[Federal Register Volume 72, Number 140 (Monday, July 23, 2007)]
[Notices]
[Pages 40152-40153]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-14131]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; 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 Paperwork Reduction Act 
Submission, 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

[[Page 40153]]

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 September 21, 2007.

ADDRESSES: You may submit comments, identified by FR 1374:7100-0302; or 
FR 2436: 7100-0286, by any of the following methods:
     Agency Web Site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     E-mail: [email protected]. Include docket 
number in the subject line of the message.
     FAX: 202/452-3819 or 202/452-3102.
     Mail: Jennifer J. Johnson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue, 
N.W., Washington, DC 20551.
    All public comments are available from the Board's web site at 
www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as submitted, 
unless modified for technical reasons. Accordingly, your comments will 
not be edited to remove any identifying or contact information. Public 
comments may also be viewed electronically or in paper in Room MP-500 
of the Board's Martin Building (20th and C Streets, N.W.) between 9:00 
a.m. and 5:00 p.m. on weekdays.
    Additionally, commenters should send a copy of their comments to 
the OMB Desk Officer by mail to the Office of Information and 
Regulatory Affairs, U.S. 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.

FOR FURTHER INFORMATION CONTACT: A copy of the proposed form and 
instructions, the Paperwork Reduction Act Submission, 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.
    Michelle Shore, Federal Reserve Board Clearance Officer (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 (202-263-4869), Board of Governors 
of the Federal Reserve System, Washington, DC 20551.

Proposal to approve under OMB delegated authority the extension for 
three years, with revision, of the following report:

    Report title: Intermittent Survey of Businesses
    Agency form number: FR 1374
    OMB control number: 7100-0302
    Frequency: on occasion
    Reporters: businesses
    Annual reporting hours: 205
    Estimated average hours per response: 15 minutes
    Number of respondents: 250
    General description of report: This information collection is 
voluntary (12 U.S.C. Sec. Sec.  225a and 263) and may be given 
confidential treatment (5 U.S.C. Sec.  552(b)(4)).
    Abstract: The survey data are used by the Federal Reserve to gather 
information specifically tailored to the Federal Reserve's policy and 
operational responsibilities. There are two parts to this event-
generated survey. First, the Federal Reserve Banks survey business 
contacts as economic developments warrant. Currently, they conduct 
these surveys two times per year, with approximately 120 business 
respondents for each survey (about ten per Reserve Bank). Usually, 
these surveys are conducted by Reserve Bank economists telephoning or 
emailing purchasing managers, economists, or other knowledgeable 
individuals at selected, relevant businesses. The frequency and content 
of the questions, as well as the businesses contacted, vary depending 
on changing developments in the economy. Second, economists at the 
Board survey business contacts by telephone, inquiring about current 
business conditions. Historically, these surveys have been conducted 
biweekly, with approximately ten respondents for each survey.
    Current actions: The Federal Reserve proposes to revise the 
frequency of both parts of the survey in response to recent changes in 
the demand for these data by the Board members. The Reserve Bank part 
of the survey would be conducted as economic events dictate (about 
three times per year). The Board part of the survey would be conducted 
on an event-generated basis, no more than ten times per year. In 
addition, the Federal Reserve proposes to increase the number of 
respondents for the Reserve Bank part of the survey from 120 to 240 
(twenty per Reserve Bank).

Proposal to approve under OMB delegated authority the extension for 
three years, without revision, of the following reports:

    Report title: Semiannual Report of Derivatives Activity
    Agency form number: FR 2436
    OMB control number: 7100-0286
    Frequency: Semiannually
    Reporters: U.S. dealers of over-the-counter derivatives
    Annual reporting hours: 2,100
    Estimated average hours per response: 150
    Number of respondents: 7
    General description of report: This information collection is 
voluntary (12 U.S.C. Sec. Sec.  225a, 263, 348a, and 353-359) and is 
given confidential treatment (5 U.S.C. Sec.  552(b)(4)).
    Abstract: Data are collected on notional amounts and gross market 
values of outstanding OTC derivatives contracts for broad categories of 
market risk: foreign exchange, interest rate, equities, commodities, 
and credit. For the different types of market risk except commodities, 
further detail is collected on the underlying market risk of each 
contract-- the underlying currency, equity market, or reference entity 
(borrower). This collection of information complements the triennial 
Central Bank Survey of Foreign Exchange and Derivatives Market Activity 
(FR 3036; OMB No. 7100-0285). The FR 2436 collects similar data on the 
outstanding volume of derivatives, but not on derivatives turnover. The 
Federal Reserve conducts both surveys in coordination with other 
central banks and forwards the aggregated data furnished by U.S. 
reporters to the Bank for International Settlements (BIS), which 
publishes global market statistics that are aggregations of national 
data.

    Board of Governors of the Federal Reserve System, July 18, 2007.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E7-14131 Filed 7-20-07; 8:45 am]
BILLING CODE 6210-01-S