Beneath the noise of campaign slogans and media distractions, a serious shift is underway, one that shakes the heartbeat of corporate reporting and forces space for long-term thinking. Donald Trump did not float a suggestion. He issued a command. He bypassed regulators, skipped committees, and posted the demand directly on Truth Social. He told the Securities and Exchange Commission to scrap quarterly earnings reports and move to a six-month schedule. He framed the move as repair. He blamed short-term reporting for warping executive priorities, draining resources, and forcing managers to chase temporary wins instead of building lasting value. He pointed to China’s fifty-year planning horizon and accused Wall Street of sabotaging its own future.
TRUMP ON TRUTH SOCIAL:
Subject to SEC Approval, Companies and Corporations should no longer be forced to “Report” on a quarterly basis (Quarterly Reporting!), but rather to Report on a “Six (6) Month Basis.” This will save money, and allow managers to focus on properly running…
— First Squawk (@FirstSquawk) September 15, 2025
“Subject to SEC Approval, Companies and Corporations should no longer be forced to ‘Report’ on a quarterly basis… China has a 50 to 100 year view on management of a company, whereas we run our companies on a quarterly basis??? Not good!!!” https://www.msn.com/en-us/money/savingandinvesting/trump-says-sec-should-require-public-companies-to-report-results-every-six-months-instead-of-quarterly/ar-AA1MA4Ub
This proposal did not appear in a vacuum. Trump Media & Technology Group, parent of Truth Social, went public in March. In its second quarter, it posted a $20 million net loss. Legal costs consumed $15 million. Revenue rose only six percent. The quarterly system forced the company to disclose those numbers immediately. Pressure arrived instantly. Trump reacted by attacking the format itself, framing it as a system that punishes long-term investment and rewards short-term optics.
“TMTG reported a net loss of $20 million… revenue rose 6% to $900,000. The results were impacted by $15 million in legal costs for the quarter.” https://www.msn.com/en-us/money/companies/trump-urges-sec-to-end-quarterly-earnings-reports/ar-AA1MAEqq
Quarterly reporting has existed since 1970. The SEC created the rule to force companies to show performance, confront volatility, and justify decisions. The rule also created a cycle of panic. Executives began managing to the quarter. Boards rewarded short-term spikes. Investors punished long-term bets. In the United Kingdom, companies already report earnings every six months. Executives there say it allows more focus on strategy, hiring, and investment instead of chasing quarterly spikes. Trump’s proposal mirrors that approach, but in the U.S., it faces resistance from investors and regulators accustomed to the quarter. Trump’s proposal breaks that cycle. It slows the rhythm, giving companies room to plan, build, and recover without constant market pressure.
The Long Term Stock Exchange supports the change. Its CEO says quarterly cycles push executives to chase short-term wins at the cost of innovation, hiring, and research.
“This petition takes a critical step toward enabling genuinely long-term companies to focus on sustainable growth rather than quarterly noise.” https://www.msn.com/en-us/money/companies/trump-urges-sec-to-end-quarterly-earnings-reports/ar-AA1MAEqq
Trump’s push echoes complaints from Warren Buffett, Jamie Dimon, and Larry Fink, all of whom criticized quarterly earnings hysteria for undermining long-term planning. Trump escalates the issue. He frames quarterly reporting as a national weakness, ties it to cultural failure, and demands change.
“Quarterly earnings guidance often leads to an unhealthy focus on short-term profits at the expense of long-term strategy, growth and sustainability.” https://fortune.com/2025/09/15/trump-quarterly-earnings-sec-semiannual-change-public-companies-investors-business/
Paul Atkins now chairs the SEC. Trump appointed him. Atkins favors deregulation and has not responded publicly. Analysts say the odds of a rule change are rising. TD Cowen’s Jaret Seiberg places the probability at sixty percent and warns the proposal fits the administration’s broader agenda.
“We start with a 60% probability that the SEC switches to semi-annual from quarterly reporting… the prospects for action are more likely to rise than to fall.” https://www.cbsnews.com/news/trump-quarterly-earnings-reports-six-months-sec/
This proposal reshapes corporate reporting. It gives executives room to plan, think long-term, and focus on building lasting value. It reduces pressure to chase quarterly spikes and creates space for strategy, hiring, and research. Trump frames it as reform. Critics call it a reset of transparency. If the SEC approves, American companies could finally escape the tyranny of the quarter and return to the business of building something that lasts.