1. United States
2. Ohio
3. Letter

I am writing to urge you to use your legislative and oversight authority to protect market transparency and oppose the SEC’s recent proposal (File Number S7-2026-15) to make quarterly reporting optional for public companies. Allowing corporate executives to withhold official financial data for six months at a time harms the integrity of our free market and directly punishes everyday, retail investors. If this optional semiannual reporting rule goes into effect, it will create severe problems for the stability of our financial system and the safety of our savings: - It rigs the game for wealthy insiders: Large institutional investors and hedge funds buy expensive alternative data—like credit card tracking and satellite imaging—to watch companies in real-time. Everyday retail investors and pension funds rely on mandatory SEC filings for a level playing field. Removing these filings leaves regular people completely in the dark. - It increases the risk of insider trading: When official data is only updated twice a year instead of four times, corporate insiders hold onto highly sensitive, non-public information for much longer stretches of time. This significantly widens the window for unfair trading and market manipulation. - It delays bad news and increases volatility: If a business model begins to fail, executives can legally obscure the downward trend from public disclosure for up to half a year. When the bad news is finally revealed on the new Form 10-S, it will shock the market, leading to massive, unpredictable stock drops that hurt retirement savers. Because of these risks, Congress must take immediate, concrete action to block this regulatory rollback and protect the investing public: 1. Utilize the Congressional Review Act (CRA): Introduce and support a Joint Resolution of Disapproval once the rule is finalized to completely nullify this rollback and protect the 90-day disclosure standard. 2. Attach Appropriations Riders: Insert strict limitation language into the upcoming financial services budget prohibiting the SEC from utilizing any taxpayer funds to implement, process, or enforce the optional semiannual reporting framework or the new Form 10-S. 3. Exercise Committee Oversight: Use the House Financial Services and Senate Banking Committees to hold public oversight hearings, demanding rigorous economic justification from SEC leadership regarding the systemic risks this poses to market stability. Altering the reporting calendar will not cure corporate short-termism, but it will strip away the public accountability that keeps our financial system fair. I look forward to seeing you take a strong stand to keep public data public.