Trump pushes SEC to ditch quarterly earnings reports

The U.S. Securities and Exchange Commission should drop its requirement for corporations to report their earnings every three months, President Donald Trump said on Monday. He recommended that the SEC switch to a six-month reporting schedule instead. The SEC said in a statement released to Bloomberg and Reuters that it would prioritize the president’s proposal to reduce the regulatory burden on companies.

The change would save money and allow managers to focus on running their companies rather than generating reports, Trump said. He added that Chinese companies run on plans spanning 50 to 100 years, which he indicated was better than a quarterly basis.

The proposed change would mirror reporting requirements in the United Kingdom and several countries in the European Union, according to Reuters. Trump made a similar request during his first term, asking the SEC to eliminate reporting requirements for public companies, the outlet reported.

Dig deeper: Listen to Brad Little John’s explanation of a push to hold Apple accountable for vetting its App Store offerings.