WASHINGTON – The U.S Treasury Department Wednesday said it is taking immediate action to eliminate 15 rules and guidance materials.
The action is being taken in coordination with the Internal Revenue Service and the Financial Crimes Enforcement Network, Treasury said. The actions are in addition to two rules recently rescinded by the Office of the Comptroller of the Currency, Treasury said.
“The rules range from now-obsolete regulations dating back many years to regulations and guidance issued during the last Administration that placed significant burden on America’s small businesses. These efforts are just the latest deregulatory actions that follow Treasury’s prior announcement of an interim final rule to scale back FinCEN’s beneficial ownership information reporting requirements regulation, which is estimated to save American businesses more than $10 billion in first-year reporting costs and $9 billion per year each year after that and which FinCEN intends to finalize this year,” Treasury said.
“Treasury’s planned actions are a part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy,” said Treasury Secretary Scott Bessent.
Treasury added that over the next several months, it will continue to identify actions that will provide relief from “burdensome and unnecessary IRS rules and unleash the regulated banking sector through thoughtful review of regulations and examination practices so that Americans can enjoy greater access to capital and reinvest in Main Street and our industrial base.”