[Congressional Record Volume 151, Number 94 (Wednesday, July 13, 2005)]
[House]
[Pages H5754-H5756]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


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MAKING PERMANENT THE AUTHORITY OF THE SECRETARY OF COMMERCE TO CONDUCT 
                 THE QUARTERLY FINANCIAL REPORT PROGRAM

  Mr. TURNER of Ohio. Mr. Speaker, I move to suspend the rules and pass 
the

[[Page H5755]]

bill (H.R. 2385) to make permanent the authority of the Secretary of 
Commerce to conduct the quarterly financial report program, as amended.
  The Clerk read as follows:

                               H.R. 2385

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. TEN-YEAR EXTENSION OF AUTHORITY FOR SECRETARY OF 
                   COMMERCE TO CONDUCT THE QUARTERLY FINANCIAL 
                   REPORT PROGRAM.

       Section 4(b) of the Act entitled ``An Act to amend title 
     13, United States Code, to transfer responsibility for the 
     quarterly financial report from the Federal Trade Commission 
     to the Secretary of Commerce, and for other purposes'', 
     approved January 12, 1983 (Public Law 97-454; 13 U.S.C. 91 
     note), is amended by striking ``2005'' and inserting 
     ``2015''.

  The SPEAKER pro tempore. Pursuant to the rule, the gentleman from 
Ohio (Mr. Turner) and the gentlewoman from New York (Mrs. Maloney) each 
will control 20 minutes.
  The Chair recognizes the gentleman from Ohio (Mr. Turner).


                             General Leave

  Mr. TURNER. Mr. Speaker, I ask unanimous consent that all Members may 
have 5 legislative days within which to revise and extend their remarks 
and include extraneous material on H.R. 2385.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from Ohio?
  There was no objection.
  Mr. TURNER. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, on behalf of the Committee on Government Reform, H.R. 
2385 reauthorizes the Secretary of Commerce to conduct the Quarterly 
Financial Report Program through 2015. The purpose of this bill is to 
ensure uninterrupted continuation of this well-established and 
indispensable program. I urge my colleagues to support this important 
legislation.
  The Quarterly Financial Report, or QFR program, has been conducted 
uninterrupted since its inception in 1947. It provides ongoing, up-to-
date statistics on the financial performance of the manufacturing, 
mining, wholesale and retail trade sectors of our economy. QFR is the 
sole source for this information.
  Many public and private organizations rely on QFR data to make 
economic policy decisions based upon quality information. For example, 
the Commerce Department uses QFR data to develop the all-important 
gross domestic product and national incomes estimates. The Federal 
Reserve uses QFR data to assess industry debt structure, liquidity and 
profitability. The Treasury Department uses QFR to estimate corporate 
tax liability. And the Council of Economic Advisers uses QFR-based 
reports and analysis to develop economic policy proposals.
  In short, the data gathered from the QFR program affects everyone 
from Wall Street to Main Street. The QFR is the Nation's most current 
and comprehensive source of data on corporate financial activity. 
Federal Reserve Chairman Greenspan is on record stating that if 
anything, it would be desirable to expand the program to more sectors 
of the economy.
  Originally, H.R. 2385 would have given the Secretary of Commerce 
permanent authority to conduct the QFR program. But after consultation 
with my colleagues on the other side of the aisle, we decided to amend 
the original bill by expanding the sunset clause from 5 years to 10 
years.
  Mr. Speaker, this is a noncontroversial bill to reauthorize the time-
tested QFR program. I urge my colleagues to support the passage of H.R. 
2385.
  Mr. Speaker, I reserve the balance of my time.
  Mrs. MALONEY. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, I rise in support of H.R. 2385 as amended. This bill 
will reauthorize for 10 years the Quarterly Financial Report conducted 
by the U.S. Census Bureau, and I congratulate the gentleman from Ohio 
(Chairman Turner) for moving this bill quickly through the committee 
process.
  The reauthorization of this program expires this September, and it is 
very important that Congress gets this bill to the President before 
that deadline.
  The QFR is critical data collection for economic statistics and 
policy. It is used by the Bureau of Economic Analysis in constructing 
the national income and product accounts and in calculating the gross 
domestic product. Quarterly Financial Report data are also used by the 
Federal Reserve in tracking the investments and liabilities of 
households and corporations. Quarterly Financial Report data are used 
by the Treasury Department in developing economic policy, and by the 
private sector in planning for the future.
  There are two important issues that were considered by our committee 
in reauthorizing this data collection.
  First, the Quarterly Financial Report is a mandatory survey. That 
means that businesses can be prosecuted if they do not provide the 
information the Census Bureau requests.
  Secondly, like any survey, the Quarterly Financial Report imposes a 
certain burden on those who provide the information to the government. 
The Quarterly Financial Report is one of the few mandatory data 
collections authorized by Congress. The decennial census is mandatory, 
and is required by our Constitution. The Census Bureau also conducts 
the American Community Survey as a mandatory survey telling respondents 
that they are required by law to provide the requested information. 
That authority does not come from any explicit authorization by 
Congress, but rather through an interpretation of the law by the Office 
of Management and Budget.
  As representatives of the people, Congress should monitor closely any 
information collected that carries with it a penalty for not complying 
with the request. It is unfortunate that the mandatory authority is 
necessary for the Quarterly Financial Report. The Census Bureau has 
assured Congress that without this authority, the quality of the 
information collected would seriously decline. The Quarterly Financial 
Report asks businesses to provide detailed information on financial 
transactions during the quarter. In return, the government and the 
private sector use this information to form sound economic policy.
  According to the Census Bureau, the basic form can take up to 10 
hours to complete and the average is almost 4 hours. I believe that is 
a fair balance of burden and benefit. I am a strong supporter of a 
Quarterly Financial Report. Through my work on the Joint Economic 
Committee, I have seen firsthand the importance of the data provided by 
this survey. At the same time, I take my responsibility as an 
authorizer seriously. When we reauthorized this program in 1998, it was 
for 7 years. I appreciate the chairman's willingness to make this 
authorization for 10 years rather than a permanent authorization. I 
believe our committee should regularly review programs that place 
mandatory burdens on the public.
  Mr. Speaker, I urge my colleagues to pass this legislation.
  Mr. Speaker, I reserve the balance of my time.
  Mr. TURNER. Mr. Speaker, I yield such time as he may consume to the 
gentleman from Pennsylvania (Mr. Dent).
  Mr. DENT. Mr. Speaker, on behalf of the Committee on Government 
Reform, I rise in favor of H.R. 2385, a bill that reauthorizes the 
Secretary of Commerce to conduct the Quarterly Financial Report program 
through the year 2015.
  This important program provides data essential to calculating all 
aspects of national economy. Along with the gentleman from Ohio (Mr. 
Turner), the chairman of the Subcommittee on Federalism and the Census, 
I urge support of this necessary legislation.
  The Quarterly Financial Report Program is our Nation's most 
comprehensive source of data on corporate financial activity. For the 
past 58 years, QFR data has been the basis of estimating the gross 
domestic product and the national income accounts. Consequently, 
countless public and private organizations rely on QFR data to make 
informed economic policy decisions every day.
  Since 1983, the U.S. Census Bureau has successfully executed this 
valuable program. The Census Bureau has put forth laudable efforts to 
improve the process that provides the timely data. Specifically, the 
Census Bureau has significantly reduced time required for reporting the 
data by making it possible for companies to submit their surveys 
electronically by sending out filing reminders and providing help via 
the Census Website.

[[Page H5756]]

  The Census Bureau has done an exceptional job conducting this survey 
for the Secretary of Commerce. That fact notwithstanding, it is the 
responsibility of Congress to reauthorize this program after a period 
of 10 years pending a thorough review on the condition that the Census 
Bureau continues to effectively administer this necessary economic 
survey.
  Mr. Speaker, this is, in fact, a noncontroversial bill to reauthorize 
the time-tested Quarterly Financial Report Program. Passage of this 
legislation will ensure an uninterrupted continuation of this program.
  I thank the gentleman from Ohio (Chairman Turner) and the gentleman 
from Virginia (Chairman Tom Davis) for moving this bill through the 
subcommittee and full committee. I am pleased to be an original 
cosponsor of H.R. 2385 and urge its passage.
  Mrs. MALONEY. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, I strongly support this legislation and the census in 
general. It is not only a foundation of facts on which our government 
and the private sector formulate public policy, it keeps our government 
fair.
  Every 10 years based on census numbers, we redistribute power among 
the States in order to have a fair representation based on the numbers 
of people in our country, and it tells us who we are. It tells us about 
our diversity, it tells us about our growth. It is literally a portrait 
of our country every 10 years.
  This particular report, the Quarterly Financial Report, is a very 
important part of that portrait. So I rise very strongly in support of 
this bill and the census in general. I thank the gentleman from Ohio 
(Chairman Turner) for moving this bill so quickly.
  Mr. Speaker, I yield back the balance of my time.
  Mr. TURNER. Mr. Speaker, I yield back the balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentleman from Ohio (Mr. Turner) that the House suspend the rules and 
pass the bill, H.R. 2385, as amended.
  The question was taken; and (two-thirds having voted in favor 
thereof) the rules were suspended and the bill, as amended, was passed.
  The title of the bill was amended so as to read: ``A bill to extend 
by 10 years the authority of the Secretary of Commerce to conduct the 
quarterly financial report program.''.
  A motion to reconsider was laid on the table.

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