The Board of Governors of the Federal Reserve System is asking for public feedback on a proposal to continue, for another three years without changes, the recordkeeping requirements related to changes in foreign investments by certain U.S. banking organizations. This proposal, known officially as form FR 2064, involves maintaining internal records that help the banks show they comply with investment rules. Public comments must be submitted by April 19, 2021, and can be submitted using various methods, such as via the Federal Reserve's website or by mail. The collected comments will help the Board decide if any adjustments are needed for the proposal.
Simple Explanation
The Federal Reserve wants people to share their thoughts about keeping track of some money things for three more years. This way, banks can show they are following the rules when they invest in things in other countries.