The chairman of the Securities and Exchange Commission said Thursday the agency is unlikely to shift corporate reporting requirements from quarterly to six-month cycles, an idea proposed by President Trump earlier this year.

A federal law requiring publicly traded companies to disclose their financial performance was passed in 1934, and the rules were tightened in the early 2000s. Critics charge that earnings reports every three months put too much pressure on executives to deliver short-term gains, prompting them to make decisions that harm companies in the long haul.