Overview
Title
Agency Information Collection Activities Under OMB Review
Agencies
ELI5 AI
The Commodity Futures Trading Commission wants to keep track of certain reports to make sure nobody tricks people about the prices of important goods like crops. They ask about 10 people each year to help them by filling out some forms, which should take less than 2 hours. People can say what they think about this plan before March 1, 2021.
Summary AI
The Commodity Futures Trading Commission has announced a proposed extension for the information collection titled "Copies of Crop and Market Information Reports" under OMB Control No. 3038-0015. The collection is crucial for market surveillance and aims to prevent false or misleading reports affecting commodity prices. The estimated annual burden is 1.7 hours, affecting about 10 respondents. Public comments on the proposal are invited until March 1, 2021, through various methods, including online submissions and mail.
Abstract
In compliance with the Paperwork Reduction Act of 1995 (PRA), this notice announces that the Information Collection Request (ICR) abstracted below has been forwarded to the Office of Information and Regulatory Affairs (OIRA), of the Office of Management and Budget (OMB), for review and comment. The ICR describes the nature of the information collection and its expected costs and burden.
Keywords AI
Sources
AnalysisAI
The document under review is a public notice published by the Commodity Futures Trading Commission (CFTC) concerning a proposed extension of an information collection initiative titled "Copies of Crop and Market Information Reports," under OMB Control No. 3038-0015. The notice seeks to gather public comments on this proposal by March 1, 2021, as part of its compliance with the Paperwork Reduction Act of 1995 (PRA).
General Summary
This notice serves to inform the public of an extension of an existing information collection that assists the CFTC in monitoring and ensuring integrity in commodity futures trading. The focus is to prevent the dissemination of false or misleading reports that could manipulate commodity prices through market surveillance. The estimated impact of this collection is minimal in terms of burden, with an annual expectation of 1.7 hours for approximately 10 respondents.
Significant Issues and Concerns
Several notable concerns arise from an analysis of the document:
Lack of Cost Details: The notice does not provide detailed insight into the costs associated with the collection, making it challenging to evaluate whether there are any cost inefficiencies or wasteful spending.
Enforcement Clarity: The document falls short of explaining the specific enforcement or compliance measures for entities that neglect to provide the requested information, leaving a gray area concerning accountability.
Accessibility and Language: The regulatory and legal terms utilized in the document may pose comprehension challenges for the general public. Such language might require additional explanations or translations to be more accessible.
Ambiguity in Comment Screening: The language regarding the screening of public comments—reserving the right to redact, refuse, or remove submissions—lacks clarity in terms of the criteria used for such decisions, potentially leading to apprehension about censorship or selective feedback processing.
User-Friendly Contact Information: The contact section could be presented in a simpler format to guide stakeholders efficiently on how to reach out for inquiries or to provide feedback.
Impact on the Public
For the general public, this notice demonstrates a governmental effort to oversee and maintain fair trading practices in commodity markets. The outcome is potentially beneficial in safeguarding market integrity, which could impact consumer prices and economic stability. However, the lack of clarity surrounding comment participation and oversight provisions may create a barrier to active public engagement.
Impact on Stakeholders
For specific stakeholders, particularly current or potential respondents—or members of exchanges—the notice implies an ongoing responsibility to comply with the information collection. While the burden appears lightweight, the process does involve compliance with federal regulations. The transparency of these regulations and the review process affect how effectively stakeholders can participate and uphold market transparency.
Overall, while the CFTC's initiative is vital for ensuring ethical trading standards, simplifying the language, detailing compliance procedures, and being transparent about costs and comment review processes would enhance the document's effectiveness and encourage more meaningful public participation.
Issues
• The document does not provide specific details on the costs associated with the information collection, making it difficult to assess if any spending could be considered wasteful.
• There is a lack of clarity about the enforcement or compliance measures for individuals or entities that fail to respond to the information collection.
• The document uses regulatory references and legal language that might be difficult for the general public to understand without additional context or explanation.
• The language regarding the submission of comments ('reserves the right, but shall have no obligation, to review, prescreen, filter, redact, refuse or remove any or all of your submission') might be seen as ambiguous in terms of what criteria are used to filter or reject comments.
• The contact information section might be more user-friendly if it provided a more structured format or guidance on how stakeholders can efficiently reach out for further information.