The SEC received more than 200,000 comments on its proposal to eliminate mandatory quarterly earnings reports, a record for the agency. The feedback was overwhelmingly negative, and the commission is still working to post all submissions online.

Unveiled by Chairman Paul Atkins in May, the rule change would let public companies choose semiannual instead of quarterly disclosures. President Trump has long backed the shift, arguing it reduces short-term pressure on businesses.

At least 20,000 comments mirrored an anonymous grassroots campaign defending quarterly reporting. Another 40,000 warned the move “prevents investors like me from accessing information about companies; lets companies hide behind closed doors; and allows fraud to fester.”

Despite the outcry, people familiar with the matter say the SEC will likely advance the proposal in some form. The next step is reviewing the comments, which could reshape the final rule.