The U.S. Department of the Treasury is inviting public comments on proposed information collections aimed at reducing paperwork, as part of the Paperwork Reduction Act of 1995 efforts. These collections involve the Financial Stability Oversight Council's (FSOC) authority to monitor nonbank financial companies that might pose a threat to U.S. financial stability. The public can comment on aspects such as the necessity and utility of the information, the accuracy of burden estimates, and ways to improve data collection processes. Feedback will be part of the request for approval to the Office of Management and Budget (OMB), and comments need to be submitted by June 23, 2025.
Simple Explanation
The Treasury Department wants to hear what people think about how they collect information to keep an eye on big financial companies that might cause problems for the country's money system. They want to make sure this is done in a way that doesn't waste time or money, and people have until June 23, 2025, to share their thoughts.