Trump Says SEC Should Require Public Companies to Report Results Every Six Months, Instead of Quarterly

President Donald Trump is proposing a regulatory change that would affect the Securities and Exchange Commission’s financial reporting requirements for publicly traded companies under federal law.

On Monday, Trump wrote on Truth Social, “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.’ This will save money, and allow managers to focus on properly running their companies.”

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Trump added in the post: “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 European Union and the U.K. have ended mandatory quarterly financial reporting and instead allow publicly listed companies to issue half-year and annual reporting. The reason is to allow companies to set their sights on longer-range planning, instead of trying to hit quarterly targets.

China, however, has financial reporting requirements that are “similar to the U.S. if not more stringent,” according to CNBC. Chinese companies must file quarterly earnings reports as well as biannual and annual reports.

It’s not immediately clear what prompted Trump to propose the elimination of quarterly reporting in favor of biannual reports.

Trump is the majority shareholder of Truth Social, the social media and video streaming company formed in late 2021. The company went public through a merger with a special purpose acquisition company (SPAC) in March 2024.

Under the U.S. Securities Exchange Act of 1934, public companies must file quarterly reports disclosing information including unaudited financial statements to provide “a continuing view of the company’s financial position during the year.” Quarterly reports must be filed for each of the first three fiscal quarters of the company’s fiscal year, with an annual (10-K) report summarizing full-year results.

“The underlying basis of the reporting requirements is to keep shareholders and the markets informed on a regular basis in a transparent manner,” the SEC says on its Investor.gov website.

In a policy research brief, the CFA Institute’s Research and Policy Center says, “Timely and accurate financial information is the lifeblood of financial markets. Quarterly reporting of financial information creates a more level playing field for access to financial information between insiders and outside investors and shareowners, and ultimately promotes greater investor confidence and improved capital allocation.”