[Federal Register Volume 88, Number 229 (Thursday, November 30, 2023)]
[Notices]
[Pages 83539-83540]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-26326]


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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, with revision, the 
Survey of Household Economics and Decisionmaking (FR 3077; OMB No. 
7100-0374).

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of

[[Page 83540]]

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 (which contain more detailed 
information about the information collections and burden estimates than 
this notice), 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/reportingforms/home/review 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, With Revision, of the Following Information Collection

    Collection title: Survey of Household Economics and Decisionmaking.
    Collection identifier: FR 3077.
    OMB control number: 7100-0374.
    Effective Date: November 30, 2023.
    General description of collection: The Survey of Household 
Economics and Decisionmaking (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.
    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.
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    Current actions: On August 18, 2023, the Board published a notice 
in the Federal Register (88 FR 56626) requesting public comment for 60 
days on the extension, with revision, of the FR 3077. The Board 
proposed 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 proposed 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.
    The comment period for this notice expired on October 17, 2023. The 
Board did not receive any comments. The revisions will be implemented 
as proposed.

    Board of Governors of the Federal Reserve System, November 27, 
2023.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2023-26326 Filed 11-29-23; 8:45 am]
BILLING CODE 6210-01-P