Survey of Household Economics and Decisionmaking

Forms and Documents

Document Name	Status
FR3077_20201124_omb.pdf Supporting Statement A	2020-11-24
FR3077_20201124_omb_B.pdf Supporting Statement B	2020-11-24

IC Document Collections

IC ID	Document Title	Status
228811	Qualitative survey Other-2020 Survey	Modified
228810	Quantitative survey Other-2020 Survey	Modified

ICR Details

OMB Control No: 7100-0374	ICR Reference No: 202010-7100-015
Status: Active	Previous ICR Reference No: 202001-7100-004
Agency/Subagency: FRS	Agency Tracking No: FR 3077
Title: Survey of Household Economics and Decisionmaking
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/24/2020
	Date Received in OIRA: 11/24/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2023	36 Months From Approved	11/30/2020
Responses	21,590	0	21,590
Time Burden (Hours)	7,705	0	10,285
Cost Burden (Dollars)	0	0	0

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Abstract: The FR 3077 questionnaire is used to collect insightful information from consumers concerning the well-being of U.S. households and how individuals and their families are faring in the economy. The collected information could be used for the Board’s Report on the Economic Well-Being of U.S. Households, for Board studies or working papers, professional journals, the Federal Reserve Bulletin, testimony and reports to the Congress, or other vehicles. The SHED questionnaire includes such topics as individuals’ overall financial well-being, employment experiences, income and savings behaviors, economic preparedness, access to banking and credit, housing and living arrangement decisions, education and human capital, student loans, and retirement planning. The overall content of the SHED questionnaire depends on changing economic, regulatory, or legislative developments as well as changes in the financial services industry. The Paperwork Reduction Act clearance for the FR 3077 covers both the annual SHED questionnaire, as well as the potential for the Board to conduct smaller cognitive interviews, which would involve asking a small group of respondents (up to 30 people) open-ended follow-up questions in order to understand how respondents interpreted the questions being asked on the SHED questionnaire. These cognitive interviews could be conducted up to three times per year.

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Authorizing Statute(s): US Code: 12 USC 225a Name of Law: Federal Reserve Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 27742	05/11/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 58057	09/17/2020
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Qualitative survey
Quantitative survey

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	21,590	21,590	0	0	0	0
Annual Time Burden (Hours)	7,705	10,285	0	-2,580	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The estimated total annual burden for the FR 3077 is 10,285 hours, and would decrease to 7,705 hours with the revisions. This decline in the estimated total burden reflects a shorter questionnaire relative to the previous collection (i.e., some questions were cycled off of past questionnaires and other questions have been simplified to reduce the time required to complete), and improvements in the methodology for estimating respondent burden. The number of respondents represents the number of potential respondents for the cognitive interviews (Qualitative Surveys) per survey conducted, and, for the questionnaire (Quantitative Surveys), also captures contacted non-respondents, inclusive of any pretesting that would be required. For purposes of this estimate, it is assumed that the Quantitative Survey would be conducted once per year, and the Qualitative Survey could be conducted up to three times per year. The Board estimates that on average, each Quantitative Survey would require 0.35 hours to complete. The Board expects that on average, each Qualitative Survey would require two hours to complete.

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Annual Cost to Federal Government: $500,000

Does this IC contain surveys, censuses, or employ statistical methods? Yes Part B of Supporting Statement

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 11/24/2020

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