Trump Pushes to Replace Quarterly SEC Reports With Semiannual Filings

On September 15-16, 2025, President Trump renewed a call to eliminate the requirement that publicly traded companies report earnings quarterly, proposing a shift to twice-a-year disclosure instead. He argued the change would cut costs and let executives focus on running their companies rather than short-term results. SEC Chairman Paul Atkins said the agency would prioritize the proposal, and by September 19 the SEC confirmed it would propose a rule letting companies choose between quarterly and semiannual reporting.

Quarterly reporting has been required since 1970 as a way to keep investors informed on a predictable schedule. Critics of Trump's proposal argue that less frequent disclosure would reduce transparency for ordinary shareholders while benefiting corporate insiders and executives who prefer less scrutiny, and note that research on whether less frequent reporting improves long-term corporate investment is mixed.

As of the proposal, the change had not been finalized; the SEC indicated it would move toward a rulemaking process rather than an immediate mandate, meaning quarterly reporting could remain optional rather than fully eliminated.