The Board of Governors of the Federal Reserve System is seeking public comments on a proposal to extend the Semiannual Report of Derivatives Activity for three years without making any changes. This report collects data from eight major U.S. dealers of over-the-counter derivatives to understand global financial derivatives markets better. The proposal asks for feedback on various aspects, such as the necessity and effectiveness of the information collection and how to reduce the burden on respondents. Comments must be submitted by February 21, 2025, and can be sent through the Federal Reserve's website or by mail.
Simple Explanation
The Federal Reserve System wants to keep checking big banks on their use of a special kind of financial trade, called derivatives, for three more years without changing how they do it. They are asking people to tell them if this is helpful or if it makes too much work for the banks, and anyone can send in their thoughts about this by February 21, 2025.