[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