Good morning, CFOs. The SEC prioritizes Trump’s proposal to allow companies to report twice a year; Nestlé’s chairman will step down after the CEO firing; Microsoft will invest $30 billion in AI across the U.K.

President Trump wants to do away with required quarterly earnings reports for public companies, saying they should only have to report results twice a year. It might not be that simple.

Investors are likely to put up a fight. Institutional investors such as pension funds and hedge funds typically crave more information on the companies they follow, not less. In other countries where regulators removed quarterly reporting requirements, many companies still report more frequently.

A Securities and Exchange Commission spokeswoman said Monday the agency and its chairman, Paul Atkins, are now prioritizing the issue at Trump’s request, suggesting it has momentum. Such a change would support the Trump administration’s goal of reducing regulation.

“I can’t recall an investor ever saying we should share less,” Marc Suidan, chief financial officer at cloud-storage company Backblaze, told me. “Usually they’re asking me to share a lot more.”

The potential change would mean giving out guidance for six months out instead of three months, Suidan said. That would introduce more variability in the financial results for Backblaze, whose earnings are typically predictable on a quarterly basis but not longer than that, he said.

✏️ Share your thoughts: Should public companies make financial reports twice a year rather than quarterly? Why or why not? Join the conversation below or at the end of our story.

📆 Earnings

• Bullish
• General Mills

📈 Economic Indicators

The Census Bureau reports new residential construction data for August.

The FOMC releases its monetary policy decision as well as its quarterly Summary of Economic Projections.

Nestlé said Chairman Paul Bulcke would step down after nearly a decade at the helm of the board following the abrupt ouster of former Chief Executive Officer Laurent Freixe earlier this month.

The Swiss maker of Nescafe coffee and Purina pet food said Tuesday that Pablo Isla would replace Bulcke as chairman effective Oct. 1. Bulcke, who has been chairman of the board of directors since 2017, is leaving before the end of his mandate. Isla is currently vice chairman of the board.

• TikTok’s U.S. business would be controlled by an investor consortium including Oracle, Silver Lake and Andreessen Horowitz under a framework the U.S. and China are finalizing as talks shift into high gear, according to people familiar with the matter.
• Federal Reserve officials are widely expected to cut rates by a quarter percentage point Wednesday at the conclusion of their meeting, spurred by a recent downshift in job growth. Analysts see the potential for Fed Chair Powell to face dissent on the anticipated quarter-point cut.

📰 Other headlines

• Microsoft Will Invest $30 Billion in AI Infrastructure, Operations Across U.K.
• Workers Are Getting Fired Over Posts Mocking Charlie Kirk’s Death
• Fired BLS Chief Breaks Silence, Calls Her Dismissal a ‘Dangerous Step’
• Performance Food, US Foods to Explore Merger With Information Sharing Pact
• Trump Files $15 Billion Lawsuit Against New York Times
• Rivian Is Building a Georgia Factory in the Face of an EV Slump
• Workday to Buy Sana for $1.1 Billion as Part of Enterprise AI Push
• Exclusive: Apollo Explores Sale of Internet Pioneer AOL
• Delta and Aeromexico Must Dissolve Joint Venture, U.S. Orders
• Infamous Fyre Festival Sells for Fire-Sale Price of $245,000
• LG Battery Unit Continues U.S. Projects After Raid
• South Korea Probes Allegations of Human-Rights Violations Tied to Hyundai Raid
• The Two-Speed Economy Is Back as Low-Income Americans Give Up Gains

Insulet, the Acton, Mass.-based medical devices company, is appointing Flavia Pease, a former executive at Johnson & Johnson, to succeed Ana Maria Chadwick as CFO. Pease was most recently CFO at Charles River Laboratories and previously spent 20 years at Johnson & Johnson. At Insulet, Pease will receive an annual salary of $715,000 and an annual bonus opportunity of 70% of her salary. She will also receive a sign-on award of $1.33 million in cash and $3 million in equity. Chadwick will become a senior adviser after Pease assumes the CFO role on Sept. 30.

—Nicholas G. Miller contributed to today’s Ledger.

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