Trump floats possibility of changing reporting requirements for publicly traded companies

President Trump speaks during a Cabinet meeting at the White House on Aug. 16

But he did say the SEC Division of Corporation Finance "continues to study public company reporting requirements, including the frequency of reporting".

The SEC enjoys some level of distance from the White House because it's an independent agency.

In a Twitter post Friday, Trump wrote: "In speaking with some of the world's top business leaders I asked what it is that would make business (jobs) even better in the U.S. 'Stop quarterly reporting & go to a six month system, ' said one".

Switching to a six-monthly reporting system would "allow greater flexibility and save money", Mr Trump said.

SEC spokesmen didn't respond to requests for comment.

Trump held a dinner for business executives on Aug 8, two days after Nooyi announced her departure, at his golf club in Bedminster, New Jersey. The SEC is the regulatory arm of the SEA, and since its formation, quarterly earnings reports have been mandatory.

Publicly traded companies in the United States, as well as Canada, now file their earnings reports every three months, or four times per year.

It's a move that would benefit businesses and workers, the president said. The report compares company earnings with that of the previous year.

Priyanka and Nick dance to celebrate engagement
Priyanka Chopra , Alia Bhatt and Arpita Khan Sharma squeeze in the frame for Mushtaq Sheikh's selfie moment. Joe and fiancée, Sophie Turner , gave a shout-out to their "beautiful future sister-in-law", though.

The commander in chief's sentiments stirred up an ongoing debate, which has seen leaders of publicly traded firms, on one side, complain of the pressures - stoked by quarterly earnings releases and conferences calls - to meet short-term goals at the expense of long-term stability.

Billionaire investor Warren Buffett and JPMorgan Chase & Co Chief Executive Jamie Dimon wrote in the Wall Street Journal in June that USA companies should move away from giving quarterly guidance, arguing it holds back spending on hiring, investment and research, but did not call for an end to quarterly reporting.

Quarterly financial reports are a staple of USA corporate practice.

Indeed, corporate stocks are known to see sharp gains and falls on the heels of quarterly earnings releases that beat or miss forecasts - and market watchers have often said investors' quick reactions are unwarranted or ill-advised.

"Investors will demand they get their information", Ed Yardeni, founder of Yardeni Research Inc., said in a Bloomberg Television interview.

No. While the Securities Exchange Act of 1934 requires companies to report periodically, the SEC has the discretion to draw up or change the specific rules on how frequently this happens.

Business groups including the US Chamber of Commerce, the Securities Industry and Financial Markets Association and exchange operator Nasdaq have been lobbying hard over the past year for lawmakers and the SEC to relax listing rules, warning that the decline in listings hurts jobs and pension funds. "Investors need timely, accurate financial information to make informed investment decisions".

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