The U.S. markets watchdog is fast-tracking President Donald Trump’s push to scrap quarterly earnings reports, according to Paul Atkins, chair of the Securities and Exchange Commission (SEC). This move raises transparency concerns around a potentially major shift for U.S. companies. The SEC is the primary regulator of the U.S. financial markets, ensuring fair practices and protecting investors. The Commodity Futures Trading Commission (CFTC) oversees futures and options markets.
Trump’s proposed change to the reporting standard would require listed companies to publish results semi-annually instead of the current SEC mandate for quarterly releases. The agency could release a proposal by the end of this year or in early 2026, Atkins said, speaking on the sidelines of a joint roundtable with the Commodity Futures Trading Commission on policy harmonization. In 2018, the SEC had solicited public comment on possible changes but ultimately left the current regime in place.
Trump has argued that the move, first proposed in 2018, would cut costs and discourage shortsightedness among publicly traded companies. While the SEC had previously indicated it was making his proposal a priority, the agency now appears fully on board, giving the proposal a better chance of succeeding as the White House takes greater control of the commission’s agenda. Atkins first outlined the move in an editorial in the Financial Times.
Some investors have cautioned that delaying financial disclosures could reduce transparency and increase market volatility, potentially making U.S. stocks less attractive. Transparency advocates also warn that it could give companies more opportunity to hide or postpone bad news. Meanwhile, investors argue that one reason U.S. stocks trade at a premium, compared with equities elsewhere, is their stricter financial reporting requirements. The shift from semi-annual to quarterly reporting was mandated by the U.S. regulator in 1970.
