The Department of the Treasury plans to submit information collection requests regarding Treasury Foreign Currency Forms FC-1, FC-2, and FC-3 to the Office of Management and Budget (OMB) for review. This collection is in accordance with the Paperwork Reduction Act of 1995, and the public is invited to submit comments by February 26, 2021. These forms collect data on foreign exchange markets and are required from significant market participants, including both U.S. and foreign entities controlled by U.S. persons. The forms are submitted weekly, monthly, or quarterly, depending on the type, with an estimated total annual response burden of 3,963 hours.
Simple Explanation
The Treasury Department wants some people and companies to fill out forms about money they are using from other countries, and they have to do it every week, month, or three months. They want everyone to talk about it and ask questions if they're confused or think it's too much work.