Back in September, President Donald Trump echoed an old proposal of his from 2018 to change the requirement for public companies to report quarterly financial reports to only needing to report twice a year.
The Securities and Exchange Commission (SEC) is now ready to make that wish an official proposal.
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Quarterly Vs. Biannual Reporting
When it comes to public companies and the U.S. stock markets, many things are done on a quarterly basis. This includes financial reports, most dividend payouts, ETF rebalancing, some management bonuses and more.
For several years, Trump has proposed changing the rules and making it a requirement to report financial results only twice a year.
Back in 2018, Trump took to social media platform Twitter, which is now known as X, to share his reasoning.
“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. That would allow greater flexibility & save money. I have asked the SEC to study!” Trump tweeted on Aug. 17, 2018.
In September 2025, Trump echoed a similar sentiment, encouraging the SEC to look into making the change.
“Subject to SEC Approval, Companies and Corporations should no longer be forced to ‘report’ on a quarterly basis, but rather to report on a six month basis. This will save money and allow managers to focus on properly running their companies,” Trump posted on Truth Social in September 2025.
SEC Ready To Propose Changes
After years of hoping for a change, Trump could be getting his wish.
The SEC is ready to propose changes to the reporting requirements to make quarterly reports an option and biannual reporting the new requirement, according to a report from the Wall Street Journal.
Regulators have been talking to stock exchanges to hear opinions on how the rule change could impact things, according to the report. An official proposal could come as soon as next month.
After the proposal comes out, a public comment period of around 30 days will take place before the SEC officially votes on things. A proposal does not mean that the change will go into effect.
SEC Chairman Paul Atkins recently spoke about the potential change during an appearance on the All-In Podcast with Jason Calacanis and Chamath Palihapitiya.
“We are going to come out with a proposed rule and seek comment on it,” Atkins told the podcast hosts.
Atkins shared some of the history of quarterly reporting during the podcast appearance. The SEC chairman said there were annual reports from companies from the 1930s until 1955, then it was semiannual reporting, something the U.K. also changed.
In the 1970s, the U.S. and the U.K. changed to quarterly reporting. In 2014, the U.K. went back to semiannual reporting, while the U.S. has stayed at quarterly reporting.
“Looking to simplify all of this.”
Atkins said that smaller companies could benefit from less reporting, but one potential negative trade-off could be having fewer analysts cover the stock.
“I think this is a great debate to have right now.”
Past Support and Criticism
The public comment period and an official proposal could lead to more voices speaking out in favor or against biannual reporting.
Benzinga previously shared some commentary after Trump’s most recent public comments on making the change.
Former Treasury Secretary Lawrence Summers criticized the idea of changing the current quarterly reporting system.
“Whenever I hear a CEO saying they don’t want to deal with quarterly earnings,” Summers said, “I think of my students who don’t want to have to deal with grades.”
Summers said that the quarterly reports are about “accountability and transparency.”
Journalist Herb Greenberg said that quarterly reporting helps drive guidance.
“Reporting quarterly is a good thing. The issue is guidance, short OR long-term. THAT’S what creates the short-term volatility as the algo’s and everybody else play to THAT, and companies kowtow to the ‘meet or beat’ game,” Greenberg wrote on X.
CNBC host Jim Cramer said that quarterly reporting and judging company CEOs four times a year is “brutal.”
“We are too short-sighted,” Cramer previously said.
Image via Shutterstock
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