Trump asks SEC to study six-month corporate filings.
August 17, 2018
Trump asks SEC to study six-month corporate filings. President Trump announced Friday he had requested that the Securities and Exchange Commission study reducing the frequency with which publicly traded companies must file financial reports, from every quarter to every six months. The change would align US reporting requirements more closely with those in the UK and Europe, and could potentially reduce compliance costs, but could result in less financial transparency for investors. Some executives have said half-year filing could also reduce unwarranted pressure on short term targets. The SEC’s rulemaking is independent from the executive, so the President cannot force the agency to implement changes. [Reuters]
DC Court clears the way for Obama-era EPA chemical plant safety rule. A federal court ruled Friday that the Clean Air Act forbids the EPA from delaying the enforcement of regulation, forcing the Trump administration to stop delaying the implementation of a chemical plant safety rule authored during the previous administration. The new rule sets standards for risk management plans at chemical facilities and is intended to prevent accidents and increase information sharing with first responders and the public. The ruling is one of several defeats for the administration’s EPA; as courts have repeatedly ruled that the EPA cannot delay rule implementation arbitrarily. [The Hill]
Youth unemployment at record lows. Youth unemployment amongst 16-24 year olds actively seeking jobs this summer fell to its lowest midsummer level since 1966, at 9.2%. Latino unemployment fell as well, to 4.5% in July, the lowest level since the 70s. Undergirding strong unemployment numbers is an increase in labor force participation, which is at 60.6% among young Americans, the highest rate since 2009. [WSJ]
Consumer sentiment falls on rising prices. Preliminary August consumer sentiment readings clocked in at 95.3 this month, below July’s 97.9 rating and the lowest levels since September 2017. Economists were expecting an uptick in consumer sentiment, however. Price perceptions have shifted quickly, with an anticipated inflation rate of 2.9%, and consumers have expressed concerns about rising prices in housing, durable goods and vehicles in particular. [WSJ]