Notice2023-17831
Proposed Agency Information Collection Activities; Comment Request
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
August 18, 2023
Issuing agencies
Federal Reserve System
Abstract
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).
Full Text
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<title>Federal Register, Volume 88 Issue 159 (Friday, August 18, 2023)</title>
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[Federal Register Volume 88, Number 159 (Friday, August 18, 2023)]
[Notices]
[Pages 56626-56627]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[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:
<bullet> Agency Website: <a href="https://www.federalreserve.gov/">https://www.federalreserve.gov/</a>. Follow
the instructions for submitting comments at <a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#bdcfd8dace93ded2d0d0d8d3c9cefddbd8d9d8cfdcd1cfd8ced8cfcbd893dad2cb"><span class="__cf_email__" data-cfemail="2d5f484a5e034e4240404843595e6d4b4849485f4c415f485e485f5b48034a425b">[email protected]</span></a>. Include the OMB
number or FR number in the subject line of the message.
<bullet> Fax: (202) 452-3819 or (202) 452-3102.
<bullet> 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
<a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a> 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, <a href="/cdn-cgi/l/email-protection#f59b809d94db90999894929d8794979cb5938797db929a83"><span class="__cf_email__" data-cfemail="83edf6ebe2ade6efeee2e4ebf1e2e1eac3e5f1e1ade4ecf5">[email protected]</span></a>, (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 <a href="https://www.federalreserve.gov/apps/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</a> or may be requested from the agency clearance officer, whose
name appears above. Final versions of these documents will be made
available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>, 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 <a href="https://www.federalreserve.gov/apps/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</a>. 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
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