[Federal Register Volume 87, Number 197 (Thursday, October 13, 2022)]
[Notices]
[Pages 62102-62103]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-22238]


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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 
Intermittent Survey of Businesses (FR 1374; OMB No. 7100-0302).

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, [email protected], (202) 
452-3884.
    Office of Management and Budget (OMB) Desk Officer for the Federal 
Reserve Board, 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 Paperwork Reduction Act (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

    Collection title: Intermittent Survey of Businesses.
    Collection identifier: FR 1374.
    OMB control number: 7100-0302.
    Frequency: Annual, and as needed.
    Respondents: Businesses, and as warranted by economic conditions, 
state and local governments.
    Estimated number of respondents: 1,500.
    Estimated average hours per response: 0.25.
    Estimated annual burden hours: 1,125.
    General description of collection: The FR 1374 survey data are used 
to gather information to enable the Federal Reserve System to carry out 
its policy and operational responsibilities. Under the guidance of the 
Board, Reserve Banks survey business contacts as economic developments 
warrant. Usually, these voluntary surveys are conducted by telephoning 
or emailing purchasing managers, economists, or other knowledgeable 
individuals at selected, relevant businesses. Reserve Banks 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. These surveys 
are conducted to provide Board members and Reserve Bank presidents 
real-time insights into economic conditions. The Board tailors these 
survey questions to match current concerns and interests, but they are 
not meant to supplant the more rigorous, existing economic reporting. 
The Board collects individual responses from the Reserve Banks and then 
distributes aggregate information to Board members and Reserve Bank 
presidents.
    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

[[Page 62103]]

the goals of maximum employment, stable prices, and moderate long-term 
interest rates.'' Section 12A of the FRA further requires the FOMC 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.'' The Board and FOMC use the 
information obtained through the FR 1374 to discharge these 
responsibilities.
    Responding to surveys under the FR 1374 is voluntary. Individual 
respondents may request confidential treatment for information provided 
in response to a survey in accordance with the Board's Rules Regarding 
Availability of Information,\1\ and any such requests for confidential 
treatment will be reviewed on a case-by-case basis. Information may be 
kept confidential under exemption 4 of the Freedom of Information Act 
to the extent it is confidential commercial or financial information 
that is both customarily and actually treated as private.
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    \1\ 12 CFR 261.17.
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    Current actions: On July 5, 2022, the Board published a notice in 
the Federal Register (87 FR 39831) requesting public comment for 60 
days on the extension, without revision, of the FR 1374. The comment 
period for this notice expired on September 6, 2022. The Board did not 
receive any comments.

    Board of Governors of the Federal Reserve System, October 7, 
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-22238 Filed 10-12-22; 8:45 am]
BILLING CODE 6210-01-P