The Securities and Exchange Commission (SEC) is starting a review of how often U.S. public companies report financial results, heeding President Donald Trump's call for the agency to consider letting businesses open their books less frequently.

The SEC's move to seek public comment on the quarterly reporting process, announced in a statement Tuesday, further heats up a long simmering debate over corporate disclosures. Trump said in an August tweet that moving to semi-annual reports would save companies money and increase flexibility.

Commissioners voted to pose more than three dozen questions about the current process, which some groups have said fuels a misguided obsession with short-term benchmarks.

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