[Federal Register Volume 63, Number 177 (Monday, September 14, 1998)]
[Notices]
[Pages 49122-49123]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-24553]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Proposed Collection; 
Comment Request

AGENCY: Board of Governors of the Federal Reserve System
SUMMARY: Background. On June 15, 1984, the Office of Management and 
Budget (OMB) delegated to the Board of Governors of the Federal Reserve 
System (Board) its approval authority under the Paperwork Reduction 
Act, as per 5 CFR 1320.16, to approve of and assign OMB control numbers 
to collection of information requests and requirements conducted or 
sponsored by the Board under conditions set forth in 5 CFR 1320 
Appendix A.1. Board-approved collections of information are 
incorporated into the official OMB inventory of currently approved 
collections of information. Copies of the OMB 83-Is and supporting 
statements and approved collection of information instruments 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.
Request for comment on information collection proposals.
    The following information collections, which are being handled 
under this delegated authority, have received initial Board approval 
and are hereby published for comment. At the end of the comment period, 
the proposed information collections, along with an analysis of 
comments and recommendations received, will be submitted to the Board 
for final approval under OMB delegated authority. Comments are invited 
on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Federal Reserve's functions; including 
whether the information has practical utility;
    b. The accuracy of the Federal Reserve's estimate of the burden of 
the proposed information collection, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected; and
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology.
DATES: Comments must be submitted on or before [insert date 60 days 
from publication in the Federal Register].
ADDRESSES: Comments, which should refer to the OMB control number or 
agency form number, should be addressed to Jennifer J. Johnson, 
Secretary, Board of Governors of the Federal Reserve System, 20th and C 
Streets, N.W., Washington, DC 20551, or delivered to the Board's mail 
room between 8:45 a.m. and 5:15 p.m., and to the security control room 
outside of those hours. Both the mail room and the security control 
room are accessible from the courtyard entrance on 20th Street between 
Constitution Avenue and C Street, N.W. Comments received may be 
inspected in room M-P-500 between 9:00 a.m. and 5:00 p.m., except as 
provided in section 261.14 of the Board's Rules Regarding Availability 
of Information, 12 CFR 261.14(a).
    A copy of the comments may also be submitted to the OMB desk 
officer for the Board: Alexander T. Hunt, Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 3208, Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT: A copy of the proposed form and 
instructions, the Paperwork Reduction Act Submission (OMB 83-I), 
supporting statement, and other documents that will be placed into 
OMB's public docket files once approved may be requested from the 
agency clearance officer, whose name appears below.
    Mary M. McLaughlin, Chief, Financial Reports Section (202-452-
3829), Division of Research and Statistics, Board of Governors of the 
Federal Reserve System, Washington, DC 20551. Telecommunications Device 
for the Deaf (TDD) users may contact Diane Jenkins (202-452-3544), 
Board of Governors of the Federal Reserve System, Washington, DC 20551.
    Proposal to approve under OMB delegated authority the extension for 
three years, without revision, of the following report:
1. Report title: Recordkeeping and Disclosure Requirements Associated 
with Securities Transactions Pursuant to Regulation H
    OMB control number: 7100-0196
    Frequency:
    development of policy statement: one-time trust company report;
    quarterly transactions recordkeeping: on occasion;
    disclosure: on occasion;
    Reporters: state member banks and trust companies
    Annual reporting hours: 168,141
    Estimated average hours per response:

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    development of policy statement: .50 hours;
    trust company report: .25 hours;
    transactions recordkeeping: .05 hours;
    disclosure: .05 hours
    Number of respondents:
    development of policy statement: 77;
    trust company report: 376;
    transactions recordkeeping: 1,193;
    disclosure: 1,193
Small businesses are affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 325). If the records maintained by state member 
banks come into the possession of the Federal Reserve, they are given 
confidential treatment (5 U.S.C. 552(b)(4), (b)(6), and (b)(8)).
    Abstract: State-chartered member banks and trust companies 
effecting securities transactions for customers must establish and 
maintain a system of records, furnish confirmations to customers, and 
establish written policies and procedures relating to securities 
trading. They are required to maintain records for three years 
following the transaction. These requirements are necessary for 
customer protection, to avoid or settle customer disputes, and to 
protect the bank against potential liability arising under the anti-
fraud and insider trading provisions of the Securities Exchange Act of 
1934.
    Proposal to approve under OMB delegated authority the extension for 
three years, with revision, of the following report:
2. Report title: Application for Employment with the Board of Governors 
of the Federal Reserve System
    Agency form number: FR 28
    OMB control number: 7100-0181
    Frequency: on occasion
    Reporters: employment applicants
    Annual reporting hours: 8,500 hours
    Estimated average hours per response: 1 hour
    Number of respondents: 8,500
Small businesses are not affected.
    General description of report : This information collection is 
required to obtain a benefit (12 U.S.C. 244 and 248(1)). Individual 
respondent data are regarded as confidential and are given confidential 
treatment under (5 U.S.C. 552(b)(2) and (b)(6)).
    Abstract: The Application collects information to determine the 
qualifications, suitability, and availability of applicants for 
employment with the Board. The Application asks about education, 
training, employment, and other information covering the period since 
the applicant left high school. Due to the nature of the Board's 
business the Board proposes to add a question on whether the applicant 
owns debt (bonds) or equity (stocks) interests in certain financial 
institutions, including banks and primary government securities 
dealers. This is to inform prospective employees that divestiture may 
be required upon employment with the Board. The Board also proposes to 
add a question regarding how the applicant learned about the position 
so that the staff can enhance the efficiency of its recruiting efforts.
    Proposal to approve under OMB delegated authority the 
implementation of the following reports:
3. Report titles: Annual Salary Survey, ad hoc surveys, and 
Compensation Trend Survey
    Agency form numbers: FR 29a, b, c
    OMB control number: to be assigned
    Frequency:
    FR 29a - once each year;
    FR 29b - on occasion;
    FR 29c - once each year;
    Reporters: employers who are competitors with the Federal Reserve
    Annual reporting hours:
    FR 29a - 280 hours;
    FR 29b - 20 hours;
    FR 29c - 1,000 hours
    Estimated average hours per response:
    FR 29a - 8 hours;
    FR 29b - 1 hour;
    FR 29c - 2 hours
    Number of respondents:
    FR 29a - 35 businesses;
    FR 29b - 20 businesses;
    FR 29c - 500 businesses;
Small businesses are affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. 244 and 248(1)) and is given confidential 
treatment (5 U.S.C. 552(b)(4) and (b)(6)).
    Abstract: The surveys collect information on salaries, employee 
compensation policies, and other employee programs from employers that 
are considered competitors for Federal Reserve employees. The data from 
the surveys primarily are used to determine the appropriate salary 
structure and salary adjustments for Federal Reserve employees.
    Board of Governors of the Federal Reserve System, September 8, 
1998.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 98-24553 Filed 9-11-98; 8:45AM]
Billing Code 6210-01-F