capital, student loans, and retirement planning. The overall 
content of the SHED instrument would depend on changing economic, 
regulatory, or legislative developments as well as changes in the 
financial services industry.
    Legal authorization and confidentiality: The Board's Legal Division 
has determined that Section 2A of the Federal Reserve Act (FRA) 
requires that the Federal Reserve Board and the Federal Open Market 
Committee maintain long run growth of the monetary and credit 
aggregates commensurate with the economy's long run potential to 
increase production, so as to promote effectively the goals of maximum 
employment, stable prices, and moderate long-term interest rates (12 
U.S.C. 225a). Under section 12A of the FRA, the Federal Open Market 
Committee is required to implement regulations relating to the open 
market operations conducted by Federal Reserve Banks with a view to 
accommodating commerce and business and with regard to their bearing 
upon the general credit situation of the country (12 U.S.C. 263). 
Because the Board and the Federal Open Market Committee use the 
information obtained on the FR 3077 to fulfill these obligations, these 
statutory provisions provide the legal authorization for the collection 
of information on the FR 3077. The FR 3077 is a voluntary survey.
    The ability of the Board to maintain the confidentiality of 
information provided by respondents to the FR 3077 will have to be 
determined on a case-by-case basis depending on the type of information 
provided for a particular survey. To the extent that a respondent's 
answers reveal information ``the disclosure of which would constitute a 
clearly unwarranted invasion of personal privacy,'' such information 
would likely be exempt from disclosure under exemption 6 of the Freedom 
of Information Act, 5 U.S.C. 552(b)(6).
    Current actions: On August 9, 2017, the Board published an initial 
notice in the Federal Register (82 FR 37227) requesting public comment 
for 60 days on the implementation of the FR 3077. The comment period 
for this notice expired on October 10, 2017. The Board did not receive 
any comments. The survey will be implemented as proposed.

    Board of Governors of the Federal Reserve System, October 19, 
2017.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2017-22996 Filed 10-23-17; 8:45 am]
 BILLING CODE 6210-01-P