83 FR 26286 - Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB

FEDERAL RESERVE SYSTEM

Federal Register Volume 83, Issue 109 (June 6, 2018)

The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, without revision, the Survey of Consumer Finances (FR 3059; OMB No.7100-0287).

[Federal Register Volume 83, Number 109 (Wednesday, June 6, 2018)]
[Notices]
[Pages 26286-26287]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-12121]


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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 extend for three years, without revision, the 
Survey of Consumer Finances (FR 3059; OMB No.7100-0287).

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.

[[Page 26287]]

    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.

SUPPLEMENTARY INFORMATION: 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.
    Final approval under OMB delegated authority of the extension for 
three years, without revision, of the following report:
    Report title: 2019 Survey of Consumer Finances (SCF).
    Agency form number: FR 3059.
    OMB control number: 7100-0287.
    Frequency: One-time survey.
    Respondents: U.S. families.
    Estimated number of respondents: Pretest, 150; and Main survey, 
7,000.
    Estimated average hours per response: Pretest, 90 minutes; and Main 
survey, 90 minutes.
    Estimated annual burden hours: Pretest, 225 hours; and Main survey, 
10,500 hours.
    General description of report: This would be the thirteenth 
triennial SCF since 1983, the beginning of the current series. This 
survey is the only source of representative information on the 
structure of U.S. families' finances. The survey would collect data on 
the assets, debts, income, work history, pension rights, use of 
financial services, and attitudes of a sample of U.S. families. Because 
the ownership of some assets is relatively concentrated in a small 
number of families, the survey would make a special effort to ensure 
proper representation of such assets by systematically oversampling 
wealthier families.
    Legal authorization and confidentiality: Section 2A of the Federal 
Reserve Act (FRA) requires that the Board and the Federal Open Market 
Committee (FOMC) 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). In addition, under section 12A of the FRA, the FOMC is 
required to implement regulations relating to the open market 
operations conducted by Federal Reserve Banks. Those transactions must 
be governed 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). The Board and the FOMC use the information 
obtained from the FR 3059 to help fulfill these obligations. The FR 
3059 is a voluntary survey. The information collected on the FR 3059 is 
exempt from disclosure in identifiable form under exemption 6 of the 
Freedom of Information Act, which protects information that the 
disclosure of which would constitute an unwarranted invasion of 
personal privacy of individuals involved (5 U.S.C. 552(b)(6)).
    Current actions: On March 15, 2018, the Board published a notice in 
the Federal Register (83 FR 11520) requesting public comment for 60 
days on the extension, without revision, of the Survey of Consumer 
Finances. The comment period for this notice expired on May 14, 2018. 
The Board did not receive any comments. The information collection will 
be extended as proposed.

    Board of Governors of the Federal Reserve System, June 1, 2018.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2018-12121 Filed 6-5-18; 8:45 am]
BILLING CODE 6210-01-P