The Commodity Futures Trading Commission (CFTC) is seeking public feedback on its plan to renew the data collection regarding large trader reporting for physical commodity swaps. This process, under the Paperwork Reduction Act, involves agencies publishing notices about information collection and receiving comments for 60 days. The CFTC aims to ensure the data collection is effective, minimizes burdens on responders, and estimates that around 5,088 respondents will provide information, resulting in about 65,412 total annual burden hours. Comments are to be submitted by April 26, 2021.
Simple Explanation
The Commodity Futures Trading Commission (CFTC) wants to hear people's thoughts on how they collect information from big traders who swap stuff like oil or wheat. They want to make sure it's not too hard for traders to give this info and are open to ideas on how to do it better.