Donald J. Trump is not much for thinking about the long term. But President Do-As-I-Say-Not-As-I-Do thinks you should be. In fact, he’s thinking about making you think at least a little bit more long term.
U.S. President Donald Trump said on Friday he had asked the U.S. Securities and Exchange Commission to study the impact of allowing companies to file reports with the financial regulator every six months instead of every quarter.
“That would allow greater flexibility & save money,” he said in a post on Twitter on Friday.
Ah, yes, the kind of red-meat policy that really appeals to the unemployed coal miners of West Virginia, if for no other reason—and there is no other reason—than for its power to give Elizabeth Warren a rage stroke. Better not tell them it’s a bastardized and less nuanced version of something that’s been championed by a trio of pointy-headed Wall Street elite Democrats for years.
In spite of the fact that it might actually be a good idea, there are things that would appeal to the president about such a move. First, he can’t actually do it himself, so if his SEC fails to heed his advice, it will give him something else to rail about on Twitter. Second, he’s desperate for Wall Street’s approval, especially Jamie Dimon’s, even though Dimon is preparing to vanquish him in 2020. Thirdly, Trump is famously neither a reader nor an empath, so it would not occur to him that anyone alive wouldn’t leap at the chance to have to read 50% less. Finally, unlike those namby-pamby business leaderswhining the trade war in which Trump is prepared to die, Dimon, Larry Fink and Warren Buffett are pushing at rather an open door.
Trump said he urged the SEC to consider the change after talking with various business leaders. He said one executive suggested the change as a way to boost business, although he did not name the individual or the company….
The Trump administration has said it would like to reduce red tape that it believes is responsible for a 50 percent decline in listings over the past two decades, including relaxing some of the disclosure and compliance requirements for listed companies and firms looking to go public.