The survey data are used to gather
information specifically tailored to the Federal Reserve’s policy
and operational responsibilities. Currently, this event-generated
survey is approved to operate in two ways. First, under the
guidance of Board staff, the Reserve Banks survey business contacts
as economic developments warrant. Although each survey is
contemplated to have approximately 2,400 business respondents
(about 200 respondents per Reserve Bank), surveys in recent years
have had far fewer respondents; occasionally, state and local
government officials are surveyed rather than business, in which
case there are also far fewer respondents. It is necessary to
conduct these surveys to provide timely information to the members
of the Board, and to the presidents of the Reserve Banks. Usually,
these surveys are conducted by Reserve Bank economists telephoning
or e-mailing purchasing managers, economists, or other
knowledgeable individuals at selected, relevant businesses. Reserve
Bank staff may also use online survey tools to collect responses to
the survey. The frequency and content of the questions, as well as
the entities contacted, vary depending on developments in the
economy. The draft reporting form provides a sample of the types of
questions used in a previous survey to illustrate the format of
these surveys. Second, economists at the Board survey business
contacts by telephone, inquiring about current business conditions.
Board economists conduct these surveys as economic conditions
require, with approximately ten respondents for each
survey.
US Code:
12
USC 225a Name of Law: Federal Reserve Act
US Code: 12
USC 263(c) Name of Law: Federal Reserve Act
The estimated total annual
burden for the FR 1374 is 1,825 hours, and would decrease to 540
hours with the adopted revisions. For surveys conducted by the
Reserve Banks at the direction of the Board, the Board decreased
the permitted number of respondents from 2,400 to 720 (an average
of 60 per Reserve Bank) to better reflect the actual number of
respondents in recent surveys. In addition, the Board discontinued
the surveys conducted solely by the Board, as they have not been
conducted in recent years and are not anticipated to be needed in
the future.
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:
(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;
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.
FR1374_20200219_omb_B.pdf
Reserve Bank