President Trump has instructed the American markets watchdog to investigate ending the quarterly reporting requirement for public companies that has been in place for almost 50 years.
For companies, "That would allow greater flexibility & save money", Trump tweeted.
The SEC was created in 1934 in the midst of the great depression and requires publicly-traded companies to issue quarterly and annual earnings reports to keep the public informed on their operations and financial situation.
In a tweet dispatched Friday morning, Trump said he had spoken to "some of the world's top business leaders" about making business and jobs "even better" in the USA and they had advocated an end to quarterly reporting. "I have asked the SEC to study!" "Stop quarterly reporting & go to a six month system", said one.
Experts have long asserted that the practice of companies publicly forecasting every quarter how they expect earnings to shake out puts too much stress on short-term performance and stock price gains.
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Publicly traded companies in the United States now file their earnings reports every three months, or four times a year.
Trump said he urged the SEC to consider the change after talking with various business leaders.
SEC spokesmen didn't respond to a request for comment.
Trump believes he has the support of some executives for a change.
In some cases, events differ from one telling to another such as in Trump's frequent retelling of a story involving a friend who hired ex-convicts and told him they were exemplary employees.
The president did not name the leaders.
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