The following Letter Type I, or variations thereof, was submitted by individuals or entities.

Letter Type I:

Four reasons this is bad for every investor.

01
You'd be flying blind for six months.
A lot can go wrong in half a year. Failed product launches, ballooning debt, lawsuits, vanishing customers. Today the law forces companies to surface that information every quarter. Under the new rule, they can sit on it for six months at a stretch. Plenty of time for insiders to quietly sell their shares to you (or your ETF) before the bad news tanks the stock.

02
More time for fraud to grow.
Enron. WorldCom. Madoff. The run-up to 2008. Every major modern accounting scandal was enabled by gaps and opacity in financial disclosure. Quarterly filings don't prevent fraud, but they dramatically shorten the window in which it can fester before someone outside the company can see it. What if Enron only had to cook their books twice a year?

03
"Optional" is a trick.
The framing is voluntary, but the dynamics aren't. Once large companies start filing twice a year, smaller competitors face pressure to follow. They can't justify "more compliance than the bigger guy." Investor expectations adjust downward. What started as a choice quietly becomes the new normal. Almost no rule like this stays optional for long.

04
The supposed savings are tiny, and they don't go to you.
Companies still have to keep their books. They still have to brief their boards. The actual savings from skipping a public filing are modest legal and accounting fees, and those savings flow to the company and its executives. The cost of worse information falls on you, the person whose 401(k), IRA, or college fund holds the stock. That's a bad trade for ordinary investors.