Many U.K. businesses have shifted to a six-month reporting schedule after the country's regulators eased requirements for quarterly reports.
Tesla chief executive Elon Musk also cited the issue when explaining why he has launched a surprise effort to take the $50 billion auto company private.
Public companies must report their sales, profits and the state of the company's balance sheet every quarter. "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.
Trump held a dinner for business executives on Aug 8, two days after Nooyi announced her departure, at his golf club in Bedminster, New Jersey.
Trump has asked the Securities and Exchange Commission to study the impact of such a change.
And he said, the SEC already had implemented some regulatory changes and continued to consider others that "encourage long-term capital formation while preserving and, in many instances, enhancing key investor protections".
Quarterly financial reports are a staple of US corporate practice. Trump said in a Twitter post. That has been required since the Securities Exchange Act of 1934, which was put in place to give more confidence and transparency to investors in the wake of the 1929 stock market crash. Still, Clayton hasn't floated reducing the number of times that companies must disclose their financial performance each year. And corporate leaders and trade groups have increasingly vented about Wall Street's obsession with short-term earnings and revenue targets, arguing that they can prevent firms from growing their businesses and creating jobs.
Billionaire investor Warren Buffett and JPMorgan Chase & Co Chief Executive Jamie Dimon wrote in the Wall Street Journal in June that US companies should move away from giving quarterly guidance, arguing it holds back spending on hiring, investment and research, but did not call for an end to quarterly reporting.
"If public companies moved from quarterly to semi-annual reporting, that would deprive investors of timely information and dramatically increase the potential for insider trading", said Robert Pozen, Senior Lecturer at the MIT Sloan School of Management. "Investors need timely, accurate financial information to make informed investment decisions".