SEC/TRUMP AS PRESIDENT: “President Trump asked the Securities and Exchange Commission to consider eliminating requirements that publicly traded companies post quarterly earnings reports, a move that could do away with a cornerstone of American capital markets. In a message posted on Twitter early Friday [8-17-18], the president wrote that he had directed the regulator to study moving corporate America to reporting earnings twice a year, saying such a move would allow greater flexibility and cost savings. The directive does not mean the imminent demise of quarterly earnings reports, which keep investors informed on the financial health of publicly traded companies. The disclosures are required under federal securities law. The commission is independent of the executive branch, although the White House nominates the chairman of the S.E.C. and the other four commissioners, who all serve staggered, five-year terms…Mr. Trump’s suggestion is not unheard-of. In 2013, the European regulators abolished requirements that publicly listed companies file quarterly reports. On the other hand, Japan has moved closer to current American rules, requiring quarterly reporting starting in 2008. Still, any move away from the system of quarterly reporting would be a significant shift for investors, who have come to rely on the regular financial disclosures on the performance of publicly held companies.”
–Michael J. de la Merced and Matt Phillips, “Trump Asks S.E.C. to Study Quarterly Earnings Requirements for Public Firms,” The New York Times online, August 17, 2018