It will be tough for Trump's SEC to overhaul reporting rules

But he did say the SEC Division of Corporation Finance "continues to study public company reporting requirements, including the frequency of reporting".

In a tweet early Friday, Trump said that after speaking with several top business leaders, he's asking the Securities and Exchange Commission to determine whether shifting to a six-month reporting requirement would help companies grow faster and create more jobs.

The SEC has been reluctant to make changes in quarterly reporting, which has always been a cornerstone of U.S. capital markets.

Abolishing the rule would "allow greater flexibility & save money" for businesses, Mr. Trump tweeted. At a July rally in Florida, he said the chief executive of "one of the greatest companies in the world" urged him to press his tariff fight even though it would impact his business.

While Trump can not force Clayton to make changes, as a matter of courtesy the SEC chairman may promise to study the issue.

Some investors on Friday said quarterly disclosures were essential to making informed investment decisions and supported richer US valuations, and that shares could become more volatile if companies report only twice yearly.

SEC spokesmen didn't respond to requests for comment.

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

More news: Turkey will emerge stronger from lira crisis despite row with USA : minister

The reports can be found on the SEC's website.

Since the Securities Exchange Act of 1934, public companies in the United States report their earnings each quarter.

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.

But scrapping quarterly reporting is not on the SEC's near-term agenda, according to public records.

Billionaire investor Warren Buffett and JPMorgan Chase & Co Chief Executive Jamie Dimon wrote in the Wall Street Journal in June that USA companies should move away from giving quarterly guidance, arguing it holds back spending on hiring, investment and research, but did not call for an end to quarterly reporting.

He said when companies report only twice a year, the reaction in markets to their results is typically more volatile than the reaction to quarterly results. Less-frequent public disclosures could hand another advantage to sophisticated investors with easy access to corporate executives, corporate governance experts said.

"Investors and other stakeholders benefit when regulations ensure that important information is promptly and transparently provided to the marketplace", said Amy Borrus, CII's deputy director.

The US Chamber of Commerce and other lobbying groups have also blamed compliance burdens for preventing more companies from selling shares.

Related News:

19 August 2018

Death toll of Kabul attack on students revised down
IS, which considers Shias to be heretics, frequently targets them, attacking their mosques, schools and cultural centres. Mattis said Thursday some Taliban fighters were still holed up in houses in the city "trying to get resupplied".

15 August 2018

Democratic candidate for Vermont governor rejects socialist label
A former energy executive in Vermont has taken a major step towards becoming the first ever transgender governor of a U.S. state. Hallquist will now face Vermont Governor Phil Scott, seen on April 11, 2018 in Montpelier.

15 August 2018

Paul Manafort declines to testify as defense rests
The case is being prosecuted by the special counsel investigating Russian interference in the 2016 US presidential election. Witnesses testified at trial that Calk pushed the loans through because he wanted a post in the Trump administration.
19 August 2018

Priyanka Chopra, Nick Jonas make their engagement official
The engagement party - called a roka - is a chance for the couple to exchange gifts and makes the union of their families public. Both Priyanka and her beau declared their love for each other on their Instagram pages after the ceremony.

17 August 2018

Aretha Franklin, "Queen of Soul", Dead at 76
With a clip from the memorable performance , The Independent notes Franklin hits the song's deceptively hard high notes easily . We have felt your love for Aretha and it brings us comfort to know that her legacy will live on.

16 August 2018

S.Korea, DPRK agree to hold summit in Pyongyang in September
The leaders of North and South Korea will hold their third summit in September, officials from the two countries announced Monday. US Ambassador to South Korea Harry Harris said Monday that it is still too early to consider declaring an end to the Korean War.
19 August 2018

We Fought Hard For Unai Emery At Chelsea, Arsenal Star Insists
Eden Hazard has become one of Chelsea's all-time greats, and these statistics really highlight that fact. "Everybody knows what I have said after the World Cup".

More US sanctions for Turkey if they don't obey
Last week, Washington doubled steel and aluminum tariffs on Turkey over its continued detention of the US pastor Andrew Brunson . Al-Shehri said Ankara appeared to have blackmailed Qatar into supporting it. "Rates have gone up by 10 percent".

Turkey slaps retaliatory tariff hikes on key USA products
Pekcan said, according to the report , "the United States is an important trading partner, but it is not our only partner". Turkey's exports to the United States a year ago amounted to $8.7 billion, making it Turkey's fifth-largest export market.
17 August 2018

Stevie Wonder at Aretha Franklin's bedside
Waldron, who worked for the singer from 2014 to 2016, told the Detroit television station he's maintained a friendship with her. According to CNN's Don Lemon, a source close to the singer has said the star was receiving hospice care at her home in Detroit.

17 August 2018

Farewell, Atal Bihari Vajpayee. PM Modi Among Thousands At Funeral
Besides, there will be no any celebration at any government establishments of the state for the next seven days. Kidney tract infection, chest congestion and urine output being on the lower side are the medical complaints.

17 August 2018

Trump Military Parade now Estimated to Cost $92 Million
In September, Trump met with French President Emmanuel Macron and recalled how much he enjoyed watching the parade. It includes security, transportation of parade assets, aircraft, temporary duty for troops, as well as tanks.