In a post on his social media platform, the President of the United States wrote that, subject to approval by the Securities and Exchange Commission, he intends to cancel the obligation for public companies to report every quarter.

“They will report once every six months,” he wrote, arguing that the move would save money.

Donald Trump intends to change the reporting obligations of public companies.

In a post published on his social media platform, Truth Social, the U.S. president revealed a plan that, pending SEC approval, would no longer require companies to publish quarterly reports.

“Instead, they will report once every six months,” he wrote.

According to him, this step would save money “and allow executives to focus on proper management of their companies”.

The move could lead to reduced market volatility and encourage companies to concentrate more on long-term strategies rather than short-term performance.

According to Trump, the change would also help American companies remain competitive against Chinese firms.

Alongside Trump’s announcement, SEC Chairman Paul Atkins, whom he appointed, is working to reduce the commission’s aggressive enforcement efforts that were established under former president Joe Biden.

According to a report in the Financial Times, since January the commission has canceled a series of investigations into crypto platforms, some of which contributed to Trump’s inauguration ceremony.