Treasury Seeks Input on Ways to Reduce Regulatory Burden
The Treasury Department is seeking input by July 31 with views and recommendations on Treasury regulations that can be eliminated, modified, or streamlined in order to reduce burdens. This request for comments is being issued in furtherance of two executive orders issued by President Trump earlier this year directing agencies to eliminate two regulations for each new regulation issued and to convene a regulatory reform task force to assist in the removal of unnecessary regulations.
Treasury’s task force will evaluate existing regulations and make recommendations to Secretary Mnuchin to prioritize their possible repeal, replacement, or modification, consistent with applicable law. Executive Order 13777 requires the task force to attempt to identify for repeal, replacement, or modification regulations that eliminate jobs or inhibit job creation; are outdated, unnecessary, or ineffective; impose costs that exceed benefits; create a serious inconsistency or otherwise interfere with regulatory reform initiatives and policies; are inconsistent with the requirements of the Information Quality Act or the guidance issued pursuant to that provision; or derive from or implement executive orders or other presidential directives that have been subsequently rescinded or substantially modified.
In particular, Treasury is seeking input on regulations, forms, and guidance documents issued or promulgated by the Internal Revenue Service, the Alcohol and Tobacco Tax and Trade Bureau, the Bureau of the Fiscal Service, departmental offices (Office of the Secretary), the Financial Crimes Enforcement Network, the Community Development Financial Institutions, and the Office of Foreign Assets Control, as well as regulations and guidance issued under Treasury’s customs revenue function.