Year in Review 2025 | U.S. Department of the Treasury

"President Trump has outlined a vision for a stronger, safer, and more prosperous America, and I am honored to work for him in implementing this vision."

"The three components of the Trump economic agenda—tariffs, tax cuts, and deregulation—are not standalone policies. They are interlocking parts of an engine designed to drive economic growth and domestic manufacturing."

Secretary Scott Bessent U.S. Department of the Treasury

Key Accomplishments

Historic achievements in economic growth, government efficiency, national security, and international leadership.

Economic Growth H.R. 1

One Big Beautiful Bill

Signed by President Trump on July 4, 2025, making 2017 working families tax cuts permanent, establishing Trump Accounts, "No Tax on Tips," and senior deductions.

Efficiency $2B

IRS IT Budget Savings

Cut wasteful contracts and eliminated unused licenses without any operational disruptions.

National Security 450+

Iran Sanctions Designations

Maximum pressure campaign targeting entities, vessels, and shadow banking networks funding terrorism.

Digital Assets GENIUS Act

Stablecoin Framework

Signed by President Trump on July 18, establishing regulatory framework for dollar-backed stablecoins and reinforcing USD dominance.

Detailed Accomplishments

Explore Treasury's achievements across four key areas.

Making America Prosperous Again

Tax reform, economic wins, and digital asset leadership

Tax Reform

Led negotiations on One Big Beautiful Bill (H.R. 1), signed by President Trump on July 4, 2025
Made 2017 Tax Cuts and Jobs Act individual rates and standard deduction levels permanent
Championed "No Tax on Tips" provision and overtime pay deduction for 2025-2028
Established $6,000 deduction for individuals 65 and older through 2028
Launched Trump Accounts with $1,000 deposits for newborns

Digital Assets

GENIUS Act signed July 18, establishing regulatory framework for dollar-backed stablecoins
Released 180-Day Crypto Report with 100+ regulatory and legislative recommendations to make America the crypto capital of the world
Rescinded DeFi broker reporting rule that stifled digital asset innovation
Provided interim guidance relating to the application of the corporate alternative minimum tax (CAMT) to ensure future growth of the digital asset ecosystem
Issued guidance clarifying when crypto exchange-traded products (ETPs) can stake assets without jeopardizing their tax status

Economic Wins

687,000 private sector jobs created since President Trump took office
Real capital spending increased 15% annualized in H1 2025—biggest two-quarter increase in over a decade
Customs duties running at $300 billion+ annual rate
Gasoline prices under $3/gallon nationally—lowest since May 2021
Mortgage rates down from over 7% to ~6.30% since President Trump took office

Bank Regulatory Reform

Proposed reduction to enhanced Supplementary Leverage Ratio to support Treasury intermediation
Ended politicized reputation risk in bank supervision
Secured G7 agreement protecting U.S. companies from OECD Global Tax Deal
Reprioritized FSOC to focus on sustainable long-term economic growth and economic security, modernizing regulations, reducing undue burdens, and fostering a financial system that supports resilience, innovation, and enduring U.S. financial stability

Making Treasury Efficient Again

IRS modernization, cost savings, and deregulation

Cost Savings

Cut $2 billion from IRS IT budget without operational disruptions
Eliminated wasteful contracts including auto-renewed licenses unused for years
Reducing redundant contracts that held the codebase hostage
Eliminated the penny—saving taxpayers $85 million annually in production costs

IRS Modernization

New compliance strategy aims to double collections with enhanced software tools
Launched Unified API Layer project after 20 years and $4B in previous attempts
Strengthened privacy by empowering technical cybersecurity experts
Promoted IRS whistleblowers Gary Shapley and Joe Zeigler, signaling end to politicization

Deregulation

Removed BOI reporting requirement under Corporate Transparency Act for domestic entities and individuals
Launched BSA/CFT modernization efforts at FinCEN
Issued order allowing banks greater flexibility in collecting Tax Identification Numbers
Postponed Investment Advisor AML Rule effective date to January 2028

Workforce & Operations

Onboarded more political appointees in first 100 days than Biden's entire first year
Brought Treasury workforce back to office per President Trump's executive order
Ended discriminatory DEI policies and closed DEI offices
Executive Order to modernize payments—reducing paper checks from $450M to under $20M

Making America Safe Again

Eradicating cartels, crushing fraud, and maximum pressure on Iran

Eradicating Drug Cartels

Developed a Joint Strategy to Counter Illicit Finance with the Government of Mexico aimed at disrupting cartel financing tactically and strengthening cross-border illicit finance regimes to better tackle illicit finance at a strategic level
Cut off three Mexican financial institutions and proposed cutting off 10 additional gambling establishments from the U.S. financial system for laundering money related to fentanyl trafficking
Issued dozens of sanctions against major drug cartels
Took action to protect American senior citizens from cartel-run timeshare fraud
Directly advanced law enforcement investigations by driving actionable intelligence reporting from financial institutions through targeted in-person information sharing exchanges along the Southwest border
Provided financial institutions vital tools to increase the utility of their reporting for law enforcement through publications and red flags on cartel-related illicit finance threats, including on fentanyl, Chinese money laundering networks, oil smuggling, and bulk cash smuggling
Brought first enforcement action against an armored car company for violations of the Bank Secrecy Act, lack of necessary required controls led company to transport millions of dollars in currency from unknown sources in Mexico without proper investigation of potential red flags

Crushing Fraud

Took action to protect American senior citizens from cartel-run timeshare fraud
Took most significant action ever against SE Asia-based scam center networks, in close coordination with international partners and federal law enforcement, including OFAC sanctions against the Prince Group and FinCEN action against Huione Group
Deployed enhanced investigative and enforcement resources to Minnesota to uncover fraud and possible diversion of funds in violation of U.S. national security interests

Modernizing the Bank Secrecy Act

Eliminated invasive, burdensome reporting requirements that saddled small businesses with unnecessary red tape, saving the economy $84 billion
Issued frequently asked questions to assist financial institutions with their compliance obligations related to suspicious activity reports while enabling institutions to focus resources on activities that produce the greatest value to law enforcement agencies to detect, combat, and deter criminal activity
Provided greater flexibility for banks and other financial institutions to collect and verify their customers' identities
Delayed illicit finance regulations on the investment adviser sector to ensure appropriate balance between costs and benefits, saving the public over $1.8 billion
Rescinded duplicative requirements for civil enforcement

Maximum Pressure on Iran

Sanctioned 450+ entities and vessels in Iran's shadow fleet and oil networks
Dismantled $3 billion Iranian shadow banking network laundering oil revenues
Designated teapot refineries purchasing billions in Iranian crude
Targeted IRGC ballistic missile network and nuclear program support entities
Largest Iran sanctions package since 2018: 110+ designations in single action
Supported Trump Administration goals in uncovering Iran's global oil and "shadow banking" sanctions evasion networks through information-sharing public-private events and publications

Countering Terrorist Networks

Disrupted Houthi financial networks—largest action to date
Sanctioned a transnational criminal organization for attacks on Israeli Embassy in Stockholm
Targeted Iran's proxy networks procuring weapons and sensitive goods

Syria

Removed 518 individuals and entities from SDN List to enable Syria's road to recovery
Redesignated 139 persons including Assad associates, human rights abusers, and ISIS affiliates
Enabled U.S. investment and supported Syria's reconnection to the international financial system, while maintaining accountability for the Assad regime

Russia

Sanctioned Russia's two largest oil companies, Rosneft and Lukoil, in support of the President's peace strategy

Making America Respected Again

International leadership and major policy initiatives

Major Policy Speeches

April 23: Institute for International Finance—fixing the Bretton Woods Institutions
October 9: Fed Community Bank Conference—elevating Main Street's role in the new economy
November 12: Treasury Market Conference—strengthening the Treasury market
March 6: Economic Club of New York—blueprint to reprivatize the economy
April 9: American Bankers Association—putting everyday Americans first
July 15: Pennsylvania Energy Summit—CapEx Boom and OBBB
July 21: Federal Reserve Capital Conference—reorienting financial regulatory architecture

International Leadership

Lead international efforts to secure supply chains, address global imbalances, and ensure sound investment into the United States to benefit American workers and families
Spearheaded trade and economic negotiations with China that lead to subsequent trade arrangements that benefit the United States economy and provide certainty to American businesses and farmers
Support administration efforts to negotiate trade deals with significant trading partners like Japan, South Korea, European Union, United Kingdom, Malaysia, Vietnam, and others
Steered the finance minister tracks for APEC, G20, and G7
Secured G7 agreement protecting U.S. companies from OECD Global Tax Deal
Facilitated U.S. Steel merger with $11 billion in new investments
Reasserted U.S. leadership at the World Bank and other international financial institutions, securing U.S.-driven reforms on procurement and overturning the nuclear financing prohibition
Streamlined the G20 Finance Track, returning it to its core mandate

Talent & Leadership

15 nominees confirmed by the Senate
Announced Frank Bisignano as IRS CEO and Joe Gebbia as Chief Design Officer
Reopened historic Treasury Building front entrance at 1500 Pennsylvania Avenue

Making America Great Again

Secretary's Message