2007 Survey of Consumer Finances

Forms and Documents

Document Name	Status
FR3059.200607.omb.PartB.doc Supporting Statement B	2006-09-26
FR3059.200607.omb.doc Supporting Statement A	2006-09-25

IC Document Collections

IC ID	Document Title	Status
36345	2007 Survey of Consumer Finances Other-FR 3059; 2007 Survey of Consumer Finances	Modified

ICR Details

OMB Control No: 7100-0295	ICR Reference No: 200609-7100-012
Status: Historical Active	Previous ICR Reference No: 200306-7100-002
Agency/Subagency: FRS	Agency Tracking No: FR 3059
Title: 2007 Survey of Consumer Finances
Type of Information Collection: Reinstatement with change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/28/2006
	Date Received in OIRA: 09/28/2006
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2008	12/31/2008
Responses	6,000	0	0
Time Burden (Hours)	7,500	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: This survey collects data on the assets, debts, income, work history, pension rights, use of financial services, and attitudes of a sample of U.S. families. The survey is the only source of representative information on the structure of finances of U.S. families' finances.

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Authorizing Statute(s): US Code: 12 USC 225a, 353, and 461 Name of Law: Federal Reserve Act
   US Code: 12 USC 1828(c) Name of Law: Bank Merger Act
   US Code: 12 USC 1842 and 1843 Name of Law: Bank Holding Company Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 39118	07/11/2006
30-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 56149	09/26/2006
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
2007 Survey of Consumer Finances

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	6,000	0	0	6,000	0	0
Annual Time Burden (Hours)	7,500	0	0	7,500	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: For many years, the Federal Reserve has sponsored consumer surveys to obtain information on the financial behavior of households. The 2007 survey would be the latest in a triennial series, which began in 1983, that provides comprehensive data for U.S. families on the distribution of assets and debts, along with related information and other data items necessary for analyzing financial behavior. This is the only survey conducted in the United States that provides such financial data for a representative sample of households.

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Annual Cost to Federal Government: $8,500,000

Does this IC contain surveys, censuses, or employ statistical methods? Yes Part B of Supporting Statement

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 09/28/2006

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