President Trump Considers Subjecting the Treasury to OMB Oversight

President Trump is considering whether to grant the Office of Management and Budget (“OMB”) oversight over regulations issued by the Treasury Department. While the Treasury Department has been exempt from OMB review since the 1980s with respect to tax regulations, President Trump’s move would end that autonomy and add an additional layer of review to forthcoming Treasury regulations. Neomi Rao, head of the Office of Information and Regulatory Affairs within the OMB, remarked that such a move will delay forthcoming guidance related to the 2017 tax act, given the additional layer of review and the OMB’s lack of tax expertise.

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