Donald Trump Asks SEC For Half-Year Earnings Report For Public Companies

Donald Trump Asks SEC For Half-Year Earnings Report For Public Companies

President Donald Trump had asked the Securities Exchange Commission to study how allowing companies to file reports with the agency biannually instead of quarterly would affect the US economy. I have asked the SEC to study!" - he continued.

SEC spokesmen didn't respond to requests for comment. I asked, what could we do to make it better?

SEC Chairman Jay Clayton, a Trump nominee, has said increasing the number of public companies and initial public offerings are among his top priorities.

But he said energy companies would probably still report some oil and gas well data every three months to please investors.

No. While the Securities Exchange Act of 1934 requires companies to report periodically, the SEC has the discretion to draw up or change the specific rules on how frequently this happens.

The president did not name the leaders. Trump's tax cuts and deregulation push have long earned their favor - and Friday's proposal can be seen as part of that effort.

Speaking to the New York Review of Books in 2015, Obama said that he had talked to a large number of businesses executives who told him, "Because they've got quarterly reports to shareholders and if they've made a long-term investment that may pay off way down the line, or if they're paying their employees more now because they think it's going to help them retain high-quality employees, a lot of times they feel like they're going to get punished in the stock market".




In a report published by the US Treasury a year ago, the administration outlined policies it hoped would revitalize listings - but did not go as far as suggesting quarterly reporting requirements be scrapped.

Trump said the issue was brought to his attention recently by Indra Nooyi, the chief executive officer of PepsiCo Inc.

Companies that want to move away from short-term scrutiny should instead stop publicly projecting the next quarter's earnings, Pozen added.

Business groups including the U.S. Chamber of Commerce, the Securities Industry and Financial Markets Association and exchange operator Nasdaq have been lobbying for lawmakers and the SEC to relax listing rules, warning that the decline in listings hurts jobs and pension funds. A statistic they often point to is the drop in IPOs over the past 20 years.

The agency could make such a change without Congress passing legislation but that doesn't mean it will, said David Martin, an attorney who previously ran the agency unit that oversees corporate filings.

"We would welcome an overhaul of the 1930s-era disclosure system that is not user-friendly and no longer meets the needs of a 21st century economy", he said.

On Twitter, Trump said that one executive had suggested the change as a way to boost business, but did not name the individual or the company. In addition to financial information about earnings and cash flow, these reports also include qualitative information in the form of earnings guidance, which are 'forward-looking' statements from management about what the company plans to do in the future.

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