FMCSA withdraws final rule to eliminate quarterly financial reporting

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The Federal Motor Carrier Safety Administration has withdrawn its direct final rule eliminating the quarterly financial reporting requirements for certain for-hire motor carriers of property and for-hire motor carriers of passengers after receiving an adverse comment. FMCSA said intends to publish a notice of proposed rulemaking in the near future to pursue eliminating the requirements.

SJ Consulting Group said 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 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.