LOS ANGELES (July 22, 2015) — Today, Congressman Ted W. Lieu (D | Los Angeles) issued a statement after the Committee on Oversight and Government Reform unanimously passed the Quarterly Financial Report Authorization Act (H.R. 3116). This legislation was introduced by Congressman Lieu and reauthorizes the Department of Commerce’s Quarterly Financial Report (QFR) program – a principal economic indicator set to expire on September 30 – for 15 years.
Conducted by the U.S. Census Bureau, the QFR collects data from a sample of 12,500 companies in industries such as manufacturing, mining, trade and selected service industries. The program has existed uninterrupted since 1947. QFR data is a vital tool in tracking the health and growth of the American economy and is used by businesses, financial analysts, trade associations, banks and government agencies. Numerous public and private sector actors wrote statements of support to the U.S. Census Bureau for the program’s reauthorization, including the Small Business Administration, Wells Fargo and ProQuest.
The Department of Commerce has stated this program is a top priority and one of the U.S. Census Bureau’s most important economic indicator programs.
“Whether you’re in the public or private sector, you can’t make good decisions without good data,” said Congressman Ted Lieu. “Since the end of World War II, the Quarterly Financial Report has been uniquely able to provide that data, serving as a closely-watched economic indicator that helps form the basis of our Gross Domestic Product and other national estimates. As we continue to chart our economic recovery, we need all the tools at our disposal to measure to state of our economy. I look forward to this bill being brought to the House floor for a quick vote.”
Congressman Ted W. Lieu serves on the House Committees on the Budget and Oversight & Government Reform.
He is also the Democratic Freshman Class President and a Lieutenant Colonel in the Air Force Reserves.