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house Bill H.R. 3116

Does the Dept. of Commerce Need to Continue Publishing Quarterly Financial Reports?

Argument in favor

Quarterly reports about various industries and economic indicators are very useful for business owners and investors to gauge the health of the economy. This program is essential and should continue.

James's Opinion
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09/23/2015
The mere thought of the private sector doing economic activity reports makes me shudder. They'd likely be as accurate as China's. Only a disinterested party, as in the D.O.C. can be trusted to accurately report on growth.
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Veronica's Opinion
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09/24/2015
Why make businesses pay for (and give all Their information) to a private company whom could manipulate the results or give "premium" buyers better numbers.
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Luke's Opinion
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09/23/2015
Because our current private sector is corrupt.
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Argument opposed

If the federal government stops producing quarterly financial reports, there will probably be a private sector company that capitalizes on the opportunity and produces similar reports.

SherryTX's Opinion
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09/23/2015
$5 million for a report? Forget it! There are several private sector reports people can refer to for financial info. Stop spending money like drunken sailors and pay down our debt!
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GrumpyMSgt's Opinion
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09/23/2015
No! They "cook the books" for political reasons just like employment figures.
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Gary's Opinion
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09/23/2015
The reports are inaccurate anyway, why bother?
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What is House Bill H.R. 3116?

This bill would reauthorize the ability of the Dept. of Commerce to conduct quarterly financial reports for another 15 years. These reports have been produced since 1947, and provides data related to manufacturing, mining, trade, and other service industries.


Currently this authority is due to expire in 2015, but this legislation would ensure that the Dept. of Commerce to continue publishing these reports through 2030.

Impact

People who would read the Dept. of Commerce reports, and the Dept. of Commerce.

Cost of House Bill H.R. 3116

$5.00 Million
The CBO estimates that this bill would cost about $5 million per year.

More Information

In-Depth: Sponsoring Rep. Ted Lieu (D-CA) praised the usefulness of the Dept. of Commerce’s reports in an introductory press release:
“Whether you’re in the public or private sector, you can’t make good decisions without good data. 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 the state of our economy.”

This bill was passed unanimously by the House Oversight and Government Reform Committee.


Media:

Summary by Eric Revell
(Photo Credit: Flickr user kenteegardin)

AKA

Quarterly Financial Report Reauthorization Act

Official Title

To extend by 15 years the authority of the Secretary of Commerce to conduct the quarterly financial report program.

bill Progress


  • EnactedOctober 22nd, 2015
    The President signed this bill into law
  • The senate Passed October 6th, 2015
    Passed by Voice Vote
      senate Committees
      Committee on Homeland Security and Governmental Affairs
  • The house Passed September 24th, 2015
    Passed by Voice Vote
      house Committees
      Committee on Oversight and Reform
    IntroducedJuly 20th, 2015

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