Trump's unfinished first-term agenda: Companies don't need to release quarterly data, will SEC agree now?

President Donald Trump is again pushing to scrap quarterly earnings reports, reviving an unfinished plan from his first term.

In a Truth Social post, Trump urged the Securities and Exchange Commission (SEC) to require companies to report every six months instead of every three. Publicly listed firms have been required to file quarterly since 1970.

“This will save money and let managers focus on running their businesses,” Trump wrote.

Previous attempt stalled

Trump had asked the SEC to review the rule during his first term, but no changes were made. Supporters of his idea argue that quarterly reporting is costly, time-consuming, and forces companies to chase short-term goals.

LTSE backs semi-annual reports?

The Long-Term Stock Exchange (LTSE) has also called for semi-annual reports, saying firms could still file quarterly if they choose.

LTSE CEO Maliz Beams argued the shift would help businesses focus on sustainable growth rather than “quarterly noise.”

Critics warn of weaker transparency

Critics caution that fewer reports would undermine transparency. Investors rely on regular updates to track financial health and risks. A 2024 study by David S. Koo, an accounting professor at George Mason University, found that more frequent reporting gives investors better context to judge companies.

Will Trump citing China as contrast work?

In his post, Trump compared the US unfavourably to China, writing: “Did you ever hear the statement that, ‘China has a 50 to 100 year view on management of a company, whereas we run our companies on a quarterly basis???’ Not good!!!”

Moving to six-month reports would bring the US more in line with practices in the UK and several EU countries.