CONGRESSMAN TED W. LIEU STATEMENT ON PASSAGE OF THE QUARTERLY FINANCIAL REPORT REAUTHORIZATION ACT

September 24, 2015
Press Release
Passage of Act is first Lieu-authored legislation to pass the House

Washington - Today, Congressman Ted W. Lieu (D | Los Angeles) issued the following statement after the House of Representatives passed the Quarterly Financial Report Authorization Act (H.R. 3116).   This legislation was introduced by Congressman Lieu and reauthorizes the Secretary of Commerce to publish a quarterly financial report (QFR) on manufacturing, trade and selected service industries.  QFR data has been published since 1947 and is currently used by businesses, financial analysts, trade associations and banks; QFR data is a vital tool in tracking the health and growth of the American economy.  The Department of Commerce has called the reauthorization of the Quarterly Financial Report a “top priority.”

“I am thrilled today to pass my first bill in the House of Representatives, the Quarterly Financial Report Reauthorization Act, and to see it pass unopposed by voice vote. Since the end of World War II,  the Quarterly Financial Report has been a closely-watched principal economic indicator used to produce timely, accurate data on business financial conditions that is widely used by the government and private sector alike. Good decisions require good information, and the Department of Commerce’s Quarterly Financial Report provides that good information by surveying thousands of companies across a variety of sectors to analyze our nation’s GDP. As we continue to rebuild our economy, we need all the tools at our disposal to measure our progress.  I thank Chairman Chaffetz, Ranking Member Cummings, and the entire staff of the House Oversight and Government Reform Committee for working with me to reauthorize this vital program before its expiration at the end of this month.”

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