Treasury Highlights Efforts to Reduce Regulatory Burden

The Treasury Department has eliminated or proposed to eliminate or modify a total of 305 regulations, according to a new report released today. The report highlights the department’s response to President Trump’s executive orders to reduce or eliminate overly burdensome, duplicative or unnecessary government regulations.

On net, the department has reduced its regulatory agenda by 94 regulations from its 2016 agenda. In Treasury’s fall 2017 regulatory plan, two regulations were identified as significant regulatory actions, while the remaining items are burden-reducing or have not yet been classified. In addition, Treasury has undertaken a wide-reaching review of its existing regulatory framework and has already proposed to eliminate a number of Internal Revenue Service regulations.

The department has also issued several reports recommending changes to several aspects of the financial regulatory system, including bank and credit union supervision, capital markets, asset management and insurance, the designation process used by the Financial Stability Oversight Council to designate nonbank financial companies for enhanced prudential standards, and the CFPB.