President Donald Trump has called on the U.S. Securities and Exchange Commission (SEC) to end the requirement that companies file quarterly financial reports and replace them with semiannual disclosures. In a post on Truth Social on Sept. 15, he wrote:

Subject to SEC approval, companies and corporations should no longer be forced to ‘report’ on a quarterly basis (quarterly reporting!), but rather to report on a ‘six (6) month basis.’

Under current SEC rules, publicly traded firms must file Form 10-Q three times a year to supplement their annual 10-K filings. These reports cover companies across industries, from banking and technology to energy and manufacturing, and are intended to provide investors with timely updates on performance and risk.

Trump has raised this issue multiple times, including during his first term, advocating for a six-month cycle instead. He has argued that quarterly disclosures impose unnecessary costs and pressure on companies to deliver short-term results. In his Truth Social post Monday, he stressed: “This will save money, and allow managers to focus on properly running their companies.”

During his presidency, he also asked the SEC to study the matter, but no regulatory change was made at the time. His repeated calls for reform highlight a broader debate over whether frequent reporting ensures accountability or discourages long-term strategy.

In supporting his position, Trump pointed to the approach taken by corporate leaders abroad, particularly in China. He also remarked in his Sept. 15 post on Truth Social:

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!!!

The comments reinforced his argument that American firms are disadvantaged by a system that prioritizes short-term performance. While some business leaders agree that semiannual reports could ease pressure and costs, investor advocates continue to argue that quarterly updates are essential for transparency and protecting shareholders.

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