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Fed gathering data on household finances Consumer
Finances."
By MARTIN CRUTSINGER WASHINGTON
found at businessweek.com
The Associated Press May 2, 2007
Federal Reserve Chairman Ben Bernanke wants to discover key
facts about the personal finances of thousands of Americans, and he is promising
that the information will be held in strict confidence.
The Fed sent out letters this week from Bernanke to approximately 10,000
families living in 79 cities and towns around the country asking them to
participate in the central bank's latest "Survey of
The survey, which has been done once every three years since 1983, provides
detailed information for the central bank and other economic researchers into
household finances.
"The results of the survey will fill a gap in our knowledge about the
financial circumstances of different types of households," Bernanke wrote
in a letter encouraging people to participate.
The data collected will give a representative picture of what Americans own,
from houses and cars to stocks and bonds, to how much they borrow and where they
borrow the money.
"I assure you that we give the highest priority to guarding the privacy
of the survey participants and the confidentiality of their answers,"
Bernanke wrote. "Your name will never be associated with the answers you
provide."
The survey will be conducted for the Fed by the National Opinion Research
Center, a social science organization located at the University of Chicago.
Bernanke said in his letter that the interviewer who contacts those being asked
to participate would be able to supply more information on how the privacy of
participants will be protected.
The 2007 survey will have revised questions designed to find out more
information on the various types of home mortgages that people are taking out.
Researchers are hoping to gain more information on adjustable rate mortgages and
what risks they may pose in light of rising mortgage defaults this year.
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