"That would allow greater flexibility & save money", Trump said in a tweet. He said one executive suggested the change as a way to boost business, although he did not name the individual or the company.
Under current rules, listed companies in the United States must report financial results every three months, but in many other countries around the world, businesses are only mandated to do so twice per year, a model many U.S. businesspeople wish to adopt.
Tesla Inc Chief Executive Elon Musk stunned investors last week with a plan to take the electric carmaker private, a move he says would benefit shareholders by removing short-term pressures.
The SEC consists of five commissioners appointed by the president, although there now are only four in place, three named by Trump.
One reason for a possible change is that reporting every three months means that companies sometimes lose long-term focus because their efforts are spent on showing short-term profits each quarter.
"This is not something he can change with an executive order", he added.
He said he has asked the US Securities and Exchange Commission to investigate making such a change.
"The president has highlighted a key consideration for American companies and, importantly, American investors and their families - encouraging long-term investment in our country", Clayton said. "Many investors and market participants share this perspective on the importance of long-term investing". Trump said in a Twitter post.
He said when companies report only twice a year, the reaction in markets to their results is typically more volatile than the reaction to quarterly results. 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.
Regulators can conduct studies of their own volition, or will do so at the request of Congress, the president, or the public.
The Securities Exchange Act of 1934 was created to foster greater financial transparency and accuracy and to reduce fraud or manipulation.
Billionaire investor Warren Buffett and JPMorgan Chase & Co Chief Executive Jamie Dimon wrote in the Wall Street Journal in June that companies should move away from quarterly guidance, but did not call for an end to quarterly reporting.
"Investors need timely, accurate financial information to make informed investment decisions", Amy Borrus, deputy director of the Council of Institutional Investors, said in a statement.