[Federal Register Volume 86, Number 85 (Wednesday, May 5, 2021)]
[Notices]
[Pages 23969-23970]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-09465]


-----------------------------------------------------------------------

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 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.
    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.

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. Board-
approved collections of information are incorporated into the official 
OMB inventory of currently approved collections of information. The OMB 
inventory, as well as copies of the PRA Submission, supporting 
statements, and approved collection of information instrument(s) are 
available at https://www.reginfo.gov/public/do/PRAMain. These documents 
are also available on the Federal Reserve 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.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of the Following Information Collection

    Report title: Survey of Consumer Finances (SCF).
    Agency form number: FR 3059.
    OMB control number: 7100-0287.
    Frequency: Triennial.
    Respondents: U.S. families.
    Estimated number of respondents: Pretest, 150; Main survey, 7,000.
    Estimated average hours per response: Pretest, 100 minutes; Main 
survey, 100 minutes.
    Estimated annual burden hours: Pretest, 250 hours; Main survey, 
11,667 hours.
    General description of report: This triennial 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

[[Page 23970]]

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.\1\ 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.\2\ 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.
---------------------------------------------------------------------------

    \1\ 12 U.S.C. 225a.
    \2\ 12 U.S.C. 263.
---------------------------------------------------------------------------

    It is expected that the data collected would be published in 
summary form in the Federal Reserve Bulletin. A version of the 
microdata, which would be altered to protect the identity of individual 
respondents, would be made available to the public through the Board's 
public website. None of the pretest data would be released to the 
public. The information collected on the FR 3059 that identifies the 
individual respondents may be exempt from disclosure under exemption 6 
of the Freedom of Information Act, which protects information the 
disclosure of which would constitute a clearly unwarranted invasion of 
personal privacy.\3\
---------------------------------------------------------------------------

    \3\ 5 U.S.C. 552(b)(6).
---------------------------------------------------------------------------

    Current actions: On February 3, 2021, the Board published a notice 
in the Federal Register (86 FR 8016) 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 April 5, 2021. 
The Board did not receive any comments.

    Board of Governors of the Federal Reserve System, April 29, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.

[FR Doc. 2021-09465 Filed 5-4-21; 8:45 am]
BILLING CODE 6210-01-P