On The Money: Trump asks SEC to consider ditching quarterly reports | Turkish court refuses to release US pastor | Russia sanctions hearing, vote on consumer chief next week

On The Money: Trump asks SEC to consider ditching quarterly reports | Turkish court refuses to release US pastor | Russia sanctions hearing, vote on consumer chief next week
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Happy Friday and welcome back to On The Money, where we're ready for any and all Anthony Bourdain content. I'm Sylvan Lane, and here's your nightly guide to everything affecting your bills, bank account and bottom line.

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THE BIG DEAL--Trump asks SEC to consider ending quarterly earnings reports: On Friday, Trump said he has asked the Securities and Exchange Commission to study the potential benefits of allowing public companies to file reports with the agency half as often.

Trump tweeted that he asked the SEC to consider asking companies it regulates to file two revenue reports per year instead of the quarterly disclosures currently mandated by the agency.

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The president said he got the idea from one "of the world's top business leaders" and that it would "allow greater flexibility & save money" for corporations.

Trump later told reporters at the White House that the suggestion came from Pepsi CEO Indra Nooyi, who dined with the president and more than a dozen other top U.S. executives last week.

The SEC did not immediately respond to a request for comment.

The catch: Trump cannot force the SEC, an independent federal agency, to follow through on his request, and it's unlikely that the commission will pursue major changes to the current quarterly reporting system.

But some business leaders and policymakers have expressed concerns about the cycle of trading around short-term movements in corporate financials. I've got more on why here.

 

ON TAP NEXT WEEK

Tuesday:

  • Senate Banking Committee: Hearing on new proposed Russia sanctions, 10 a.m.
  • Senate Energy and Natural Resources Committee: Hearing on the energy efficiency of blockchain technologies and potential applications to the energy industry, 10 a.m.
  • Senate Health, Labor, Education and Pensions Committee: Hearing on financial literacy, 2:30 p.m.

 

Wednesday:

  • Senate Finance Committee: Hearing on the nomination of Michael Faulkender to be an assistant secretary of the Treasury, 10 a.m.
  • Federal Reserve releases minutes from the July Federal Open Markets Committee meeting, 2 p.m.

 

Thursday:

  • Senate Banking Committee: Vote on the nominations of Kathy Kraninger to be Consumer Financial Protection Bureau director, Kimberly Reed to be president of the Export-Import Bank, Elad Roisman to be a member of the SEC, Michael. Bright to be president of the Government National Mortgage Association, Rae Oliver to be inspector general at the Department of Housing and Urban Development, and Dino Falaschetti to be director of the Office of Financial Research, 9:30 a.m.

 

Friday:

  • Federal Reserve Board Chairman Jerome Powell gives a speech on "Monetary Policy in a Changing Economy" at the Kansas City Fed symposium in Jackson Hole, Wyo. 10 a.m.

 

NEXT WEEK'S NEWS, NOW 

 

GOOD TO KNOW

  • Seven GOP senators have asked the Fed to ease capital requirements on several foreign banks with less than $250 billion assets within the U.S., among other firms, under the Dodd-Frank rollbacks passed this year.
  • Tesla stocks dropped 6 percent Friday morning following an interview with The New York Times in which CEO Elon Musk discussed his emotional state.
  • As trade disputes continue, the promising U.S.-China energy relationship is compromised, according to The Wall Street Journal.
  • Walmart and other companies are using aggressive legal tactics to get the money back, demanding payments even when people haven't been convicted of wrongdoing, according to the New York Times.
  • The Nasdaq fell on Friday as weak forecasts from chipmakers Nvidia and Applied Materials pushed technology stocks lower, while gains in the defensive telecoms and consumer staples companies helped buttress the S&P 500 and the Dow Industrials, according to Reuters.

 

ODDS AND ENDS

 

RECAP THE WEEK WITH ON THE MONEY: