The SEC could make such a change on its own without Congress passing legislation, but that doesn't mean it will, said David Martin, who previously ran the agency unit that oversees corporate filings.
In a tweet, he argued a longer time frame would "allow greater flexibility & save money".
The idea came from an unnamed "top business leader", Mr. Trump wrote, although the idea has been bandied around for decades.
Ultimately, the SEC is an independent commission-led agency and the president can not force it to change policies.
Trump said he had consulted "some of the world's top business leaders" on steps to create jobs and make business "even better".
Relief camps struggle to cope in flooded state of Kerala
Officials say many houses are irreparably damaged across the state and have warned residents against trying to return to them. Kerala has been battered by record monsoon rainfall this year and is "facing the worst floods in 100 years", Mr Vijayan said.
"[A six-month system] would get investors and companies to think longer-term", Svezia said. The Commissioners' offices did not immediately respond to a request for comment.
Publicly traded companies in the United States, as well as Canada, now file their earnings reports every three months, or four times per year.
The regulatory burdens of being a public company have been in the spotlight lately, including playing a role in why Elon Musk wants to take Tesla Inc. private. Some high-profile executives, including JPMorgan Chase chief executive Jamie Dimon, have recommended that companies stop providing Wall Street analysts guidance on what to expect from quarterly profits, for example. "We start preparing three weeks in advance every quarter, essentially taking nearly a third of executives' time each quarter", said Bryan Sheffield, chief executive of shale oil producer Parsley Energy Inc.
Europe has backed away from requiring companies to file quarterly reports. Putting together quarterly reports is also a huge cost for public companies, requiring resources to be directed at reporting rather than producing goods and services for the market.
Indeed, corporate stocks are known to see sharp gains and falls on the heels of quarterly earnings releases that beat or miss forecasts - and market watchers have often said investors' quick reactions are unwarranted or ill-advised. Others said that the prospect of fewer financial reports could exacerbate price swings around earnings or fuel insider trading.
He would need to draft a proposed rule-change which would then be put to an industry consultation during which investors, companies, exchanges, pension funds and public interest groups would likely bombard the SEC with information.