The U.S. Department of the Treasury announced immediate actions to eliminate 15 rules and guidance materials, aiming to relieve America's small businesses of financial burdens. This follows the rescission of two rules by the Office of the Comptroller of the Currency (OCC). These actions target regulations from various periods, including those established during the last administration. The measures are part of a broader move by the Treasury to cut regulations that have strained small businesses.
Secretary of the Treasury Scott Bessent commented, "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."
This initiative includes the Treasury's previous interim final rule to reduce FinCEN's beneficial ownership reporting requirements, forecasted to save American businesses over $10 billion in first-year reporting costs, with ongoing annual savings of $9 billion. The finalization of this rule is anticipated within the year.
In the coming months, the Treasury plans to further identify opportunities to alleviate unnecessary IRS rules and invigorate the banking sector by reviewing regulations and examination practices, aiming to expand access to capital and foster reinvestment in domestic industries.
