Trump Proposes Shift to Semiannual Earnings Reports
Washington, D.C., Monday, 15 September 2025.
Former President Donald Trump suggests U.S. companies switch to semiannual earnings reports, aiming to cut costs and focus on long-term planning, pending SEC approval.
The Proposal and Its Rationale
Former President Donald Trump has recently advocated for a significant shift in the financial reporting landscape of U.S. companies by proposing a change from quarterly to semiannual earnings reports. This proposal, unveiled on 11 September 2025, is framed as a move to reduce operational costs and allow corporate managers to concentrate more on long-term strategic planning, rather than the short-termism fostered by quarterly reporting [1][2][5]. Trump argues that less frequent reporting could ease pressures on companies and contribute to a more stable market environment [1].
SEC Approval and Historical Context
For this proposal to be actualized, it requires approval from the Securities and Exchange Commission (SEC), which currently mandates quarterly financial disclosures [2][3]. The SEC’s rules, established under the Securities Exchange Act of 1934, have required quarterly reports since 1970 [5]. During his first presidency, Trump had suggested a similar change, instructing the SEC to study the implications of shifting to semiannual reporting. However, despite initial investigations, no recommendations were made at that time [1][5].
Support and Opposition
The proposal has garnered mixed reactions within the financial community. Business leaders such as Jamie Dimon and Warren Buffett have previously criticized quarterly reporting, suggesting it encourages short-termism [1]. However, some investors and financial experts express concerns that reducing the frequency of financial disclosures might diminish market transparency and potentially increase volatility [2]. Art Hogan, a chief market strategist, argues that quarterly reports are beneficial for keeping investors informed and for maintaining a level playing field in financial markets [1].
International Comparisons and Future Implications
Trump’s proposal aligns U.S. reporting standards more closely with those of the U.K. and European Union, where semiannual reporting is the norm, although companies can choose to report quarterly if desired [2]. In contrast, China requires companies to file quarterly, semiannual, and annual reports, highlighting varying global practices [1][2]. If implemented, the change could prompt broader discussions on corporate transparency and investor relations in the U.S., potentially reshaping how companies communicate with their stakeholders [1][3].