[Federal Register Volume 88, Number 159 (Friday, August 18, 2023)]
[Notices]
[Pages 56626-56627]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-17831]


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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 Survey of Household Economics and Decisionmaking (SHED) (FR 3077; 
OMB No. 7100-0374).

DATES: Comments must be submitted on or before October 17, 2023.

ADDRESSES: You may submit comments, identified by FR 3077, 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 or FR number in the subject line of the message.
     Fax: (202) 452-3819 or (202) 452-3102.
     Mail: Federal Reserve Board of Governors, Attn: Ann E. 
Misback, Secretary of the Board, Mailstop M-4775, 2001 C St. 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 confidential 
business information, identifying information, or contact information. 
Public comments may also be viewed electronically or in paper in Room 
M-4365A, 2001 C St. NW, Washington, DC 20551, between 9:00 a.m. and 
5:00 p.m. on weekdays, except for Federal holidays. 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 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.

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.

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. 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.
    During the comment period for this proposal, a copy of the proposed 
PRA OMB submission, including the draft reporting form and 
instructions, supporting statement (which contains more detail about 
the information collection and burden estimates than this notice), and 
other documentation, will be made available on the Board's public 
website at https://www.federalreserve.gov/apps/reportingforms/home/review or may be requested from the agency clearance officer, whose 
name appears above. Final versions of these documents will be made 
available at https://www.reginfo.gov/public/do/PRAMain, if approved.

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

[[Page 56627]]

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

    Collection title: Survey of Household Economics and Decisionmaking.
    Collection identifier: FR 3077.
    OMB control number: 7100-0374.
    General description of collection: The SHED is an ad hoc voluntary 
survey covering topics such as individuals' overall financial well-
being, employment experiences, income and ability to pay bills, 
economic preparedness, banking and access to credit, housing and living 
arrangement decisions, education and human capital, student loans, and 
retirement planning. The overall content of the SHED depends on 
changing economic, regulatory, or legislative developments as well as 
changes in the financial services industry. The Board uses the SHED to 
monitor usage of emerging financial products and understand how 
macroeconomic conditions are affecting households.
    Proposed revisions: The Board proposes to revise the FR 3077 by 
removing the qualitative ad-hoc surveys, effective November 30, 2023 
(however, the annual SHED may still include qualitative components). 
This revision is to reduce duplication across information collections.
    The Board also proposes adding two minutes to the quantitative 
survey time per response and slightly reducing the potential number of 
respondents, also effective November 30, 2023. The increase in survey 
length reflects two adjustments. First, it is intended to provide 
additional flexibility for new topics related to financial well-being 
that are covered in the survey. For example, in recent years the survey 
has included questions on inflation, cryptocurrency, and buy now pay 
later products which are valuable for understanding financial well-
being, and this additional minute will allow the Board to cover these 
and other emerging issues more thoroughly. Second, because the burden 
is calculated for all contacted respondents, and response rates have 
increased in recent years, the computed time per respondent has 
increased. The slight reduction in potential respondents similarly 
reflects that the final stage response rate for the survey has exceeded 
expectations in recent years, thereby requiring fewer contacted 
respondents.
    Frequency: Annually.
    Respondents: Non-institutionalized individuals who are 18 years of 
age and older.
    Total estimated number of respondents: 20,500.
    Total estimated change in burden: 495.
    Total estimated annual burden hours: 8,200.\1\
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    \1\ More detailed information regarding this collection, 
including more detailed burden estimates, can be found in the OMB 
Supporting Statement posted at https://www.federalreserve.gov/apps/reportingforms/home/review. On the page displayed at the link, you 
can find the OMB Supporting Statement by referencing the collection 
identifier, FR 3077.

    Board of Governors of the Federal Reserve System, August 15, 
2023.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2023-17831 Filed 8-17-23; 8:45 am]
BILLING CODE 6210-01-P