[Federal Register Volume 63, Number 177 (Monday, September 14, 1998)]
[Notices]
[Pages 49122-49123]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-24553]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Proposed Collection;
Comment Request
AGENCY: Board of Governors of the Federal Reserve System
SUMMARY: 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. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. Copies of the OMB 83-Is and supporting
statements and approved collection of information instruments are
placed into OMB's public docket files. 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.
Request for comment on information collection proposals.
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 collections, 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 [insert date 60 days
from publication in the Federal Register].
ADDRESSES: Comments, which should refer to the OMB control number or
agency form number, should be addressed to Jennifer J. Johnson,
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 261.14 of the Board's Rules Regarding Availability
of Information, 12 CFR 261.14(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, without revision, of the following report:
1. Report title: Recordkeeping and Disclosure Requirements Associated
with Securities Transactions Pursuant to Regulation H
OMB control number: 7100-0196
Frequency:
development of policy statement: one-time trust company report;
quarterly transactions recordkeeping: on occasion;
disclosure: on occasion;
Reporters: state member banks and trust companies
Annual reporting hours: 168,141
Estimated average hours per response:
[[Page 49123]]
development of policy statement: .50 hours;
trust company report: .25 hours;
transactions recordkeeping: .05 hours;
disclosure: .05 hours
Number of respondents:
development of policy statement: 77;
trust company report: 376;
transactions recordkeeping: 1,193;
disclosure: 1,193
Small businesses are affected.
General description of report: This information collection is
mandatory (12 U.S.C. 325). If the records maintained by state member
banks come into the possession of the Federal Reserve, they are given
confidential treatment (5 U.S.C. 552(b)(4), (b)(6), and (b)(8)).
Abstract: State-chartered member banks and trust companies
effecting securities transactions for customers must establish and
maintain a system of records, furnish confirmations to customers, and
establish written policies and procedures relating to securities
trading. They are required to maintain records for three years
following the transaction. These requirements are necessary for
customer protection, to avoid or settle customer disputes, and to
protect the bank against potential liability arising under the anti-
fraud and insider trading provisions of the Securities Exchange Act of
1934.
Proposal to approve under OMB delegated authority the extension for
three years, with revision, of the following report:
2. Report title: Application for Employment with the Board of Governors
of the Federal Reserve System
Agency form number: FR 28
OMB control number: 7100-0181
Frequency: on occasion
Reporters: employment applicants
Annual reporting hours: 8,500 hours
Estimated average hours per response: 1 hour
Number of respondents: 8,500
Small businesses are not affected.
General description of report : This information collection is
required to obtain a benefit (12 U.S.C. 244 and 248(1)). Individual
respondent data are regarded as confidential and are given confidential
treatment under (5 U.S.C. 552(b)(2) and (b)(6)).
Abstract: The Application collects information to determine the
qualifications, suitability, and availability of applicants for
employment with the Board. The Application asks about education,
training, employment, and other information covering the period since
the applicant left high school. Due to the nature of the Board's
business the Board proposes to add a question on whether the applicant
owns debt (bonds) or equity (stocks) interests in certain financial
institutions, including banks and primary government securities
dealers. This is to inform prospective employees that divestiture may
be required upon employment with the Board. The Board also proposes to
add a question regarding how the applicant learned about the position
so that the staff can enhance the efficiency of its recruiting efforts.
Proposal to approve under OMB delegated authority the
implementation of the following reports:
3. Report titles: Annual Salary Survey, ad hoc surveys, and
Compensation Trend Survey
Agency form numbers: FR 29a, b, c
OMB control number: to be assigned
Frequency:
FR 29a - once each year;
FR 29b - on occasion;
FR 29c - once each year;
Reporters: employers who are competitors with the Federal Reserve
Annual reporting hours:
FR 29a - 280 hours;
FR 29b - 20 hours;
FR 29c - 1,000 hours
Estimated average hours per response:
FR 29a - 8 hours;
FR 29b - 1 hour;
FR 29c - 2 hours
Number of respondents:
FR 29a - 35 businesses;
FR 29b - 20 businesses;
FR 29c - 500 businesses;
Small businesses are affected.
General description of report: This information collection is
voluntary (12 U.S.C. 244 and 248(1)) and is given confidential
treatment (5 U.S.C. 552(b)(4) and (b)(6)).
Abstract: The surveys collect information on salaries, employee
compensation policies, and other employee programs from employers that
are considered competitors for Federal Reserve employees. The data from
the surveys primarily are used to determine the appropriate salary
structure and salary adjustments for Federal Reserve employees.
Board of Governors of the Federal Reserve System, September 8,
1998.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 98-24553 Filed 9-11-98; 8:45AM]
Billing Code 6210-01-F
