To extend by 10 years the authority of the Secretary of Commerce to conduct the quarterly financial report program.

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. 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. 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.

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.

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.

Mr. Speaker, I yield such time as he may consume to the gentleman from Pennsylvania (Mr. Dent).

Mr. Speaker, I yield back the balance of my time.

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.

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.

Mr. President, I ask unanimous consent that the Committee on Homeland Security and Governmental Affairs be discharged from further consideration of H.R. 2385 and the Senate proceed to its immediate consideration.

Mr. President, I ask unanimous consent that the bill be read a third time and passed, the motion to reconsider be laid upon the table, and that any statements relating to the measure be printed in the Record as if read.

Mr. President, I ask unanimous consent that the Committee on Commerce, Science, and Transportation be discharged from further consideration of H.R. 2385, and that the bill be referred to the Committee on Homeland Security and Governmental Affairs.

Mr. President, I ask unanimous consent that we vitiate that last request on the Committee on Commerce, Science, and Transportation.