President Donald Trump suggested on Monday that U.S. public companies should shift from filing quarterly earnings reports to reporting on a semiannual basis, arguing the change would cut costs and encourage long-term business planning.

He noted that any change would be subject to approval by the Securities and Exchange Commission (SEC).

"This will save money, and allow managers to focus on properly running their companies," Trump wrote on Truth Social. "Did you ever hear the statement that, ‘China has a 50 to 100 year view on management of a company, whereas we run our companies on a quarterly basis??? Not good!!!’" Trump said.

The SEC did not immediately respond to FOX Business' request for comment.

Trump's proposal of scrapping quarterly reporting is not new. In 2018, during his

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