The U.S. Department of the Treasury (Treasury), Internal Revenue Service (IRS), and the Financial Crimes Enforcement Network (FinCEN) announced Wednesday that they will take immediate action to eliminate 15 rules and guidance material. 

“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,” a Treasury news release says. 

The announcement follows the Treasury publishing a final rule last month on the Corporate Transparency Act that removed requirements for U.S. companies and persons to report beneficial ownership information (BOI). 

Wednesday’s release says the interim final rule is estimated to save American businesses more than $10 billion in the first-year reporting costs and $9 billion per year each year after that. The rule is expected to be finalized by FinCEN this year. 

“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, in the release. 

The press release does not specify which 15 rules and guidance materials will be eliminated. It says over the next several months, the Treasury will continue to identify actions that will provide relief from “burdensome and unnecessary IRS rules and unleash the regulated banking sector” through a review of regulations and examination of practices. 

During the Banker’s Association Summit Wednesday, Bessent called for banking regulations to ease burdens on community banks. 

“For far too long financial policy has served large financial institutions at the expense of smaller ones,” Bessent said. “No more. No more.”

He said Trump’s Administration is focused on removing bureaucracy to get capital to Americans who need it. 

“It’s Main Street’s turn,” Bessent said. “It’s Main Street’s turn to hire workers. It’s Main Street’s turn to drive investment and it’s Main Street’s turn to restore the American dream.” 

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