Fed To Study Impact Of Financial Crisis On US Household Finances
By Maya Jackson Randall, Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- The Federal Reserve is starting a research project to
evaluate the impact of the financial crisis on American households, with Fed
Chairman Ben Bernanke seeking robust participation from families around the
country.
"It may seem that everything that needs to be known about recent economic
changes is already known," Bernanke said in a recent letter to potential survey
participants, which the central bank made public Monday. "But, we would benefit
from a more detailed understanding of what has happened across the broad range
of types of households. For that, we need to look directly at changes for
individual households."
The Fed conducted a survey of consumer finances in 2007, before the onset of
the current financial crisis. It plans to "soon" begin a statistical study of
household finances to provide critical details about how the economic downturn
has affected consumers.
For its 2009 Survey of Consumer Finances, the Fed said it will aim to re-
interview all of the 4,422 participants in the central bank's 2007 survey.
While the survey is generally undertaken every three years, the Fed has
decided that the last two years have been so extraordinary that a new survey is
needed sooner than planned.
The survey will be conducted by the National Opinion Research Center, a social
science research group at the University of Chicago. Data will be collected from
July 25 through Dec. 31.
In his letter, Bernanke urged households to participate.
"I assure you that we give the highest priority to guarding the privacy of the
survey participants and the confidentiality of their answers," he wrote. "
Participation is voluntary, but I urge you to take part."
-By Maya Jackson Randall, Dow Jones Newswires; 202-862-9255, maya.jackson-
randall@dowjones.com
(END) Dow Jones Newswires
07-27-091115ET
Copyright (c) 2009 Dow Jones & Company, Inc.
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