President Donald Trump said Monday that American public companies shouldn't have to report quarterly earnings, but they should change to a six-month schedule.

Sept. 15 (UPI) -- President Donald Trump said Monday that American public companies shouldn't have to report quarterly earnings, and should instead change to a six-month schedule.

Trump said on Truth Social: "Subject to SEC Approval, Companies and Corporations should no longer be forced to 'Report' on a quarterly basis (Quarterly Reporting!), but rather to Report on a 'Six (6) Month Basis.' This will save money, and allow managers to focus on properly running their companies. Did you ever hear the statement that, 'China has a 50 to 100 year view on management of a company, whereas we run our companies on a quarterly basis???' Not good!!!"

Trump mentioned this potential change during his first term in office, too.

This would change the way U.S. companies do business, and it would more closely align with how public companies report in other countries.

The change requires approval from the Securities and Exchange Commission, which has required quarterly reporting since 1970.

Wall Street closely follows quarterly results to determine the financial performance of companies. Many public companies host earnings calls after they post their results, which is a chance for investors to ask questions about the company's decisions.