Notice2023-26326
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
November 30, 2023
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, with revision, the Survey of Household Economics and Decisionmaking (FR 3077; OMB No. 7100-0374).
Full Text
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<title>Federal Register, Volume 88 Issue 229 (Thursday, November 30, 2023)</title>
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[Federal Register Volume 88, Number 229 (Thursday, November 30, 2023)]
[Notices]
[Pages 83539-83540]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[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, <a href="/cdn-cgi/l/email-protection#c7a9b2afa6e9a2abaaa6a0afb5a6a5ae87a1b5a5e9a0a8b1"><span class="__cf_email__" data-cfemail="c5abb0ada4eba0a9a8a4a2adb7a4a7ac85a3b7a7eba2aab3">[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 (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 <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/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 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 <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.
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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
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