Notice2022-22238
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
October 13, 2022
Issuing agencies
Federal Reserve System
Abstract
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).
Full Text
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<title>Federal Register, Volume 87 Issue 197 (Thursday, October 13, 2022)</title>
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[Federal Register Volume 87, Number 197 (Thursday, October 13, 2022)]
[Notices]
[Pages 62102-62103]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[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, <a href="/cdn-cgi/l/email-protection#8ce2f9e4eda2e9e0e1edebe4feedeee5cceafeeea2ebe3fa"><span class="__cf_email__" data-cfemail="3e504b565f105b52535f59564c5f5c577e584c5c10595148">[email protected]</span></a>, (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 <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents are also available on the Federal
Reserve Board's public website at <a href="https://www.federalreserve.gov/apps/reportforms/review.aspx">https://www.federalreserve.gov/apps/reportforms/review.aspx</a> 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
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