The U.S. Securities and Exchange Commission's proposal to change quarterly reports to semi-annual reports has passed White House review.

CoinFeed reported on May 1st that a plan by the U.S. Securities and Exchange Commission (SEC) to allow publicly traded companies to reduce their financial reporting frequency from quarterly to semi-annual has passed White House review and is closer to implementation. According to the government website, the review was completed earlier this week, allowing the SEC to formally announce the plan and solicit public comments. After receiving feedback, the commissioners will need to vote again on the final version before the rule takes effect. The vote typically takes several months. The SEC has been pushing forward with this reform of corporate disclosure requirements since President Trump called for a shift from quarterly to semi-annual reporting last year. Since 1970, publicly traded companies in the U.S. have been required to disclose financial information quarterly.