Management and Budget Office May 16, 2006 – Federal Register Recent Federal Regulation Documents
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Standard Occupational Classification-Revision for 2010
Under 44 U.S.C. 3504(e), the Office of Management and Budget (OMB) announces the review of the 2000 SOC for possible revision in 2010 and solicits public comment on: (1) The Standard Occupational Classification (SOC) Classification Principles, (2) corrections to the 2000 SOC Manual, (3) the intention to retain the current SOC Major Group structure, (4) changes to the existing detailed occupations, and (5) new detailed ccupations to be added to the 2010 SOC. Details about these topics may be found in the SUPPLEMENTARY INFORMATION section below. As indicated in the 2000 SOC Manual, OMB established a Standard Occupational Classification Policy Committee (SOCPC) to maintain the current SOC to ensure that it remains applicable to the world of work. The SOCPC welcomes comments related to any aspect of occupational classification, the 2000 SOC, or the revision process. The review and revision of the SOC for 2010 is intended to be completed by the end of 2008.
North American Industry Classification System-Revision for 2007
Under 44 U.S.C. 3504(e), the Office of Management and Budget (OMB) is announcing its final decisions for adoption of the North American Industry Classification System (NAICS) revisions for 2007 as recommended by the Economic Classification Policy Committee (ECPC) in OMB's notice for solicitation of comments published in Part IV of the March 11, 2005, Federal Register (70 FR 12390-12399). In addition, responding to comments received on the ECPC recommendations, OMB is adopting a classification change for Real Estate Investment Trusts (REITs) that was not part of the ECPC's recommendations. After additional consultation with the National Association of Real Estate Investment Trusts, the agencies participating in the ECPC, and other interested agencies, NAICS 525390, Real Estate Investment Trusts, will be deleted from the classification and portions will be reclassified as follows: (1) Equity REITs will be classified in the Real Estate Subsector in NAICS Industry Group 5311, Lessors of Real Estate, under individual national industries based on the content of the portfolio of real estate operated by a particular REIT; and (2) Mortgage REITs will remain classified in the Finance Sector but will be moved from NAICS 525930 to NAICS 525990, Other Financial Vehicles. More details of this decision are presented in the SUPPLEMENTARY INFORMATION section below. In addition to this change, the title of NAICS industry 561422, ``Telemarketing Bureaus'', is changed to ``Telemarketing Bureaus and Other Contact Centers'' to more accurately reflect the content of the industry. There is no content change; the title is simply revised to reflect the actual activities undertaken and the various technologies used. In the March 11, 2005, notice, OMB's Economic Classification Policy Committee recommended a revision of the industry classification system to modify the structure and detail for telecommunications industries based on changes that have occurred and are anticipated to occur in the future. The ECPC also recommended the creation of a new national industry for biotechnology research and development to reflect the growing importance of this activity in the economy. Additional changes were recommended to more adequately align the activities of producers in agriculture; manufacturing; and professional, technical, and scientific services.
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