The U.S. SEC's plan to allow publicly traded companies to reduce their earnings reporting frequency to once every six months has passed White House review.

According to Huoxun Finance, the U.S. Securities and Exchange Commission's (SEC) plan to change the frequency of corporate financial reporting from quarterly to semi-annually has passed White House review, bringing it one step closer to implementation. The U.S. government website shows that the review was completed earlier this week, and the SEC can then formally release the plan and solicit public comments. After collecting feedback, the commissioners will need to vote again on the final version before it takes effect, a vote that typically takes several months later. This reform stems from President Trump's call last year to change quarterly to semi-annual reporting, and the SEC has been pushing for changes to corporate disclosure requirements. Since 1970, U.S. publicly traded companies have disclosed their financial information quarterly.