Making Permanent the Authority of Secretary of Commerce to Conduct the Quarterly Financial Report Program
MAKING PERMANENT THE AUTHORITY OF THE SECRETARY OF COMMERCE TO CONDUCT THE QUARTERLY FINANCIAL REPORT PROGRAM -- (House of Representatives - July 13, 2005)
Mr. TURNER of Ohio. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 2385) to make permanent the authority of the Secretary of Commerce to conduct the quarterly financial report program, as amended.
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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.
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