Rescission of Quarterly Financial Reporting Requirements

Larry W. Minor
Federal Motor Carrier Safety Administration
August 27, 2012

[Federal Register Volume 77, Number 166 (Monday, August 27, 2012)]
[Rules and Regulations]
[Pages 51705-51706]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-21021]


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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

49 CFR Part 369

[Docket No. FMCSA-2012-0020]
RIN-2126-AB48


Rescission of Quarterly Financial Reporting Requirements

AGENCY: Federal Motor Carrier Safety Administration (FMCSA), DOT.

ACTION: Withdrawal of direct final rule.

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SUMMARY: FMCSA withdraws its June 27, 2012, direct final rule 
eliminating the quarterly financial reporting requirements for certain 
for-hire motor carriers of property (Form QFR) and for-hire motor 
carriers of passengers (Form MP-1). After reviewing the adverse comment 
received from SJ Consulting Group in response to the direct final rule, 
the agency has determined that it would be inappropriate to allow the 
direct final rule to take effect. The FMCSA intends to publish a notice 
of proposed rulemaking in the near future proposing the elimination of 
the quarterly financial reporting requirements for Form QFR and Form 
MP-1.

DATES: The direct final rule published at 77 FR 38211, June 27, 2012 is 
withdrawn, effective August 27, 2012.

FOR FURTHER INFORMATION CONTACT: Ms. Vivian Oliver, Office of Research 
and Information Technology, Federal Motor Carrier Safety 
Administration, 1200 New Jersey Ave. SE., Washington, DC 20590; 
Telephone 202-366-2974; email Vivian.Oliver@dot.gov.

SUPPLEMENTARY INFORMATION:

I. Public Participation and Comments

A. Viewing Comments and Documents

    To view comments, go to http://www.regulations.gov/#!docketDetail;D=FMCSA-2012-0020. If you do not have access to the 
Internet, you may also view the docket online by visiting the Docket 
Management Facility in Room W12-140 on the ground floor of the 
Department of Transportation West Building, 1200 New Jersey Avenue SE., 
Washington, DC 20590, between 9 a.m. and 5 p.m. e.t., Monday through 
Friday, except Federal holidays.

B. Privacy Act

    Anyone can search the electronic form of comments received into any 
of our dockets by the name of the individual submitting the comment (or 
signing the comment, if submitted on behalf of an association, 
business, labor union, etc.). You may review a Privacy Act notice 
regarding our public dockets in the January 17, 2008 issue of the 
Federal Register (73 FR 3316).

II. Background

    On June 27, 2012, FMCSA published a direct final rule proposing to 
eliminate the quarterly financial reporting requirements for certain 
for-hire motor carriers of property (Form QFR) and for-hire motor 
carriers of passengers (Form MP-1), if no adverse comments were 
received by July 27, 2012. After

[[Page 51706]]

reviewing the one set of adverse comments received from SJ Consulting 
Group, the agency has determined that it would be inappropriate to 
allow the direct final rule to take effect.
    SJ Consulting Group stated that it uses the quarterly financial 
information to advise motor carriers, shippers, and persons interested 
in buying motor carriers. It argued that the quarterly reports provide 
useful insight into the U.S. trucking industry, such as operating 
statistics that are not available from other public sources, 
particularly for private carriers. Although SJ Consulting conceded that 
says some data on general demand and pricing trends are available from 
other sources, it argued that quarterly data on the profitability of 
carriers are essential in providing safe and timely service to 
shippers, estimating future growth rates, and assessing opportunities 
for profitable investment in the trucking industry. SJ Consulting has 
used Form QFR reports for these purposes for many years.
    FMCSA Response: SJ Consulting submitted an adverse comment with an 
explanation of why it disagrees with the direct final rule. For this 
reason, FMCSA withdraws the direct final rule of June 27, 2012, based 
on the adverse comments of SJ Consulting Group.

    Issued on: August 15, 2012.
Larry W. Minor,
Associate Administrator for Policy.
[FR Doc. 2012-21021 Filed 8-24-12; 8:45 am]
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