Regulatory Roundup - July 13-19
CBO
Cost Estimate
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 3985, the Allies Act of 2021
July 16, 2021
As Introduced in the House of Representatives on June 17, 2021
Report
Cost of the Extension of Expanded Unemployment Compensation
July 16, 2021
CBO provides additional information about the projected cost of extending the expanded unemployment compensation enacted in response to the coronavirus pandemic.
Report
The Budgetary Effects of the Employee Retention Tax Credit During the Coronavirus Pandemic
July 16, 2021
CBO provides additional information about the budgetary effects of the employee retention tax credit.
Report
July 16, 2021
CBO provides additional information about the budgetary effects of the tax credit for employer-paid sick and family leave.
Presentation
CBO’s Updated Budget and Economic Projections
July 15, 2021
Presentation by Phillip Swagel, CBO’s Director, to the American Council for Capital Formation.
Cost Estimate
S. 1931, Surface Transportation Reauthorization Act of 2021
July 15, 2021
As reported by the Senate Committee on Environment and Public Works on May 27, 2021
Cost Estimate
S. 2016, Surface Transportation Investment Act of 2021
July 15, 2021
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on June 16, 2021
Cost Estimate
H.R. 3076, Postal Service Reform Act of 2021
July 14, 2021
As ordered reported by the House Committee on Oversight and Reform on May 13, 2021
Cost Estimate
S. 14, Combatting Global Corruption Act of 2021
July 13, 2021
As reported by the Senate Committee on Foreign Relations on
June 24, 2021
Cost Estimate
S. 189, Veterans’ Compensation Cost-of-Living Adjustment Act of 2021
July 13, 2021
As reported by the Senate Committee on Veterans’ Affairs on June 24, 2021
GAO
GAO-21-539
Published: Jul 16, 2021.
Publicly Released: Jul 16, 2021.
What GAO Found The U.S. Coast Guard took steps to safeguard its personnel during the COVID-19 pandemic by updating its policies and guidance, expanding telework, and administering COVID-19 vaccines, among other efforts.
Countering Weapons of Mass Destruction
Opportunities for DHS to Better Address Longstanding Program Challenges
GAO-21-105332
Published: Jul 16, 2021.
Publicly Released: Jul 16, 2021.
What GAO Found In April 2016, GAO evaluated Department of Homeland Security (DHS) plans to consolidate chemical, biological, radiological, and nuclear security programs into the Countering Weapons of Mass Destruction (CWMD) office.
Fiscal Conditions During the COVID-19 Pandemic in Selected States
GAO-21-562
Published: Jul 15, 2021.
Publicly Released: Jul 15, 2021.
What GAO Found State and local government revenues from individual, corporate, and sales taxes declined about $61 billion in the second quarter of 2020 compared to the second quarter in 2019 and rebounded in the third and fourth quarters of 2020.
Army Should Routinely Update Strategy and Improve Communication with Industry
GAO-21-460
Published: Jul 15, 2021.
Publicly Released: Jul 15, 2021.
What GAO Found The Army is currently studying ways to modernize its fleet of tactical wheeled vehicles (TWV).
Office of Science and Technology Policy
GAO-21-105129
Published: Jul 08, 2021.
Publicly Released: Jul 15, 2021.
What GAO Found As of June 2021, the Office of Science and Technology Policy (OSTP) had 11 open recommendations. We are identifying three recommendations from our prior work as priorities for implementation by OSTP.
Microenterprise and Related Development Assistance
Challenges in Evaluating Lasting Benefits for Women and the Poor
GAO-21-328
Published: Jul 15, 2021.
Publicly Released: Jul 15, 2021.
What GAO Found U.S.
Army and Marine Corps Should Take Additional Actions to Mitigate and Prevent Training Accidents
GAO-21-361
Published: Jul 07, 2021.
Publicly Released: Jul 14, 2021.
What GAO Found The number of serious accidents involving Army and Marine Corps tactical vehicles, such as tanks and trucks, and the number of resulting deaths, fluctuated from fiscal years 2010 through 2019 (see figure).
Health Care Service Needs and Costs
GAO-21-515
Published: Jun 16, 2021.
Publicly Released: Jul 14, 2021.
What GAO Found There is no complete information on the health care costs of firearm injuries. National data allow for estimates of the costs of initial hospital treatment and some first-year costs, but less is known about costs the more time passes from the injury.
Federal Law Enforcement Agencies Should Have Better Awareness of Systems Used By Employees
GAO-21-105309
Published: Jul 13, 2021.
Publicly Released: Jul 13, 2021.
What GAO Found In June 2021, GAO reported the results of its survey of 42 federal agencies that employ law enforcement officers about their use of facial recognition technology.
Cost and Schedule Risks in Modernization Program Echo Long-Standing Challenges
GAO-21-105282
Published: Jul 13, 2021.
Publicly Released: Jul 13, 2021.
What GAO Found While the Department of Defense (DOD) approaches its full-rate production decision point (which would formally authorize DOD's transition from development to full production), the F-35 program is producing nearly 25 percent of the total planned aircraft in low-rate initial production before...
Progress Made, but Improvements to Oversight of Risk Management and Incident Analysis Still Needed
GAO-21-105320
Published: Jul 13, 2021.
Publicly Released: Jul 13, 2021.
What GAO Found The Department of Veterans Affairs (VA) has recently identified improvements for its physical security risk management policy and oversight process for its medical centers but has yet to implement them.
Cost and Schedule Risks in Modernization Program Echo Long-Standing Challenges
GAO-21-105282
Published: Jul 13, 2021.
Publicly Released: Jul 13, 2021.
What GAO Found While the Department of Defense (DOD) approaches its full-rate production decision point (which would formally authorize DOD's transition from development to full production), the F-35 program is producing nearly 25 percent of the total planned aircraft in low-rate initial production before...
Mortgage Forbearance and Other Federal Efforts Have Reduced Default and Foreclosure Risks
GAO-21-554
Published: Jul 12, 2021.
Publicly Released: Jul 12, 2021.
What GAO Found Many single-family mortgage borrowers who missed payments during the pandemic used the expanded mortgage forbearance provision in the CARES Act.
2020 Company SEC Filings on Mineral Sources Were Similar to Those from Prior Years
GAO-21-531
Published: Jul 12, 2021.
Publicly Released: Jul 12, 2021.
What GAO Found The Securities and Exchange Commission (SEC) disclosure rule on conflict minerals broadly requires that certain companies submit a filing that describes their efforts to determine the source of their conflict minerals—tin, tungsten, tantalum, and gold.
EPA Needs to Better Assess and Disclose Quality of Compliance and Enforcement Data
GAO-21-290
Published: Jul 12, 2021.
Publicly Released: Jul 12, 2021.
What GAO Found Since 2015, the Environmental Protection Agency (EPA) has modified one of its three national initiatives emphasizing compliance with the Clean Water Act and has discontinued two others (see fig.).
Actions Needed to Better Manage Appeals Workload Risks, Performance, and Information Technology
GAO-21-105305
Published: Jul 13, 2021.
Publicly Released: Jul 12, 2021.
What GAO Found In March 2018, GAO made recommendations to address gaps in the Department of Veterans Affairs (VA) plans for reform of its appeals process for disability compensation claims.
IASB
Webinars on the IASB’s Third Agenda Consultation—recording now available
July 2021 IFRS Foundation Trustees meeting summary now available
Recording available of G20 Venice conference featuring IFRS Foundation Trustee Chair
July 2021 National Standard-setters newsletter now available
Watch recording of virtual workshop: Targeted Standards-level Review of Disclosures
Watch webinar on Business Combinations under Common Control—initial questions and comments
Webinar
IRS
IRS: Monthly Child Tax Credit payments begin
IR-2021-153, July 15, 2021 — The Internal Revenue Service and the Treasury Department announced today that millions of American families have started receiving monthly Child Tax Credit payments as direct deposits begin posting in bank accounts and checks arrive in mailboxes.
IR-2021-152, July 14, 2021 — Continuing an effort to battle tax-related identity theft, the IRS, state tax agencies and the tax industry announced today that the annual campaign to raise awareness among tax professionals about data security will begin next week.
IRS readies nearly 4 million refunds for unemployment compensation overpayments
IR-2021-151, July 13, 2021 — The Internal Revenue Service announced today it will issue another round of refunds this week to nearly 4 million taxpayers who overpaid their taxes on unemployment compensation received last year.
NYC/NYS
Governor Cuomo Announces $86.2 Million In Settlements With 4 Utilities for Failures Related To Power Outages and Emergency Response Including Tropical Storm Isaias
The Ulster County Fire Investigation Unit and the New York State Department of Financial Services’ Criminal Investigation Unit announce the arrest of Yevganiy Ilyayev for Insurance Fraud in the second degree following a year-long criminal investigation.
PCAOB
253 Students Named PCAOB Scholars for the 2021-2022 Academic Year
SEC
SEC Shuts Down Fraudulent Mother-Son Offering Involving Purported Supercomputer
UBS Settles Charges Related to Investments in Complex Exchange-Traded Product
Chair Gensler Announces Composition of Policy Team
SEC Awards More Than $1 Million to Whistleblower
SEC Charges Executives of Network Infrastructure Company With Accounting Fraud
Daniel S. Kahl Appointed Acting Director of the Division of Examinations; Peter B. Driscoll to Depart Agency
ICO “Listing” Website Charged With Unlawfully Touting Digital Asset Securities
SEC Charges SPAC, Sponsor, Merger Target, and CEOs for Misleading Disclosures Ahead of Proposed Business Combination
SEC Announces $97 Million Enforcement Action Against TIAA Subsidiary for Violations in Retirement Rollover Recommendations