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SEC's quarterly reporting plan faces backlash

The SEC received more than 200,000 comments on its proposal to let public companies report financial results twice yearly instead of quarterly, the highest response recorded for an SEC proposal. Most submissions opposed the change, arguing it would reduce transparency, limit investor access to timely information and increase opportunities for fraud. Public-school teacher Lori Amann compared quarterly company reporting with regular student grades, while the Little Warrior Foundation said quarterly disclosures helped it avoid relying on a supplier facing financial difficulties. Exxon Mobil supported semiannual reporting, arguing that companies would still disclose material developments promptly, while Gallagher suggested reporting three times annually. Despite widespread criticism, the SEC is expected to advance some version of the proposal after reviewing the comments and potentially revising its language. 

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