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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
0608-0062
ICR Reference No:
202001-0608-003
Status:
Historical Active
Previous ICR Reference No:
201508-0608-003
Agency/Subagency:
DOC/EASA
Agency Tracking No:
0608-0062
Title:
Benchmark Survey of Financial Services Transactions Between U.S Financial Services Providers and Foreign Persons
Type of Information Collection:
Reinstatement with change of a previously approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved with change
Conclusion Date:
09/02/2020
Retrieve Notice of Action (NOA)
Date Received in OIRA:
06/02/2020
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
09/30/2023
36 Months From Approved
Responses
7,000
0
0
Time Burden (Hours)
29,375
0
0
Cost Burden (Dollars)
0
0
0
Abstract:
This survey will be used in monitoring U.S. exports and imports of financial services; analyzing their impact on the U.S. and foreign economies; compiling the international transactions, national income and product, and input-output accounts of the United States; supporting U.S. international trade policy on financial services; assessing U.S. competitiveness in international trade in services; and improving the ability of U.S. businesses to identify and evaluate market opportunities. The benchmark survey is intended to cover the universe of financial services transactions of U.S. financial services companies with foreign persons and is BEA’s most comprehensive survey of such transactions. In nonbenchmark years, the universe estimates covering these transactions are derived from the sample data reported on BEA’s BE-185 Quarterly Survey of Financial Services Transactions between U.S. Financial Services Providers and Foreign Persons.
Authorizing Statute(s):
US Code:
22 USC 3101-3108
Name of Law: International Investment and Trade in Services Survey Act
US Code:
15 USC 4908(b)
Name of Law: Omnibus Trade and Competitivenss Act of 1988
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
0691-AA90
Final or interim final rulemaking
85 FR 31050
05/22/2020
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
85 FR 10628
04/27/2020
30-day Notice:
Federal Register Citation:
Citation Date:
85 FR 31050
05/22/2020
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
BE-180 Benchmark Survey of Financial Services Transactions between U.S. Financial Services Providers and Foreign Persons
BE-180
2019 Benchmark Survey of Financial Services Transactions betweeon U.S. Financial Services Providers and Foreign Persons
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
7,000
0
0
7,000
0
0
Annual Time Burden (Hours)
29,375
0
0
29,375
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Miscellaneous Actions
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
Respondent burden is estimated based on the estimated burden in the last BE-180 benchmark survey and other BEA surveys, feedback from respondents, and on proposed changes to the form. The actual burden will vary from respondent to respondent depending on the number and amounts of their transactions and the ease of assembling the data. The estimate for the 2019 BE-180 benchmark survey of 29,375 burden hours is 1,875 more than the estimated respondent burden for the previous (2014) benchmark survey. For the 2014 survey, the estimated burden was 27,500 hours. The increase in burden hours results from changes in the expected response composition of the respondent universe from 2014 to 2019, as well as changes to the content of the survey. BEA proposes to add and modify some data items collected on the benchmark survey form. The changes are proposed to more closely align collected financial services categories with international guidelines, to improve on current financial services estimation methodologies, and to provide users with additional information about U.S. financial services transactions with foreign persons.
Annual Cost to Federal Government:
$420,000
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.
No
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
Agency Contact:
Christopher Stein 202 606-9850
Common Form ICR:
No
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:
06/02/2020
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