Treasury Department Takes Action to Unleash Financial Sector and Unburden Small Businesses through Elimination of Unnecessary, Duplicative, and Costly Regulations

WASHINGTON – Today, the U.S. Department of the Treasury (Treasury), including the Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN), will take immediate action to eliminate 15 rules and guidance materials. This is in addition to two rules recently rescinded by the Office of the Comptroller of the Currency (OCC).The rules range from now-obsolete regulations dating back many years to regulations and guidance issued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’s planned actions are a part of President Trump’s bold