FR2046_20251015_omb

Supporting Statement for the
Selected Balance Sheet Items for Discount Window Borrowers
(FR 2046; OMB No. 7100-0289)
Summary
The Board of Governors of the Federal Reserve System (Board), under authority
delegated by the Office of Management and Budget (OMB), has extended for three years, with
revision, the Selected Balance Sheet Items for Discount Window Borrowers (FR 2046; OMB
No. 7100-0289). The Board’s Regulation A - Extensions of Credit by Federal Reserve Banks
(12 CFR Part 201) states that a Reserve Bank shall require any information it believes
appropriate or desirable to ensure that each discount window borrower uses the credit provided
in a manner consistent with Regulation A. Regulation A also requires that each Reserve Bank
shall keep itself informed of the general character and amount of loans and investments of a
depository institution. Balance sheet data are collected on the FR 2046 report from certain
institutions that borrow from the discount window in order to monitor discount window
borrowing.
The Board revised the FR 2046 by removing the reporting exemption for seasonal credit
borrowers that report total securities, federal funds sold and resale agreements, total loans, total
deposits, and total assets weekly on the Report of Selected Assets and Liabilities of Domestically
Chartered Commercial Banks and U.S. Branches and Agencies of Foreign Banks (FR 2644;
OMB No. 7100-0075), effective 30 days after publication in the Federal Register.
The current estimated total annual burden for the FR 2046 is 143 hours, and would
remain the same with the revisions. The form and instructions are available on the Board’s public
website at https://www.federalreserve.gov/apps/reportingforms.
Background and Justification
The Board’s Regulation A establishes rules under which Federal Reserve Banks may
extend credit to depository institutions and defines three basic lending programs: primary credit,
secondary credit, and seasonal credit. The FR 2046 is only mandatory when requested by a
Reserve Bank and a Reserve Bank may request that the FR 2046 be provided in connection with
any of the three lending programs. Primary credit is available to depository institutions in
generally sound financial condition on an overnight basis or for a period up to 90 days.
Secondary credit is available to depository institutions that do not qualify for primary credit.
Such credit may be provided to meet the temporary funding needs of an institution if such a
credit extension would be consistent with the institution’s timely return to a reliance on market
funding sources, or if such credit would facilitate the orderly resolution of serious financial
difficulties of the institution. Seasonal credit is available to assist small institutions in managing
seasonal swings in their balance sheets such as those arising from regular intra-year patterns in
deposits and loans. Regulation A requires that Reserve Banks ensure that a seasonal credit
borrower’s funding need is truly seasonal in nature and will persist for at least four weeks.1
Seasonal credit is provided at an interest rate that is based on market rates.
1

12 CFR 201.4(c)(1).

There are cases in which discount window borrowing might be considered inappropriate
and inconsistent with the Board’s Regulation A. For example, using the secondary credit
program as a primary funding source, or using seasonal credit to meet a non-seasonal funding
need, would be considered inappropriate. To guard against such situations, and consistent with
Regulation A (12 CFR 201.3(c)(2)-(3)), Reserve Banks consider the balance sheet information of
borrowers in determining whether to extend credit and to ensure that any credit provided is used
for an appropriate purpose.
In practice, the FR 2046 report is primarily used to assess appropriate use of seasonal
credit. Although seasonal credit is provided at a market-related rate, borrowers may still find the
rate charged on seasonal credit attractive relative to the rates they would be charged for
comparable credit arrangements from market sources. Therefore, when borrowing at the discount
window, seasonal borrowers must agree to limit their net federal funds sales to an amount
consistent with their usual operating pattern.2 The information obtained on federal funds sold and
purchased on the FR 2046 is used by discount officers to assess whether a seasonal borrower’s
position in the federal funds market is consistent with normal operations.
Similarly, information on a seasonal borrower’s total assets, loans, securities and deposits
is used to monitor whether seasonal credit loans are being used for the program’s intended
purpose. Total loans and total deposits are used in monitoring a seasonal credit borrower’s net
funds availability (defined as total deposits less total loans) during the period of borrowing.
Historical data on the availability of net funds is a key variable used in establishing an
institution’s seasonal credit line. Discount officers monitor the availability of net funds during
the period of borrowing to ensure that an institution’s actual funding need during the year is
consistent with its seasonal credit line. Many seasonal credit borrowers, for example, exhibit a
marked increase in their loan portfolios over the first three quarters in each year, reflecting
increased agricultural credit demands. Later in the year, loan demand at these banks subsides as
farmers sell their crops and repay their outstanding bank loans with the proceeds. Deviations
from this typical pattern might indicate that seasonal credit was being used inappropriately. For
example, if a seasonal borrower’s total loans increased only modestly during the year while its
securities portfolio expanded sharply, discount officers might contact the institution to verify
whether it remained eligible for the seasonal credit program.
Seasonal credit is typically extended over lengthy periods, and the borrower’s funding
need is expected to change slowly over the term of the borrowing. Therefore, Reserve Banks can
obtain an adequate picture of a borrower’s balance sheet trends by collecting only one day of
data per week. In cases where seasonal credit is extended to institutions in marginal financial
condition, increased monitoring of the borrower is required, and daily data may be collected at
the Reserve Bank’s discretion.
Secondary credit borrowers are generally not in sound condition and are subject to a
higher level of administration by the lending Reserve Bank.3 For example, if the loan is
requested for a reason other than to cover an unexpected overdraft, the borrower is not allowed
2

See Seasonal Lending Program (https://www.frbdiscountwindow.org/Pages/General-Information/SeasonalLending-Program) for information on the terms and requirements of the seasonal credit program.
3
12 CFR 201.4(b).

2

to increase its net exposure to other depository institutions—such as by selling federal funds—
without permission. The FR 2046 data are not routinely collected from secondary credit
borrowers, as adequate information on the need for funding and the reason for borrowing from
the Federal Reserve is usually available from other sources, such as direct contacts with banking
regulators. The FR 2046 report may be required if the Reserve Bank becomes concerned about
the frequency or size of the institution’s borrowing. Secondary credit is generally extended for
one day at a time; therefore, daily data are necessary to capture the borrower’s balance sheet
trends.4
Description of Information Collection
Table 1, below, lists the data items on the FR 2046 report. All data are reported for the
borrower’s domestic offices only and reported in thousands of dollars. The data elements include
the amounts of total securities, federal funds sold and securities purchased under agreements to
resell, total loans, total assets, total deposits, and federal funds purchased and securities sold
under agreements to repurchase.
Seasonal credit borrowers generally must submit FR 2046 reports for each two-week
period in which a borrowing is outstanding, and report daily data for Wednesdays only.5 If
requested by a Reserve Bank, primary or secondary credit borrowers report daily data for the
week requested.

4

Primary credit borrowers are in generally sound financial condition and, as noted above, there is usually little or no
administrative burden on their borrowing, so the FR 2046 will usually not be collected from them. However, the
FR 2046 may be required from a primary credit borrower in very unusual circumstances, such as if there is
information to suggest that undue use is being made of the credit. In these cases, information on federal funds sold
and purchased (including resale and repurchase agreements, respectively) would be important in identifying
situations in which an institution might be attempting to substitute borrowing at the discount window for its normal
market sources of funding. In addition, information on total assets, loans, deposits, and securities could be used to
assess the borrower’s funding need or use of the credit. Because primary credit can be extended for very short terms,
daily data are necessary to capture the borrower’s balance sheet trends.
5
As noted earlier, in cases where increased monitoring of a seasonal credit borrower is required, daily data may be
collected at the Reserve Bank’s discretion.

3

Table 1 - Data Items on the FR 2046

Type of
Credit

Primary
or
Secondary

Data Elements

Days of
Report
Period for
which Data
are Provided

Qualifications

Definition Source*

Total securities

None

Call Report /
NCUA 5300

Federal funds sold and resale
agreements

None

Call Report

Total loans

All

None

Call Report /
NCUA 5300
Call Report /
NCUA 5300
Call Report /
NCUA 5300

Total assets

None

Total deposits

None

Federal funds purchased and
repurchase agreements
(exclude FRB borrowings)

None

Call Report

When not reported on
FR 2644
When not reported on
FR 2644

Call Report /
NCUA 5300

Total securities
Federal funds sold and resale
agreements
Total loans
Seasonal
Total assets

Wednesday
only

Total deposits

When not reported on
FR 2644
When not reported on
FR 2644
When not reported on
FR 2644

Call Report
FR 2644 or
Call Report /
NCUA 5300
Call Report /
NCUA 5300
Call Report /
NCUA 5300

Federal funds purchased and
repurchase agreements
None
Call Report
(exclude FRB borrowings)
* Source of definition:
Call Reports = U.S. commercial bank Consolidated Reports of Condition and Income (FFIEC 031, FFIEC 041,
and FFIEC 051; OMB No. 7100-0036) or Report of Assets and Liabilities of U.S. Branches and
Agencies of Foreign Banks (FFIEC 002; OMB No. 7100-0032)
NCUA 5300 = Statement of Financial Condition (NCUA 5300; OMB No. 3133-0004)
FR 2644= Report of Selected Assets and Liabilities of Domestically Chartered Commercial Banks and U.S.
Branches and Agencies of Foreign Banks (FR 2644; OMB No. 7100-0075)

Data Content
As shown in Table 2, below, the definitions of the data items “total assets,” “total
securities,” “total loans,” and “total deposits” correspond to relevant definitions of these data
items in the quarterly Call Reports (FFIEC 031, FFIEC 041, and FFIEC 051) filed by each type
of institution.6

6

For U.S. branches and agencies of foreign banks that file a consolidated condition report, it is likely that discount
officers would request FR 2046 data for the particular branch that borrows.

4

Most institutions that borrow at the discount window are banks and hence file the
commercial bank Call Reports. Thus, these definitions should be familiar to the vast majority of
discount window borrowers. Moreover, the commercial bank Call Report definitions are fully
adequate for discount window monitoring purposes; they include federal funds purchased and
sold on an overnight basis or rolled over daily under a continuing contract and also include most
overnight and term funding under repurchase agreements, the instruments that are likely
alternative market sources of short-term funds for most discount window borrowers.
Table 2 - Definitions of Securities, Loans, Assets, and Deposits on the FR 2046
U.S. commercial banks and others:

FR 2046
data item

Total
securities

U.S. branches and agencies of
foreign banks:

Credit unions:

FFIEC 031

FFIEC 041

FFIEC 051

FFIEC 0027

NCUA 5300

Schedule RC
Balance Sheet,
Domestic office
portion of:
+ Held-tomaturity securities, item 2.a
+ Available-forsale debt securities, item 2.b
+ Equity
securities with
readily
determinable
fair values not
held for trading,
item 2.c
+ Trading
assets, item 5

Schedule RC
Balance Sheet
+ Held-tomaturity securities, item 2.a
+ Available-forsale debt securities, item 2.b
+ Equity
securities with
readily
determinable
fair values not
held for trading,
item 2.c
+ Trading
assets, item 5

Schedule RC
Balance Sheet
+ Held-tomaturity securities, item 2.a
+ Available-forsale debt securities, item 2.b
+ Equity
securities with
readily
determinable fair
values not held
for trading, item
2.c
+ Trading assets,
item 5

Schedule RAL Assets and Liabilities,
Assets
+ U.S. Treasury securities,
item 1.b.(1)
+ U.S. government agency
obligations, item 1.b.(2)
+ Securities of foreign governments
and official institutions, item 1.c.(1),
Col. A minus Col. B
+ Mortgage-backed securities issued
or guaranteed by U.S. Govt.
agencies, item 1.c.(2)(a), Col. A
minus Col. B
+ Other mortgage-backed securities,
item 1.c.(2)(b), Col. A minus Col. B
+ Other asset-backed securities, Item
1.c.(3), Column A minus Column B
+ All other bonds, notes, debentures,
and corporate stock (including state
and local securities), Item 1.c.(4),
Column A minus Column B
+ Trading assets, U.S. Treasury and
Agency securities, item 1.f.(1), Col.
A minus Col. B
+ Trading assets: Mortgage-backed
securities issued or guaranteed by
U.S. Govt. agencies, item 1.f.(2)(a),
Col. A minus Col. B
+ Trading assets: Other mortgagebacked securities, item 1.f.(2)(b),
Col. A minus Col. B
+ Trading assets: Other asset-backed
securities, item 1.f.(3), Col. A minus
Col. B
+ Trading assets: Other securities ,
item 1.f.(4), Col. A minus Col. B
+ Trading assets: Other trading
assets, item 1.f.(5), Col. A minus
Col. B

Statement of Financial
Condition, Assets,
Investments:
+Trading Debt Securities,
item 7
+Available-for-Sale Debt
Securities, item 8
+Held-to-Maturity Debt
Securities, item 9

7

Excluding transactions of the reporting institution’s own International Banking Facilities (IBFs) with nonrelated
parties and related depository institutions.

5

U.S. commercial banks and others:

FR 2046
data item

U.S. branches and agencies of
foreign banks:

Credit unions:

FFIEC 031

FFIEC 041

FFIEC 051

FFIEC 0027

NCUA 5300

Total
loans

Schedule RC-C
Loans and Lease
Financing
Receivables,
Part I. Total
loans and leases
held for
investment and
held for sale,
Column B, item
12

Schedule RC-C
Loans and Lease
Financing
Receivables,
Part I. Total
loans and leases
held for
investment and
held for sale,
Column B, item
12

Schedule RC-C
Loans and Lease
Financing
Receivables,
Part I. Total
loans and leases
held for
investment and
held for sale,
item 12

Schedule RAL Assets and Liabilities,
Assets, Loans and leases held for
investment and held for sale, item
1.e, Col. A minus Col. B

Statement of Financial
Condition, Assets,
Investments, Total
Loans & Leases,
item 15, amount

Total
assets

Schedule RC-H
Selected Balance Sheet Items
for Domestic
Offices
+ Net due from
own foreign
offices, Edge
and agreement
subsidiaries, and
IBFs, item 6
+ Total assets
(excludes net
due from own
foreign offices,
Edge and
agreement
subsidiaries, and
IBFs), item 8

Schedule RC
Balance Sheet,
Total Assets,
item 12

Schedule RC
Balance Sheet,
Total Assets,
item 12

Schedule RAL Assets and Liabilities,
Assets, Total Assets, item 3, Col. A
minus Col. B

Statement of
Financial Condition,
Assets, Total Assets,
item 23

Total
deposits

Schedule RC
Balance Sheet,
Deposits in
domestic offices,
item 13.a

Schedule RC
Balance Sheet,
Deposits in
domestic
offices, item
13.a

Schedule RC
Balance Sheet,
Deposits in
domestic
offices,
item 13.a

Schedule RAL Assets and Liabilities,
Liabilities, Total deposits and credit
balances, item 4.a, Col. A minus
Col. B

Statement of Financial
Condition, Liabilities,
Shares/Deposits, Total
shares and deposits,
item 7

The Board understands that respondents use information technology to comply with these
provisions, including the use of email to electronically transmit the reported data to the
requesting Reserve Bank. As described in the Frequency and Time Schedule section below,
FR 2046 reports are event-driven, can occur as frequently as weekly, and must be submitted the
next week after the event that triggers the reporting (borrowing from the discount window). As
described in the Background and Justification section above, this frequency is necessary for
Reserve Banks to appropriately monitor the balance sheet activity of discount window
borrowers.

6

Respondent Panel
The FR 2046 panel comprises certain depository institutions that borrow from the discount
window. Approximately 9,500 depository institutions are eligible to borrow at the discount
window, including domestic insured commercial banks, insured savings banks, savings and loan
associations, insured credit unions, U.S. branches and agencies of foreign banks, and others.8
However, in any given week, only a relatively small number of depositories borrow from the
discount window.9
As noted above, the FR 2046 report is usually not collected from primary credit
borrowers, and it is not routinely collected from secondary credit borrowers if necessary
information is available from other sources. The reporting panel consists almost entirely of
institutions that borrow seasonal credit. The number of seasonal credit borrowers varies
considerably over the year and has been less than 100 in any given week since 2007, even during
peak borrowing months.
Frequency and Time Schedule
When borrowing seasonal credit, institutions must submit the FR 2046 for each week of
any reserve maintenance period—a 14-day period that begins on a Thursday and ends on a
Wednesday during which a depository institution must hold reserve balances to meet Federal
Reserve reserve balance requirements10—in which the institution had an outstanding seasonal
credit loan on one or more days. For example, if an institution borrows on each day of a reserve
maintenance period, Reserve Banks collect the FR 2046 twice: once for data from the first week
of the reporting period and a second time for data from the second week of the reporting period. If
an institution borrowed only during the first week of the maintenance period (or only during the
second week), the FR 2046 is still collected for each of the two weeks of that maintenance period.
Reserve Banks indicate to the borrowers the dates for which FR 2046 data are required.
If requested by a Reserve Bank, primary and secondary credit borrowers would submit a
weekly report that covers the five business days of daily data for the week ending on
Wednesday. Depository institutions file the FR 2046 by the Wednesday following the end of the
reporting week.
Revisions to the FR 2046
As shown in Table 3 below, the Board removed the FR 2046 reporting exemption for
seasonal credit borrowers. Currently, seasonal credit borrowers that already report total
securities, federal funds sold and resale agreements, total loans, total deposits, and total assets
weekly on the FR 2644 do not need to provide these data on the FR 2046. Historically, this
reporting exemption was rarely used in practice as few seasonal credit borrowers have been on
the FR 2644 reporting panel. Separate from this proposal, the Board revised the FR 2644 to
8

12 CFR 201.2(c).
From 2021 to 2023, the weekly number of primary credit borrowers ranged from 32 to 262, and the weekly
number of secondary credit borrowers ranged from 0 to 2.
10
12 CFR 204.5(b)(1)-(2). Reserve requirements ratios have been zero percent since March 26, 2020.
9

7

allow banks under $5 billion in total assets as of the previous June 30 Call Report the option of
reporting one week per month, with data as of the first Wednesday of the month.11 The FR 2644
revisions were implemented as of April 2, 2025. As described above, seasonal credit is designed
to assist smaller institutions, and in practice any institution that is eligible to borrow seasonal
credit will have less than $5 billion in total assets. If a seasonal credit borrower is on the FR 2644
reporting panel, it would be required to report one week of data per month. This reduced
frequency is no longer a sufficient substitute for the weekly data required on the FR 2046. As a
result, the reporting exemption will be removed.
Table 3 - Revised Data Items on the FR 2046

Type of
Credit

Primary
or
Secondary

Data Elements

Days of
Report
Period for
which Data
are Provided

Qualifications

Total securities

None

Call Report /
NCUA 5300

Federal funds sold and resale
agreements

None

Call Report

Total loans

All

None

Total assets

None

Total deposits

None

Federal funds purchased and
repurchase agreements
(exclude FRB borrowings)

None

Call Report /
NCUA 5300
Call Report /
NCUA 5300
Call Report /
NCUA 5300
Call Report

Total securities

Call Report /
NCUA 5300

Federal funds sold and resale
agreements

Call Report

Total loans
Seasonal

Definition Source*

Total assets

Wednesday
only

Total deposits

None

Call Report /
NCUA 5300
Call Report /
NCUA 5300
Call Report /
NCUA 5300

Federal funds purchased and
repurchase agreements
Call Report
(exclude FRB borrowings)
* Source of definition:
Call Reports = U.S. commercial bank Consolidated Reports of Condition and Income (FFIEC 031, FFIEC 041,
and FFIEC 051; OMB No. 7100-0036) or Report of Assets and Liabilities of U.S. Branches and
Agencies of Foreign Banks (FFIEC 002; OMB No. 7100-0032)
NCUA 5300 = Statement of Financial Condition (NCUA 5300; OMB No. 3133-0004)

11

See 90 FR 13863 (March 27, 2025).

8

Public Availability of Data
No data collected by this information collection are published.
Legal Status
The FR 2046 report is authorized pursuant to sections 4(8), 10B, and 19(b)(7) of the
Federal Reserve Act (FRA) (12 U.S.C. §§ 301, 347b, and 461(b)(7)), which authorize Federal
Reserve Banks to provide discounts or advances to a member bank or other depository institution
and to demand notes secured to the satisfaction of each Reserve Bank, and authorize the Board to
establish rules and regulations under which a Reserve Bank may extend such credit.12 In
addition, section 9(6) of the FRA (12 U.S.C. § 324), which requires state member banks to file
reports of condition and of the payment of dividends with the Federal Reserve, provides
authority to collect balance sheet information from state member banks. Sections 2A and 11 of
the FRA (12 U.S.C. §§ 225a, 248(a)(2), and 248(i)), respectively, as well as section 7(c)(2) of
the International Banking Act of 1978 (12 U.S.C. § 3105(c)(2)), authorize the Board to collect
balance sheet data from domestically chartered commercial banks and U.S. branches and
agencies of foreign banks. If requested by the lending Reserve Bank, a depository institution that
borrowed from the discount window must submit the FR 2046 report. Accordingly, the
obligation to respond is mandatory.
The Dodd-Frank Wall Street Reform and Consumer Protection Act requires the Board to
publish certain information on individual discount window borrowers and transactions (i.e., the
identity of the borrower, the amount that was borrowed, the interest rate, and the types and
amounts of collateral or assets pledged) after an approximately two year lag.13 The FR 2046
report is considered confidential until the fact that the institution borrowed from the discount
window is disclosed. Until this point, the fact that this report was filed can be kept confidential
under exemption 4 of the Freedom of Information Act (FOIA) (5 U.S.C. § 552(b)(4)), which
protects confidential commercial or financial information that is both customarily and actually
treated as private. This information is considered confidential because the institution borrowed
from the discount window and once the fact that an institution borrowed from the discount
window is disclosed, the FR 2046 report is no longer considered confidential in the event a FOIA
request is received.
Consultation Outside the Agency
There has been no consultation outside the Federal Reserve System.

12

Section 142 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (Pub. L. 102-242, Title I,
Subtitle E, § 142 (December 19, 1991)), amended section 10B of the FRA (12 U.S.C. § 347b(b)) to discourage
Reserve Banks from making advances to undercapitalized and critically undercapitalized depository institutions by
imposing liability on the Board for certain losses incurred by the Deposit Insurance Fund of the Federal Deposit
Insurance Corporation. See 58 FR 45851 (August 31, 1993).
13
See 12 U.S.C. § 248(s).

9

Public Comments
On March 27, 2025, the Board published an initial notice in the Federal Register (90 FR
13861) requesting public comment for 60 days on the extension, with revision, of the FR 2046.
The comment period for this notice expired on May 27, 2025. The Board did not receive any
comments. The Board adopted the extension, with revision, of the FR 2046 as originally
proposed. On September 29, 2025, the Board published a final notice in the Federal Register (90
FR 46598).
Estimate of Respondent Burden
As shown in the table below, the estimated total annual burden for the FR 2046 is 143
hours, and would remain the same with the revisions. As noted above, the reporting exemption
that is being eliminated is rarely used in practice, and its elimination does not affect estimated
reporting burden. Because the report is event-generated, it is not possible to predict exactly how
many reports will be filed in a given year. As a result, the estimate of respondent burden is based
on recent historical discount window borrowing frequencies. As noted above, the FR 2046 data
usually are not collected from primary credit borrowers, and are not routinely collected from
secondary credit borrowers if necessary information is available from other sources. Therefore,
only a nominal burden is expected for these programs. The estimated number of respondents and
annual frequency for the seasonal credit program is based on borrowing activity in 2021 through
2023. The burden estimate was adjusted up using the standard Board burden calculation
methodology. These reporting requirements represent less than 1 percent of the Board’s total
paperwork burden.
FR 2046
Primary and Secondary Credit
Seasonal Credit
Seasonal Credit, borrower in
questionable financial condition
Total

Estimated
number of
respondents14

Estimated
Estimated
Estimated
annual
average hours annual burden
frequency per response
hours

1
25

1
11

2.22
0.51

2
140

1

1

0.91

1
143

14

Of these respondents, 25 respondents are considered small entities as defined by the Small Business
Administration (i.e., entities with less than $850 million in total assets). Size standards effective March 17, 2023.
See https://www.sba.gov/document/support-table-size-standards. There are no special accommodations given to
mitigate the burden on small institutions.

10

The estimated total annual cost to the public for the FR 2046 is $10,317, and would
remain the same with the revisions.15
Sensitive Questions
This information collection contain no questions of a sensitive nature, as defined by
OMB guidelines.
Estimate of Cost to the Federal Reserve System
The ongoing annual cost of the FR 2046 is estimated to be $28,640 based on an estimate
of 20 minutes of staff time per filed report, plus 1 hour per Reserve Bank for weekly processing
(including panel maintenance, report generation, and report analysis), at $40 per hour. The data
are not subject to extensive editing or other manipulation and are not submitted to the Board of
Governors.

15

Total cost to the responding public is estimated using the following formula: total burden hours, multiplied by the
cost of staffing, where the cost of staffing is calculated as a percent of time for each occupational group multiplied
by the group’s hourly rate and then summed (30% Office & Administrative Support at $24, 45% Financial
Managers at $87, 15% Lawyers at $88, and 10% Chief Executives at $126). Hourly rates for each occupational
group are the (rounded) mean hourly wages from the Bureau of Labor Statistics (BLS), Occupational Employment
and Wages, May 2024, published April 2, 2025, https://www.bls.gov/news.release/ocwage.t01.htm. Occupations are
defined using the BLS Standard Occupational Classification System, https://www.bls.gov/soc/.

11