[Federal Register Volume 85, Number 240 (Monday, December 14, 2020)]
[Notices]
[Pages 80786-80787]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-27373]


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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 Government Securities Dealers Reports (FR 2004; OMB No. 7100-0003).

DATES: Comments must be submitted on or before February 12, 2021.

ADDRESSES: You may submit comments, identified by FR 2004, 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: 
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.
    A copy of the Paperwork Reduction Act (PRA) OMB submission, 
including the reporting form and instructions, supporting statement, 
and other documentation will be available at https://www.reginfo.gov/public/do/PRAMain, 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 above.

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.

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

    Report title: Government Securities Dealers Reports: Weekly Report 
of Dealer Positions (FR 2004A), Weekly Report of Cumulative Dealer 
Transactions (FR 2004B), Weekly Report of Dealer Financing and Fails 
(FR 2004C), Weekly Report of Specific Issues (FR 2004SI), Daily Report 
of Specific Issues (FR 2004SD), Supplement to the Daily Report of 
Specific Issues (FR 2004SD ad hoc), Daily Report of Dealer Activity in 
Treasury Financing (FR 2004WI), Settlement Cycle Report of Dealer Fails 
and Transaction Volumes: Class A (FR 2004FA), Settlement Cycle Report 
of Dealer Fails and Transaction Volumes: Class B (FR 2004FB), 
Settlement Cycle Report of Dealer Fails and Transaction Volumes: Class 
C (FR 2004FC), and Settlement Cycle Report of Dealer Fails and 
Transaction Volumes (FR 2004FM).
    Agency form number: FR 2004.
    OMB control number: 7100-0003.
    Frequency: Weekly, daily, monthly.
    Respondents: Dealers in the U.S. government securities market.
    Estimated number of respondents: 24.
    Estimated average hours per response: FR 2004A, 3.0; FR 2004B, 3.7; 
FR 2004C, 4.1; FR 2004SI, 2.2; FR 2004SD, 2.2; FR 2004SD ad hoc, 2.0; 
FR 2004WI, 1.0; FR 2004FA, 1.0; FR 2004FB, 1.0; FR 2004FC, 1.0; and FR 
2004FM, 1.5.
    Estimated annual burden hours: FR 2004A, 3,744; FR 2004B, 4,618; FR 
2004C, 5,117; FR 2004SI, 2,746; FR 2004SD, 2,112; FR 2004SD ad hoc, 
1,248; FR 2004WI, 3,840; FR 2004FA, 288; FR 2004FB, 288; FR 2004FC, 
288; FR 2004FM, 432.
    General description of report: The Federal Reserve Bank of New York 
(FRBNY), on behalf of the Federal Reserve System, collects data from 
primary dealers in the U.S. government securities market. Filing of 
these data is

[[Page 80787]]

required to obtain the benefit of primary dealer status. The Federal 
Reserve uses these data to (1) monitor the condition of the U.S. 
government securities market in its Treasury market surveillance and 
analysis of the market and (2) assist and support the U.S. Department 
of the Treasury (Treasury) in its role as fiscal agent for Treasury 
financing operations. In addition, these data are used in the analysis 
of broad financial conditions and a range of financial stability 
issues.
    Proposed revisions: The Board proposes to revise several of the 
reporting forms, as follows:
    1. FR 2004A--Add two rows to collect data on gross positions for 
Treasury coupon bonds due in more than 11 years but less than or equal 
to 21 years and Treasury coupon bonds due in more than 21 years, 
beginning with the July 7, 2021, as of date. Also, delete an existing 
row to collect data on gross positions for Treasury coupons bonds ``due 
in more than 11 years.'' Additionally, add a row to collect Federal 
Agency and GSE Residential Pass-through MBS TBAs separately from 
Specified pools.
    2. FR 2004B--Mirroring the changes on the FR 2004A, add two rows to 
collect data on outright transactions of Treasury coupon bonds due in 
more than 11 years but less than or equal to 21 years and Treasury 
coupon bonds due in more than 21 years, and delete an existing row for 
Treasury coupon securities due in more than 11 years, beginning with 
the July 7, 2021, as of date. Additionally, add two rows to separately 
collect Federal Agency and GSE Residential Pass-through MBS TBAs 
transactions from Specified Pool transactions, with each further broken 
down into the existing cash/dollar roll splits.
    3. FR 2004C--For each asset category, add a split by clearing/
settlement venue: Uncleared Bilateral--Specified and General; Cleared 
Bilateral--Specified, General, and Sponsored; GCF; and Triparty 
(excluding GCF). Add eighteen columns for current tenor breakdown to be 
applied to each column. Add five rows to capture securities financing 
activity for Federal Agency and GSE Residential MBS separately from 
Federal Agency and GSE Commercial MBS and to separate ``Total Repo'' 
from ``Total Other Financing Activity.''
    4. FR 2004SI--Add an additional row to separately collect 
transactions, net positions, financing arrangements, and settlement 
fails for the 20 year Treasury bond, beginning with the July 7, 2021, 
as of date.
    5. FR 2004SD--Add an additional row to separately collect 
transactions, net positions, financing arrangements, and settlement 
fails for the 20 year Treasury bond, beginning with the July 7, 2021, 
as of date.
    6. FR 2004WI--Add a row to separately collect data on net 
positions, forward financing commitments, and outright transactions for 
new or re-opened 20 year Treasury bonds trading in the when-issued 
market, beginning with the July 7, 2021, as of date.
    7. FR 2004FA--The FHLMC and FNMA implemented the Single Security 
Initiative in June 2019. This action created a new uniform mortgage-
backed security (UMBS) to be issued and guaranteed by either FNMA or 
FHLMC, to be backed by fixed-rate 30-, 20-, 15-, or 10-year single-
family mortgage loans. To reflect this structural market change, modify 
the column headings for columns 1 and 2 for all sections of the report 
form from ``FNMA'' to ``FNMA/FHLMC UMBS,'' beginning with the July 2021 
as of date. Modify the column headings for columns 3 and 4 for all 
sections of the report form from ``FHLMC'' to ``FHLMC (non-UMBS),'' 
beginning with the July 2021 as of date.
    8. FR 2004FB--Mirroring the changes on the FR 2004FA, modify the 
column headings for columns 1 and 2 for all sections of the report form 
from ``FNMA'' to ``FNMA/FHLMC UMBS,'' effective with the July 2021 as 
of date. Modify the column headings for columns 3 and 4 for all 
sections of the report form from ``FHLMC'' to ``FHLMC (non-UMBS),'' 
beginning with the July 2021 as of date.
    9. FR 2004FM--Modify the column headings for columns 1 and 2 for 
all sections of the report form from ``FNMA'' to ``FNMA/FHLMC UMBS,'' 
beginning with the July 30, 2021, as of date. Modify the column 
headings for columns 3 and 4 for all sections of the report form from 
``FHLMC'' to ``FHLMC (non-UMBS),'' beginning with the July 30, 2021, as 
of date.
    10. Revise the instructions to provide additional guidance on 
report consolidation rules for primary dealers when the legal entity 
serving as a primary dealer is a branch or agency of an FBO.
    Legal authorization and confidentiality: The information collected 
on the FR 2004 series of reports is generally authorized under sections 
2A, 12A(c), 14, and 15 of the Federal Reserve Act. Section 2A requires 
that the 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). Section 12A(c) 
further provides that the time, character, and volume of open market 
operations ``shall 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(c)). Additionally, section 14 
authorizes the Federal Reserve Banks to engage in open market 
operations (12 U.S.C. 353-359). Finally, section 15 permits the Federal 
Reserve Banks, at the direction of the Secretary of the Treasury, to 
act as fiscal agents of the United States (12 U.S.C. 391). The Board 
has implicit authority to collect data to carry out the requirements of 
the foregoing statutory provisions.\1\ Filing the FR 2004 series is a 
condition of obtaining and retaining primary dealer status. Thus, the 
obligation to respond is ``required to obtain or retain a benefit'' 
because being a primary dealer allows a firm to act as a trading 
counterparty of the FRBNY in the implementation of its monetary 
policy.\2\
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    \1\ Additionally, depending upon the survey respondent, a more 
precise statute may authorize the data collection. For example, the 
Board is authorized to collect information from bank holding 
companies (and their subsidiaries) under section 5(c) of the Bank 
Holding Company Act of 1956 (12 U.S.C. 1844(c)) and from depository 
institutions under section 11(a) of the Federal Reserve Act (12 
U.S.C. 248(a)).
    \2\ See 5 CFR 1320.8(b)(3)(iv).
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    While aggregate data from certain of the forms in the FR 2004 
series will be published, individually identifying information may be 
kept confidential under exemption 4 and, in certain circumstances, 
exemption 8 of the Freedom of Information Act (FOIA) (5 U.S.C. 
552(b)(4) and (b)(8)). Individual respondent data collected through the 
FR 2004 may be considered confidential pursuant to FOIA exemption 4 to 
the extent these responses contain nonpublic commercial or financial 
information, which is both customarily and actually treated as private 
by the respondent. Moreover, to the extent that the information is 
``contained in or related to examination, operating, or condition 
reports prepared by, on behalf of, or for the use of [the Board],'' the 
information may be withheld by the Board under FOIA exemption 8.

    Board of Governors of the Federal Reserve System, December 8, 
2020.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2020-27373 Filed 12-11-20; 8:45 am]
BILLING CODE 6210-01-P