Project 2025 Tracker / What’s done, what’s next

2. Executive Office of the President · Notable

Maintain OIRA review of Treasury regulatory actions

Done

49 2. Executive Office of the President

“The Administration should likewise maintain the recent extension of those standards to regulatory actions of the U.S. Department of the Treasury.”

What has happened

  1. Done

    The agreement is not merely on paper. A proposed regulation on foreign currency gain or loss of controlled foreign corporations records that "the proposed regulations have been designated by the Office of Management and Budget's (OMB's) Office of Information and Regulatory Affairs (OIRA) as subject to review under Executive Order 12866 pursuant to the Memorandum of Agreement (MOA, July 4, 2025)", that OIRA determined the rulemaking significant under section 3(f), and that "accordingly, the proposed regulations have been reviewed by OMB." A tax regulation has actually gone through OIRA review under the standards of EO 12866 — the extension the Quote asked be maintained.

  2. Partially done

    OIRA review of Treasury's tax regulations is in use. Internal Revenue Service rulemakings published from August 2025 onward carry a new citation in their Regulatory Planning and Review sections — "the Memorandum of Agreement (July 4, 2025) between the Treasury Department and the Office of Management and Budget regarding review of tax regulations" — replacing the June 2023 agreement under which the previous administration had ended the arrangement. The first rulemaking to cite it is a proposed regulation on partnership-interest reporting published 19 August 2025.

  3. Partially done

    The Secretary of the Treasury and the OMB Director signed the Memorandum of Agreement, Review of Tax Regulations Under Executive Order 12866, dated July 4, 2025, with "immediate effect". It recites EO 14192's direction, subjects a tax regulatory action to OIRA review under section 6 of EO 12866 where it may create a serious inconsistency with another agency's action, raise novel legal or policy issues, or have an annual non-revenue effect of $100 million or more; applies the EO 12866 analytical requirements to those actions; requires Treasury to give OIRA a quarterly notice of planned tax regulatory actions; sets a 45-day review, with a 10-business-day expedited track for One Big Beautiful Bill Act guidance; bars publication before OIRA concludes or waives review; and rescinds the June 9, 2023 agreement. `partial`, because the agreement puts review back on paper; a tax regulation actually reviewed under it is the later event.

  4. Attempted

    Executive Order 14192, Unleashing Prosperity Through Deregulation, sec. 6(c): "The Secretary of the Treasury and the Director shall reinstate the Memorandum of Agreement between the Department of the Treasury and the Office of Management and Budget of April 11, 2018, regarding review of tax regulations under Executive Order 12866." A directive to restore the extension the Quote asks be maintained; the agreement itself came later.

Research log

What was searched, and what didn’t count as evidence

Research notes

Correction, 2026-09-30 — the Memorandum of Agreement is published. The earlier note said it was not on treasury.gov, on the strength of Treasury’s press-release index for 2025 (home.treasury.gov), which has nothing on it. It is not a press release: Treasury’s Office of Tax Policy keeps every Treasury-OMB agreement since 1983 on its Tax Regulatory Process page (https://home.treasury.gov/policy-issues/tax-policy/tax-regulatory-process), and the 2025 one is there as a signed scan. It is now the Evidence for its own event, with EO 14192’s direction before it. The open question is closed: the thresholds are as recorded above, and the rungs did not move — the two existing events stand, now preceded by an attempted and a partial.

A full-text Federal Register search for “Memorandum of Agreement” plus “12866” across IRS documents in the window returns 27 hits, all citing the July 2025 agreement, of which the August 2026 rule above is the one that records an actual OIRA review.

Action
other
Object
Treasury–OIRA Memorandum of Agreement on review of tax regulations
ID
44