President Donald Trump’s plan to have the Securities and Exchange Commission mull changing from quarterly earnings reports to biannual reports has a “striking similarity” to one floated by Hillary Clinton, Business Insider reports.
In a tweet, the president said Friday: “In speaking with some of the world’s top business leaders I asked what it is that would make business (jobs) even better in the U.S. ‘Stop quarterly reporting & go to a six month system,’ said one. That would allow greater flexibility & save money. I have asked the SEC to study!”
During the 2016 presidential election, Clinton, the former secretary of state, denounced “quarterly capitalism” and said companies were too focused on next earnings reports long term investing, according to the website.
“I am deeply distressed about quarterly capitalism because I think it is causing businesses to make decisions that are not helping the long-term profitability of American corporations or the success of our economy,” Clinton said.
Trump’s idea is also similar to the proposal put forth by JPMorgan CEO and billionaire investor Jamie Dimon, according to Business Insider.
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