WASHINGTON (MNI) – The Federal Reserve announced Thursday that it
will begin its 2010 Census of Finance Companies this month. This census
is unrelated to the 2010 population census, and is conducted roughly
every five years.
Fed Chair Ben Bernanke sent a letter to firms asking them to
cooperate with the census. The text of the Fed statement follows:.
The census is a key part of a larger effort to paint a complete and
continuing picture of this important sector of the U.S. economy in the
aftermath of the financial crisis.
“The Federal Reserve System is conducting this census to collect
basic information on the size and structure of the companies that supply
credit to households or businesses,” Federal Reserve Chairman Ben S.
Bernanke said in a letter to prospective census participants. “The
results will contribute to better-informed policy decisions.”
The assets and liabilities of finance companies have been surveyed
by the Federal Reserve at roughly five-year intervals since 1955. The
data collected provide a benchmark for the System’s monthly report on
the outstanding accounts receivable of finance companies (presented in
the Federal Reserve’s G.20 statistical release) and provide a
comprehensive update on these companies’ sources of funds. This
information in turn becomes an important input to the estimates of total
consumer credit (presented in the Federal Reserve’s G.19 statistical
release) and the U.S. flow of funds accounts.
The attached letter from Chairman Bernanke was sent to
approximately 27,000 companies urging their participation in the census.
The responses will be kept confidential.
Results of the 2010 Census of Finance Companies, which is unrelated
to the 2010 Census of Population, will be published in an upcoming
edition of the Federal Reserve Bulletin.
** Market News International Washington Bureau: 202-371-2121 **
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