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President Trump proposed today via Twitter cutting the quarterly financial reporting requirement to a semi-annual basis, a move that would slice into the revenue streams of financial PR firms.
The quarterly system has been long criticized for fostering Wall Street's emphasis on achieving short-term financial gains at the expense of the future growth.
Berkshire Hathaway's Warren Buffett is among Big Business leader to advocate for easing the financial reporting mandate.
Trump tweeted the implementation of his proposal would "allow great flexibility and save money."
He tweeted that "some of the world's top business leaders" told him that dropping the quarterlies "would make business (jobs) even better in the US."
The Securities and Exchange Commission will study Trump's proposal.
The National Investor Relations Institute has not commented on Trump's tweet.
"While NIRI has not taken a public position on the frequency of quarterly earnings reporting, we support efforts to promote long-termism, and we have urged our members to provide longer-term earnings guidance if their companies choose to provide guidance," NIRI spokesperson Ted Allen told O'Dwyer's.
Edelman handles Viking Holdings, the river and ocean luxury cruise line that plans to raise $1B via an IPO priced in the $21 to $25 per share range.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
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