49–006 

114TH CONGRESS REPORT " ! HOUSE OF REPRESENTATIVES 1st Session 114–237 

QUARTERLY FINANCIAL REPORT REAUTHORIZATION ACT 

JULY 29, 2015.—Committed to the Committee of the Whole House on the State of 

the Union and ordered to be printed 

Mr. CHAFFETZ, from the Committee on Oversight and Government 

Reform, submitted the following 

R E P O R T 

[To accompany H.R. 3116] 

[Including cost estimate of the Congressional Budget Office] 

The Committee on Oversight and Government Reform, to whom 

was referred the bill (H.R. 3116) to extend by 15 years the authority of the Secretary of Commerce to conduct the quarterly financial 

report program, having considered the same, report favorably 

thereon without amendment and recommend that the bill do pass. 

CONTENTS 

Page 

Committee Statement and Views ........................................................................... 1 

Section-by-Section .................................................................................................... 2 

Explanation of Amendments ................................................................................... 2 

Committee Consideration ........................................................................................ 2 

Roll Call Votes ......................................................................................................... 3 

Application of Law to the Legislative Branch ....................................................... 3 

Statement of Oversight Findings and Recommendations of the Committee ...... 3 

Statement of General Performance Goals and Objectives .................................... 3 

Duplication of Federal Programs ............................................................................ 3 

Disclosure of Directed Rule Makings ..................................................................... 3 

Federal Advisory Committee Act ............................................................................ 3 

Unfunded Mandate Statement ............................................................................... 3 

Earmark Identification ............................................................................................ 4 

Committee Estimate ................................................................................................ 4 

Budget Authority and Congressional Budget Office Cost Estimate .................... 4 

Changes in Existing Law Made by the Bill, as Reported ..................................... 5 

COMMITTEE STATEMENT AND VIEWS

PURPOSE AND SUMMARY

H.R. 3116, the Quarterly Financial Report Reauthorization Act, 

extends the authority of the Census Bureau to conduct the QuarVerDate Sep 11 2014 04:04 Jul 31, 2015 Jkt 049006 PO 00000 Frm 00001 Fmt 6659 Sfmt 6602 E:\HR\OC\HR237.XXX HR237

rfrederick on DSK6VPTVN1PROD with HEARING
2 

1 13 U.S.C. 91 note. 

2 H.R. Rep. No. 109–164 at 2 (2005). 3 U.S. Census Bureau, Quarterly Financial Report, available at www.census.gov/econ/qfr/ 

about.html (last visited Jul. 24, 2015). 4P.L. 109–79. 

terly Financial Report Program for an additional 15 years, through 

September 30, 2030. 

BACKGROUND AND NEED FOR LEGISLATION

Current law requires the Secretary of Commerce to collect and 

publish quarterly financial statistics related to manufacturing, 

mining, and trade corporations.1 The Quarterly Financial Report 

(QFR) Program has operated uninterrupted since 1947 and has 

been conducted by the Department of Commerce and the Census 

Bureau since 1983.2

Data from the QFR program serves as a key indicator of our nations economic health, including as ‘‘a primary source for current 

estimates of corporate profits for the Nation’s Gross Domestic Income Accounts,’’ according to the Census Bureau.3

In 2005, Congress reauthorized the QFR program for 10 years, 

through September 30, 2015.4 H.R. 3116 extends the authorization 

for the QFR program through September 30, 2030. 

LEGISLATIVE HISTORY

H.R. 3116, the Quarterly Financial Report Reauthorization Act, 

was introduced by Congressman Ted Lieu (D–CA) on July 20, 2015 

and referred to the Committee on Oversight and Government Reform. On July 22, 2015, the Committee on Oversight and Government Reform ordered H.R. 3116 favorably reported, without 

amendment. 

SECTION-BY-SECTION

Section 1. Short title 

Designates the short title of the bill as the ‘‘Quarterly Financial 

Report Reauthorization Act.’’ 

Section 2. Extension of authority for Secretary of Commerce to conduct quarterly financial report program 

Extends by 15 years the authority of the Secretary of Commerce 

to conduct the quarterly financial report program. The bill amends 

P.L. 97–454, 13 U.S.C. 91 note, to strike ‘‘2015’’ and insert ‘‘2030’’ 

as the year in which the authorization for the quarterly financial 

report program will expire. 

EXPLANATION OF AMENDMENTS

No amendments were offered during Full Committee consideration of the bill. 

COMMITTEE CONSIDERATION

On July 22, 2015, the Committee met in open session and ordered reported favorably the bill, H.R. 3116, by voice vote, a 

quorum being present. 


rfrederick on DSK6VPTVN1PROD with HEARING
3 

ROLL CALL VOTES

No recorded votes were taken during Full Committee consideration of the bill. 

APPLICATION OF LAW TO THE LEGISLATIVE BRANCH

Section 102(b)(3) of Public Law 104–1 requires a description of 

the application of this bill to the legislative branch where the bill 

relates to the terms and conditions of employment or access to public services and accommodations. This bill extends by 15 years the 

authority of the Secretary of Commerce to conduct the quarterly financial report program. As such this bill does not relate to employment or access to public services and accommodations. 

STATEMENT OF OVERSIGHT FINDINGS AND RECOMMENDATIONS OF

THE COMMITTEE

In compliance with clause 3(c)(1) of rule XIII and clause (2)(b)(1) 

of rule X of the Rules of the House of Representatives, the Committee’s oversight findings and recommendations are reflected in the 

descriptive portions of this report. 

STATEMENT OF GENERAL PERFORMANCE GOALS AND OBJECTIVES

In accordance with clause 3(c)(4) of rule XIII of the Rules of the 

House of Representatives, the Committee’s performance goal or objective of the bill is to extend by 15 years the authority of the Secretary of Commerce to conduct the quarterly financial report program. 

DUPLICATION OF FEDERAL PROGRAMS

No provision of this bill establishes or reauthorizes a program of 

the Federal Government known to be duplicative of another Federal program, a program that was included in any report from the 

Government Accountability Office to Congress pursuant to section 

21 of Public Law 111–139, or a program related to a program identified in the most recent Catalog of Federal Domestic Assistance. 

DISCLOSURE OF DIRECTED RULE MAKINGS

The Committee estimates that enacting this bill does not direct 

the completion of any specific rule makings within the meaning of 

5 U.S.C. 551. 

FEDERAL ADVISORY COMMITTEE ACT

The Committee finds that the legislation does not establish or 

authorize the establishment of an advisory committee within the 

definition of 5 U.S.C. App., Section 5(b). 

UNFUNDED MANDATE STATEMENT

Section 423 of the Congressional Budget and Impoundment Control Act (as amended by Section 101(a)(2) of the Unfunded Mandates Reform Act, P.L. 104–4) requires a statement as to whether 

the provisions of the reported bill include unfunded mandates. In 

compliance with this requirement the Committee has received a 

letter from the Congressional Budget Office included herein. 


rfrederick on DSK6VPTVN1PROD with HEARING
4 

EARMARK IDENTIFICATION

This bill does not include any congressional earmarks, limited 

tax benefits, or limited tariff benefits as defined in clause 9 of rule 

XXI. 

COMMITTEE ESTIMATE

Clause 3(d)(1) of rule XIII of the Rules of the House of Representatives requires an estimate and a comparison by the Committee of the costs that would be incurred in carrying out this bill. 

However, clause 3(d)(2)(B) of that rule provides that this requirement does not apply when the Committee has included in its report 

a timely submitted cost estimate of the bill prepared by the Director of the Congressional Budget Office under section 402 of the 

Congressional Budget Act of 1974. 

BUDGET AUTHORITY AND CONGRESSIONAL BUDGET OFFICE COST

ESTIMATE

With respect to the requirements of clause 3(c)(2) of rule XIII of 

the Rules of the House of Representatives and section 308(a) of the 

Congressional Budget Act of 1974 and with respect to requirements 

of clause (3)(c)(3) of rule XIII of the Rules of the House of Representatives and section 402 of the Congressional Budget Act of 

1974, the Committee has received the following cost estimate for 

this bill from the Director of Congressional Budget Office: 

H.R. 3116—Quarterly Financial Report Reauthorization Act 

H.R. 3116 would extend the authority for the Department of 

Commerce to conduct the quarterly financial report program 

through 2030. Under that program, which will expire at the end of 

fiscal year 2015, the Census Bureau collects and publishes statistics on the financial condition of U.S. businesses. Information from 

the Census Bureau indicates that the program costs about $5 million a year. Therefore, CBO estimates that implementing the bill 

would cost $25 million over the 2016–2020 period, assuming appropriation of the estimated amounts. Enacting H.R. 3116 would not 

affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply. 

H.R. 3116 contains no intergovernmental mandates as defined in 

the Unfunded Mandates Reform Act (UMRA) and would not affect 

the budgets of state, local, or tribal governments. 

The quarterly financial report program, which the bill would extend, requires certain companies to provide survey information on 

their business and financial data to the Census Bureau. Extending 

this requirement would be a private-sector mandate on those companies. Based on information from the Census Bureau, CBO estimates that the direct cost to comply with the mandate would fall 

well below the annual threshold established by UMRA for privatesector mandates ($154 million in 2015, adjusted annually for inflation). 

The CBO staff contacts for this estimate are Susan Willie (for 

federal costs) and Paige Piper/Bach (for private-sector mandates). 

The estimate was approved by H. Samuel Papenfuss, Deputy Assistant Director for Budget Analysis. 


rfrederick on DSK6VPTVN1PROD with HEARING
5 

CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED

In compliance with clause 3(e) of rule XIII of the Rules of the 

House of Representatives, changes in existing law made by the bill, 

as reported, are shown as follows (existing law proposed to be omitted is enclosed in black brackets, new matter is printed in italic, 

and existing law in which no change is proposed is shown in 

roman): 

SECTION 4 OF PUBLIC LAW 97–454 

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. 

SEC. 4. (a) This Act shall take effect on the date of the enactment 

of this Act. 

(b) This Act, including the amendments made by this Act, shall 

cease to have effect after September 30, ø2015¿ 2030. 

(c) Not later than 2 years after such effective date, the Secretary 

of Commerce shall submit a report to the Congress regarding the 

administration of the program transferred by this Act. Such report 

shall describe— 

(1) the estimated respondent burden, including any changes 

in the estimated respondent burden after the transfer of such 

program; 

(2) the application made by various public and private organizations of the information published under such program; 

and 

(3) technical or administration problems encountered in carrying out such program. 

Æ 


rfrederick on DSK6VPTVN1PROD with HEARING