Overview
Title
[Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Departmental Offices Information Collection Requests
Agencies
ELI5 AI
The Treasury Department wants to know what people think about some big surveys they're planning to do. These surveys will help them understand how money moves between countries, and they want people to share their thoughts before the end of February next year.
Summary AI
The U.S. Department of the Treasury is seeking public comments on several information collection requests that they plan to submit to the Office of Management and Budget (OMB). These requests include surveys about foreign residents holding U.S. securities, U.S. ownership of foreign securities, and financial derivatives contracts with foreign residents. The feedback should be sent by February 27, 2025, to ensure it's considered. Each survey aims to help the Treasury Department understand financial trends and inform U.S. economic policies.
Abstract
The Department of the Treasury will submit the following information collection requests to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice. The public is invited to submit comments on these requests.
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Sources
AnalysisAI
The document in question, issued by the U.S. Department of the Treasury, is a formal notice inviting public comments on several proposed information collection requests. These requests are part of a procedural framework required by the Paperwork Reduction Act of 1995 and are to be submitted for review by the Office of Management and Budget (OMB). The collections focus on surveys concerning foreign residents' holdings of U.S. securities, U.S. ownership of foreign securities, and transactions in financial derivatives contracts with foreign residents.
General Summary
The primary goal of these surveys is to gather data that can help inform U.S. economic policy, particularly in areas such as the balance of payment accounts and international investment positions. The notice provides detailed descriptions of these surveys, including who is expected to respond, the frequency of responses, and estimates on the time required to complete each survey.
Significant Issues and Concerns
Technical Language: The document is replete with technical jargon that may not be easily comprehensible to those outside the financial or governmental sectors. Terms such as "balance of payments accounts" or "U.S. international investment position" need simplification or explanation for the broader public.
Use of Acronyms: Acronyms such as OMB, PRA, and IMF are used extensively without definition. This could create confusion for readers who are not versed in government or financial matters, potentially diminishing the accessibility of the notice.
Response Burden: The estimated time required per response for some surveys is significant, with some respondents expected to spend 155 hours annually. This presents a notable burden, particularly on businesses that must allocate substantial time and resources to comply.
Data Security and Confidentiality: The document lacks information on safeguards for the protection of sensitive data. For businesses and financial entities concerned about privacy and data security, this omission could be a major concern.
Impact on the Public
The general public is likely to be indirectly impacted since the data collected might influence U.S. financial and monetary policies, which can, in turn, affect economic conditions such as inflation, interest rates, and investment environments. However, the immediate burden falls on businesses and financial institutions tasked with providing this data.
Impact on Specific Stakeholders
Businesses and financial entities, particularly the largest banks, securities dealers, and investors, are directly affected as they are required to participate in these surveys. This mandatory participation might incur costs related to data collection and reporting—all of which could strain resources.
Positively, the collected data could benefit stakeholders by ensuring that economic policies are grounded in comprehensive and accurate financial information. Policymakers could use these insights to refine regulations and financial strategies, potentially improving market stability.
Conversely, the substantial time investment required could perceivedly outweigh these benefits, especially if the surveys do not lead to perceptible policy changes or advantages for the respondents.
In conclusion, while the notice from the Department of the Treasury is part of a necessary process for ensuring informed policy-making, there are tangible burdens and concerns that need addressing to improve transparency, public accessibility, and the data's security.
Issues
• The notice contains technical language that may not be easily understood by the general public, such as references to balance of payments accounts, U.S. international investment position, and specific forms like SHL/SHLA and TIC-SHC/SHCA.
• The document uses several acronyms (e.g., OMB, PRA, IMF) without providing explanations or definitions, which could be confusing for someone not familiar with these terms.
• The estimated time per response for some collections is quite high (e.g., 155 hours), which might indicate a significant burden on the respondents, though it is not clear if there is a way to reduce this time.
• The document does not specify any measures for how the data collected will be protected in terms of confidentiality and security, which might be a concern for respondents.