Jun. 14, 2026
To the Securities and Exchange Commission: I strongly urge the SEC to maintain mandatory quarterly reporting (Form 10-Q). As 62% of Americans are now invested in the stock market (Gallup 2025), protecting the frequency of standardized disclosure is essential for retail investor protection and retirement security. 1. US is Not Short-termist: The argument that quarterly reporting discourages long-term innovation is decoupled from reality. Generally Accepted Accounting Principles (GAAP) provide ample options to support long term investment, and the U.S. technology and biotechnology sectors have seen unprecedented R&D investment under the current quarterly mandate. There is no empirical evidence that reducing transparency fosters innovation; rather, it merely reduces management accountability. 2. The Information Supply Chain: Most retail investors rely on financial advisors, analysts, and market pricing that all depend on the 10-Q as a ground truth. Moving to semi-annual reporting would leave this ecosystem reliant on stale data for more than half the year creating heightened volatility that disproportionately harms retail investors (average Americans), who lack the resources to acquire expensive "alternative data" used by institutional insiders. 3. Fraud Deterrence: Quarterly filings are a critical deterrent to corporate malfeasance. Standardized, frequent intervals make it harder for companies to sustain "earnings management". A half year reporting gap provides a dangerous window for financial deterioration to be obscured. It also increases the volatility around reporting events creating greater incentives for insider trading. Conclusion: The U.S. markets are the global gold standard because of our commitment to transparency. Reducing reporting frequency would prioritize marginal corporate cost-savings over the fundamental protection of the American public. I urge the Commission to maintain the mandatory Form 10-Q.