Board of Governors of the Federal Reserve System

Performance Evaluation of the Federal Reserve G.17 (419) Statistical Release
June 2020 PDF

V. Security of Data and Release Procedures

The G.17 is continuously monitored for compliance with the Federal Information Security Management Act and the Federal Reserve Board's Information Security Program. In addition, the operations involved in producing the G.17 were reviewed by the Office of the Inspector General of the Federal Reserve Board in the summer of 2005. Once the compilation of current IP has begun, internal access to the IP data files is limited to a pre-determined group of individuals within the Industrial Output Section. Individual user access of the division's systems requires two-factor authentication; that is, access to the user’s account requires inserting the user’s government-issued personal identity verification card into the user’s computer and also requires the user to enter a passcode.

V.A. Standard Security and Release Procedures

During the monthly IP process, interim reports may be provided to division officers, the Chair of the Federal Reserve, and a few select others. Once IP is finalized, senior division staff members are briefed—usually the day before the publication day—and the Chair is provided with summary tables. All of these updates are classified as “internal FR” within the Federal Reserve. The press release text and summary tables are provided to a member of the Economic Editing Section and to the Office of Public Affairs for review on the day before publication. In the early afternoon on the day before the release day, encrypted tables are sent to the Council of Economic Advisers through www.MAX.gov; later that day, an encrypted copy of the final release is sent to them through www.MAX.gov.

Before August 2015, on the morning of the publication of IP, the Federal Reserve provided embargoed access to the release via a secure electronic system for credentialed reporters. Beginning in August 2015, the Federal Reserve provided credentialed reporters embargoed access to the release in a secure facility where reporters are prevented from transmitting information before the release time. Reporters that receive embargoed access are physically sequestered and have no access to the internet or telephones before the release time. In response to COVID-19, the Federal Reserve discontinued embargoed access to reporters in March 2020. At this time (June 2020), it is unclear when embargoed access will return.

Measures are in place to ensure information is protected until its official release time.  A limited number of staff directly involved in preparing the release for publication have access before its release.  In the event information were inadvertently released before the scheduled publication time, the Federal Reserve has a procedure where the release would be published on its website as soon as possible.

V.B. Off-Schedule Releases

Since the 2017 OMB report, information from the G.17 release was disseminated to the public in advance of its scheduled publication time on one occasion. In August 2017, the G.17 was released approximately 35 minutes early; human error was the reason for the premature release.