The Obama administration disclosed plans Tuesday to cut or roll back hundreds of federal regulations, including some that will streamline tax forms at the Internal Revenue Service, let railroad companies pass on installing expensive new technology, and speed up the visa process for low-risk visitors to the U.S.

The administration said the regulations will save businesses up to $10 billion over the next five years and spur job growth in the private sector.

The move, announced while President Barack Obama was on vacation in Martha's Vineyard, was the latest White House gesture to reach out to a business community that has often felt alienated from the administration.

The move was criticized by some as too little, too late.

"The administration's findings and determinations, on their own, are a worthy effort at making technical changes to the regulatory process, but the results of this look-back will not have a material impact on the real regulatory burdens facing businesses today," said Bill Kovacs, senior vice president at the U.S. Chamber of Commerce.

Administration officials said the plans unveiled Tuesday include 500 regulatory reforms, including more than 100 from the Department of Transportation and more than 70 from the Department of Health and Human Services. Once the reforms are fully implemented, the administration estimates businesses will save about $10 billion over five years.