(WDNews) – The U.S. Department of the Treasury announced plans to immediately eliminate 15 regulations and guidance materials that officials say have weighed down small businesses and the financial sector for years.
This move comes on the heels of two other rules recently rescinded by the Office of the Comptroller of the Currency. Treasury officials say the rollback includes outdated rules and some issued during the previous administration that added significant compliance burdens.
The Financial Crimes Enforcement Network (FinCEN) is also planning to finalize an interim rule that could save American businesses an estimated $10 billion in first-year reporting costs, and another $9 billion each year afterward.
“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 Secretary of the Treasury Scott Bessent.
Officials say more deregulatory actions will be rolled out in the coming months, focusing on removing unnecessary IRS rules and easing restrictions on the banking sector to improve access to capital and boost investment in local economies.
