[Federal Register Volume 62, Number 61 (Monday, March 31, 1997)]
[Notices]
[Page 15184]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-8056]
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FEDERAL RESERVE SYSTEM
Agency information collection activities: Proposed collection;
comment request
AGENCY: Board of Governors of the Federal Reserve System
ACTION: Notice
BACKGROUND:
On June 15, 1984, the Office of Management and Budget (OMB)
delegated to the Board of Governors of the Federal Reserve System
(Board) its approval authority under the Paperwork Reduction Act, as
per 5 CFR 1320.16, to approve of and assign OMB control numbers to
collection of information requests and requirements conducted or
sponsored by the Board under conditions set forth in 5 CFR 1320
Appendix A.1. The Federal Reserve may not conduct or sponsor, and the
respondent is not required to respond to, an information collection
that has been extended, revised, or implemented on or after October 1,
1995, unless it displays a currently valid OMB control number. Board-
approved collections of information will be incorporated into the
official OMB inventory of currently approved collections of
information. A copy of the OMB 83-I and supporting statement and the
approved collection of information instrument will be placed into OMB's
public docket files. The following information collections, which are
being handled under this delegated authority, have received initial
Board approval and are hereby published for comment. At the end of the
comment period, the proposed information collection, along with an
analysis of comments and recommendations received, will be submitted to
the Board for final approval under OMB delegated authority. Comments
are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Federal Reserve's functions; including
whether the information has practical utility;
b. The accuracy of the Federal Reserve'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; and 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.
DATES: Comments must be submitted on or before May 30, 1997.
ADDRESSES: Comments, which should refer to the OMB control number or
agency form number, should be addressed to William W. Wiles, Secretary,
Board of Governors of the Federal Reserve System, 20th and C Streets,
N.W., Washington, DC 20551, or delivered to the Board's mail room
between 8:45 a.m. and 5:15 p.m., and to the security control room
outside of those hours. Both the mail room and the security control
room are accessible from the courtyard entrance on 20th Street between
Constitution Avenue and C Street, N.W. Comments received may be
inspected in room M-P-500 between 9:00 a.m. and 5:00 p.m., except as
provided in section 261.8 of the Board's Rules Regarding Availability
of Information, 12 CFR 261.8(a).
A copy of the comments may also be submitted to the OMB desk
officer for the Board: Alexander T. Hunt, Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 3208, Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT: A copy of the proposed form and
instructions, the Paperwork Reduction Act Submission (OMB 83-I),
supporting statement, and other documents that will be placed into
OMB's public docket files once approved may be requested from the
agency clearance officer, whose name appears below.
Mary M. McLaughlin, Chief, Financial Reports Section (202-452-
3829), Division of Research and Statistics, Board of Governors of the
Federal Reserve System, Washington, DC 20551. Telecommunications Device
for the Deaf (TDD) users may contact Diane Jenkins (202-452-3544),
Board of Governors of the Federal Reserve System, Washington, DC 20551.
Proposal to approve under OMB delegated authority the extension for
three years, with revision, the following report:
1. Report title: Report of Repurchase Agreements (RPs) on U.S.
Government and Federal Agency Securities with Specified Holders
Agency form number: FR 2415
OMB control number: 7100-0074
Frequency: weekly, quarterly, or annually
Reporters: U.S.-chartered commercial banks, U.S. branches and agencies
of foreign banks, and thrift institutions
Annual reporting hours: 4,037
Estimated average hours per response: 0.5
Number of respondents: 120 weekly, 208 quarterly, and 1,002 annually
Small businesses are not affected.
General description of report: This information collection is
voluntary (12 U.S.C. 248(a)(2)) and is given confidential treatment (5
U.S.C. 552(b)(4)).
Abstract: Since 1980, the Federal Reserve has collected two reports
providing detailed data on nonreservable borrowings (primarily federal
funds and repurchase agreement (RP) transactions) from large commercial
banks for construction of the RP components of the monetary aggregates
and for other analytical purposes. Over time, three other sample
reports have been added to this reporting framework to provide RP data
from other depository institutions for the construction of the monetary
aggregates. The Federal Reserve proposes a complete overhaul of this
reporting framework, resulting in a simplified reporting system and
significant reductions in item coverage. The revised framework would be
implemented as of the end of June 1997.
Under the proposed revised reporting system, the Federal Reserve
would collect a single report containing a single item: RPs in
denominations of $100,000 or more, in immediately-available funds, on
U.S. government and federal agency securities, transacted with
specified holders. Respondents would submit the report weekly,
quarterly, or annually based on their RP activity. The Federal Reserve
estimates that revised reporting system will reduce annual respondent
burden by 16,890 hours and annual respondent costs by approximately
$338 thousand.
The revised report will replace the following system of existing
reports: the Report of Selected Borrowings, the Daily Telephone Report
of Selected Borrowings, the Weekly Report of Repurchase Agreements (FR
2415, FR 2415a, FR 2415t, respectively; OMB No. 7100-0074); and the
Quarterly and Annual Reports of Repurchase Agreements (RPs) on U.S.
Government and Federal Agency Securities with Specified Holders (FR
2090a and FR 2090a: OMB No. 7100-0205).
Board of Governors of the Federal Reserve System, March 25,
1997.
William W. Wiles,
Secretary of the Board.
[FR Doc. 97-8056 Filed 3-28-97; 8:45AM]
Billing Code 6210-01-F
