[Federal Register Volume 84, Number 207 (Friday, October 25, 2019)]
[Notices]
[Pages 57428-57429]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-23321]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to extend for three years, with revision, 
the Intermittent Survey of Businesses (FR 1374; OMB No. 7100-0302).

DATES: Comments must be submitted on or before December 24, 2019.

ADDRESSES: You may submit comments, identified by FR 1374, by any of 
the following methods:
     Agency Website: https://www.federalreserve.gov/. Follow 
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: [email protected]. Include the OMB 
number in the subject line of the message.
     Fax: (202) 452-3819 or (202) 452-3102.
     Mail: Ann E. Misback, Secretary, Board of Governors of the 
Federal Reserve System, 20th Street and Constitution Avenue NW, 
Washington, DC 20551.
    All public comments are available from the Board's website at 
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as 
submitted, unless modified for technical reasons or to remove 
personally identifiable information at the commenter's request. 
Accordingly, comments will not be edited to remove any identifying or 
contact information. Public comments may also be viewed electronically 
or in paper in Room 146, 1709 New York Avenue NW, Washington, DC 20006, 
between 9:00 a.m. and 5:00 p.m. on weekdays. For security reasons, the 
Board requires that visitors make an appointment to inspect comments. 
You may do so by calling (202) 452-3684. Upon arrival, visitors will be 
required to present valid government-issued photo identification and to 
submit to security screening in order to inspect and photocopy 
comments.
    Additionally, commenters may send a copy of their comments to the 
Office of Management and Budget (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.

FOR FURTHER INFORMATION CONTACT: A copy of the Paperwork Reduction Act 
(PRA) OMB submission, including the reporting form and instructions, 
supporting statement, and other documentation will be placed into OMB's 
public docket files, if approved. These documents will also be made 
available on the Board's public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears below.

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.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the PRA to approve and assign OMB control numbers to 
collections of information conducted or sponsored by the Board. In 
exercising this delegated authority, the Board is directed to take 
every reasonable step to solicit comment. In determining whether to 
approve a collection of information, the Board will consider all 
comments received from the public and other agencies.

Request for Comment on Information Collection Proposal

    The Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. Comments are invited on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Board's functions, including whether the 
information has practical utility;
    b. The accuracy of the Board'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;
    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; and
    e. Estimates of capital or startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Board 
should modify the proposal.

[[Page 57429]]

Proposal Under OMB Delegated Authority To Extend for Three Years, With 
Revision, the Following Information Collection

    Report title: Intermittent Survey of Businesses.
    Agency form number: FR 1374.
    OMB control number: 7100-0302.
    Frequency: On occasion.
    Respondents: Businesses and state and local governments.
    Estimated number of respondents: 720.
    Estimated average hours per response: 15 minutes.
    Estimated annual burden hours: 540.
    General description of report: The survey data are used to gather 
information specifically tailored to the Federal Reserve's policy and 
operational responsibilities. Currently, this event-generated survey is 
approved to operate in two ways. First, under the guidance of Board 
staff, the Reserve Banks survey business contacts as economic 
developments warrant. Although each survey is contemplated to have 
approximately 2,400 business respondents (about 200 respondents per 
Reserve Bank), surveys in recent years have had far fewer respondents; 
occasionally, state and local government officials are surveyed rather 
than business, in which case there are also far fewer respondents. It 
is necessary to conduct these surveys to provide timely information to 
the members of the Board and presidents of the Reserve Banks. Usually, 
these surveys are conducted by Reserve Bank economists telephoning or 
emailing purchasing managers, economists, or other knowledgeable 
individuals at selected, relevant businesses. Reserve Bank staff may 
also use online survey tools to collect responses to the survey. The 
frequency and content of the questions, as well as the entities 
contacted, vary depending on developments in the economy. The draft 
reporting form provides a sample of the types of questions used in a 
previous survey to illustrate the format of these surveys. Second, 
economists at the Board survey business contacts by telephone, 
inquiring about current business conditions. Board economists conduct 
these surveys as economic conditions require, with approximately ten 
respondents for each survey.
    Proposed revisions: For surveys conducted by the Reserve Banks at 
the direction of the Board, the Board proposes to decrease the number 
of respondents from 2,400 to 720 (an average of 60 per Reserve Bank). 
This decrease better reflects the actual number of respondents in 
recent years. In addition, the Board proposes to discontinue the 
surveys conducted solely by the Board, as they have not been conducted 
in recent years and are not anticipated to be needed in the future.
    Legal authorization and confidentiality: The FR 1374 is authorized 
by sections 2A and 12A of the Federal Reserve Act (FRA). Section 2A of 
the 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.'' \1\ 
Under section 12A of the FRA, the FOMC 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.'' \2\ In order to carry out these objectives, the Board must 
collect economic data, including by using the FR 1374. Survey 
submissions are voluntary.
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    \1\ 12 U.S.C. 225a.
    \2\ 12 U.S.C. 263(c).
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    Individual respondents may request that information submitted to 
the Board through a survey under FR 1374 be kept confidential. If a 
respondent requests confidential treatment, the Board will determine 
whether the information is entitled to confidential treatment on a 
case-by-case basis. The Board will consider whether information 
collected through these surveys may be kept confidential under 
exemption \4\ for the Freedom of Information Act (``FOIA''), which 
protects privileged or confidential commercial or financial 
information,\3\ or any other applicable FOIA exemption.
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    \3\ 5 U.S.C. 552(b)(4).

    Board of Governors of the Federal Reserve System, October 22, 
2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-23321 Filed 10-24-19; 8:45 am]
 BILLING CODE 6210-01-P