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

Letter Type J:

To Whom it May Concern:

For more than half a century, publicly traded companies in the United States have been required to report their financial performance every quarter. This system has become a cornerstone of market transparency, helping ensure that investors have regular access to accurate and timely information. Proposals to reduce reporting frequency may appear attractive to corporations seeking fewer regulatory requirements, but doing so would ultimately weaken transparency, reduce accountability, and disadvantage ordinary investors.

One of the primary benefits of quarterly reporting is that it promotes equal access to information. Large institutional investors often have teams of analysts, industry contacts, and extensive resources to evaluate companies. Individual investors, by contrast, rely heavily on publicly available information when making investment decisions. Regular quarterly reports help level the playing field by ensuring that all investors receive important financial updates on a predictable schedule. Without these reports, information gaps between professional investors and the general public could widen significantly.

Quarterly reporting also strengthens transparency. Investors deserve to know how the companie s they own are performing, especially when their retirement savings, pensions, and investment accounts depend on those companies' success. Quarterly reports provide critical information about revenue, profits, debt, cash flow, and business risks. More frequent reporting allows investors to identify emerging problems sooner and make informed decisions based on current facts rather than outdated information.


In addition, quarterly reporting improves market efficiency. Financial markets function best when participants have access to timely and reliable information. If companies were permitted to go six months or longer without providing comprehensive financial updates, investors would be forced to rely more heavily on speculation, rumors, and incomplete data. This uncertainty can increase market volatility and reduce confidence in the fairness of the marketplace.

Regular reporting also promotes corporate accountability. Public companies benefit enormously from access to public capital markets. In return, they have an obligation to provide shareholders with meaningful information about their performance.

Quarterly reporting allows investors to evaluate whether management is delivering on its promises and whether a company's strategy is producing results. Less frequent reporting would reduce opportunities for shareholders to monitor management and hold executives accountable.

Supporters of reducing reporting requirements often argue that quarterly reports encourage short-term thinking. While concerns about excessive focus on quarterly earnings are valid, reducing transparency is not the solution. Investors can and do evaluate companies based on long-term performance while still benefiting from regular financial disclosures.

Companies should be encouraged to pursue long-term growth strategies, but that goal should not come at the expense of providing investors with timely information.

The United States has (until recently due to questionable acts by those in power) long been recognized for having some of the most transparent and trusted capital markets in the world. Quarterly reporting has played an important role in building that trust. Reducing reporting frequency would provide less information to ordinary investors, weaken accountability, and increase the advantages enjoyed by insiders and large institutions. For these reasons, quarterly reporting should be preserved as an essential safeguard for transparency, fairness, and investor confidence.