Former US Treasury Secretary Summers criticizes Trump's plan to cancel quarterly reports: Companies not releasing quarterly reports is like students avoiding their grades.

Last week, US President Trump proposed on social media to cancel the quarterly financial reporting system for US stocks and instead switch to a "semi-annual report" system. This viewpoint immediately caught the attention of Wall Street investors. Former US Treasury Secretary Lawrence Summers posted on social media platform X, stating that the plan to cancel quarterly financial reporting is "a bad idea that should never be considered." He emphasized that the reason why the US capital market has been able to thrive is because of its characteristic of "responsibility and transparency," adding, "Frequent disclosure of responsibilities and full sharing of information have always been the core of the US capital market." Currently, he serves as a professor of economics at Harvard University and honorary president. He stressed that he thinks the attitude of corporate executives towards quarterly financial reporting is similar to students in the classroom. "Whenever I hear a CEO say they don't want to deal with quarterly financial reports, I think of my students who don't want to face their grades."