Memorandum of Agreement
The Department of the Treasury and the Office of Management and Budget
Review of Treasury Regulations under Executive Order 12866

This Memorandum of Agreement (MOA) provides the general terms under which the
Office of Information and Regulatory Affairs (OIRA) within OMB will review regulatory actions
issued by the Department of the Treasury. The terms of this MOA do not alter OIRA’s or the
Department of the Treasury’s statutory responsibilities."

1. OIRA review of Treasury regulatory actions. Treasury regulatory actions shall be subject
to the standard centralized review process under section 6 of Executive Order 12866
(including the analytical requirements of OMB Circular No. A-4), except that the following
regulatory actions will not be subject to such review process:

(a) Tax regulatory actions, defined as a regulatory action (as defined by Executive Order
12866) issued by the Internal Revenue Service whether pursuant to Title 26 of the
United States Code or with respect to any other United States Federal income, excise,
estate, gift, or employment tax.

(b) All circulars, regulations, and rulings issued by the Bureau of the Fiscal Service that
implement, through the exercise of the general borrowing power, the fiscal policies of
the United States.

(c) Regulations issued by the Office of Foreign Assets Control (OFAC) that implement the
President’s foreign policy by blocking assets and imposing sanctions on foreign
countries or persons, and general and specific licenses issued by OFAC.

(d) Regulations concerning the review of transactions by the Committee on Foreign
Investment in the United States.

(e) Treasury regulations concerning the periodic reporting of portfolio capital positions
and transactions pursuant to the International Investment and Trade in Services Survey
Act and the Bretton Woods Agreement Act, and the reporting of foreign currency
positions of large U.S. business enterprises and their foreign affiliates pursuant to 31
U.S.C, § 5315.

(f) U.S. Customs and Border Protection regulations restricting the importation of cultural
property.

(g) Alcohol and Tobacco Tax and Trade Bureau regulations primarily pursuant to Title 26
of the United States Code or concerning the establishment or designation of
geographical viticultural areas.

2. This MOA supersedes the 1983 Memorandum of Agreement between Treasury and OMB
with respect to tax regulatory actions, and the 1993 letter exchange between the OIRA
Administrator and Treasury General Counsel reaffirming that agreement. Further, this
MOA supersedes the Guidance for Implementing EO 12866 (M-94-3), Appendix C:
Regulatory Actions Exempted from Centralized Regulatory Review, Department of the
Treasury (Oct. 12, 1993). Further this MOA supersedes the 2018 Memorandum of

‘ Such responsibilities include, but are not limited to, those that arise under the Paperwork Reduction Act, 44 U.S.C.
§§ 3501-3520, and Subtitle E of the Small Business Regulatory Enforcement Fairness Act of 1996 (Congressional
Review Act), 5 U.S.C. §§ 801-808.



Agreement between Treasury and OMB with respect to tax regulatory actions, including
the 2020 Addendum to the Memorandum of Agreement between Treasury and OMB.

3. This MOA will have immediate effect.

4, Treasury and OIRA will work in good faith to ensure the practices under this MOA
conform to the intent of the signatories.

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Neil H. MacBride Richard L. Revesz
General Counsel Administrator
Department of the Treasury Office of Information and Regulatory Affairs

Date: June 9, 2023