Paul Atkins, chairman of the US Securities and Exchange Commission said that he will follow President Trump's call to end quarterly earnings reports and replace them with semi-annual reports.
Speaking on CNBC, Atkins said he would propose a rule change.
“At President Trump’s request, Chairman [Paul] Atkins and the SEC is prioritizing this proposal to further eliminate unnecessary regulatory burdens on companies,” an agency spokesperson said previously.
Republicans hold a 3-1 voting majority and the vote can be changed with a simple majority vote.
The move would upend the long-standing cycle of information and earnings, making disclosures to investors much less timely.
"This will save money, and allow managers to focus on properly running their companies," Trump wrote on Truth Social in making the initial call. "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!!!’" Trump said.
In his comments, Atkins highlighted that it was a proposal and he would be evaluating it, so this isn't a done deal. I imagine there will be some intense lobbying ongoing.
