Regulatory Roundup - Nov. 30 - Dec. 6
AICPA
CBO
Cost Estimate
CBO Estimate for H.R. 6119, the Further Extending Government Funding Act
December 2, 2021
As posted on the Rules Committee Website on December 2, 2021
Report
Common Budgetary Terms Explained
December 2, 2021
This guide briefly explains—in plain language—the differences between some common budgetary terms.
Presentation
Data and Methods for Constructing Synthetic Firms in CBO’s Health Insurance Simulation Model, HISIM2
December 2, 2021
Presentation by Ben Hopkins, an analyst in CBO’s Health Analysis Division, to the International Microsimulation Association.
Cost Estimate
H.R. 1029, Free Veterans from Fees Act
December 2, 2021
As passed by the House of Representatives on October 19, 2021
Cost Estimate
H.R. 4685, Trading Isn’t a Game Act
December 2, 2021
As ordered reported by the House Committee on Financial Services on July 29, 2021
Cost Estimate
H.R. 1596, Commission on Equity and Reconciliation in the Uniformed Services Act
December 1, 2021
As ordered reported by the House Committee on Veterans’ Affairs on November 4, 2021
Cost Estimate
H.R. 4845, a bill to amend title 38, United States Code, to establish the Advisory Committee on Lesbian, Gay, Bisexual, Transgender, and Queer Veterans
December 1, 2021
As ordered reported by the House Committee on Veterans’ Affairs on November 4, 2021
Cost Estimate
S. 2502, Kenneth P. Thompson Begin Again Act
December 1, 2021
As ordered reported by the Senate Committee on the Judiciary on September 23, 2021
Report
Federal Debt and the Statutory Limit, November 2021
November 30, 2021
CBO projects that, if the debt limit remained unchanged and if the Treasury transferred $118 billion to the Highway Trust Fund on December 15, as currently planned, the Treasury would most likely run out of cash before the end of December.
Cost Estimate
H.R. 1908, Ka‘ena Point National Heritage Area Act
November 30, 2021
As ordered reported by the House Committee on Natural Resources on July 14, 2021
Cost Estimate
H.R. 3095, Fair and Open Skies Act
November 30, 2021
As ordered reported by the House Committee on Transportation and Infrastructure on July 28, 2021
Cost Estimate
H.R. 3616, Bear River National Heritage Area Study Act
November 30, 2021
As passed by the House of Representatives on November 2, 2021
Cost Estimate
H.R. 4785, Uyghur Policy Act of 2021
November 30, 2021
As ordered reported by the House Committee on Foreign Affairs on September 30, 2021
Cost Estimate
H.R. 5151, Col. James Floyd Turner IV U.S.M.C. GI Bill Transfer Act of 2021
November 30, 2021
As ordered reported by the House Committee on Veterans’ Affairs on November 4, 2021
Cost Estimate
S. 2875, Cyber Incident Reporting Act of 2021
November 30, 2021
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on October 6, 2021
Cost Estimate
S. 807, Cameras in the Courtroom Act
November 30, 2021
As ordered reported by the Senate Committee on the Judiciary on June 24, 2021
Cost Estimate
S. 82, Ensuring Health Safety in the Skies Act of 2021
November 30, 2021
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on May 12, 2021
Cost Estimate
H.R. 4374, Broadband Internet Connections for Rural America Act
November 29, 2021
As reported by the House Committee on Agriculture on August 6, 2021
Cost Estimate
H.R. 4590, Promoting New and Diverse Depository Institutions Act
November 29, 2021
As ordered reported by the House Committee on Financial Services on July 29, 2021
Cost Estimate
H.R. 5102, Flights for Freedom Act
November 29, 2021
As ordered reported by the House Committee on Foreign Affairs on September 30, 2021
Cost Estimate
H.R. 965, Young African Leaders Initiative Act of 2021
November 29, 2021
As reported by the Senate Committee on Foreign Relations on October 28, 2021
Cost Estimate
Legislation considered under suspension of the Rules of the House of Representatives during the week of November 29, 2021
November 29, 2021
The Majority Leader of the House of Representatives announces bills that will be considered under suspension of the rules in that chamber. CBO estimates the effects of those bills on direct spending and revenues.
Cost Estimate
S. 1104, Haiti Development, Accountability, and Institutional Transparency Initiative Act
November 29, 2021
As reported by the Senate Committee on Foreign Relations on October 28, 2021
Cost Estimate
S. 1402, Durbin Feeling Native American Languages Act of 2021
November 29, 2021
As ordered reported by the Senate Committee on Indian Affairs on August 4, 2021
Cost Estimate
S. 2150, Wildland Fire Mitigation and Management Commission Act of 2021
November 29, 2021
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on July 14, 2021
GAO
Cybersecurity
Federal Actions Urgently Needed to Better Protect the Nation's Critical Infrastructure
GAO-22-105530
Published: Dec 02, 2021.
Publicly Released: Dec 02, 2021.
Recent events—including the ransomware attack on a major U.S. fuel pipeline—illustrate the need to strengthen the cybersecurity of the nation's critical infrastructure.
Troubled Asset Relief Program
Status of Two Remaining Active Investment Programs
GAO-22-105240
Published: Dec 02, 2021.
Publicly Released: Dec 02, 2021.
The Treasury Department's Troubled Asset Relief Program was a response to the 2007-2009 financial crisis. Treasury used TARP to distribute hundreds of billions of dollars in assistance to financial institutions and others. TARP had 2 investment programs left as of Sept. 30, 2021.
Transit-Oriented Development
DOT Should Better Document Its Rationale for Financing Decisions and Evaluate Its Pilot Program
GAO-22-104536
Published: Dec 02, 2021.
Publicly Released: Dec 02, 2021.
Transit agencies and local governments have encouraged the development of mixed-use residential and commercial neighborhoods near bus or rail services to increase ridership and revenues. Local stakeholders and developers plan and build these "transit-oriented developments.
Black Lung Benefits Program
Continued Inaction on Coal Operator Self-Insurance Increases Financial Risk to Trust Fund
GAO-22-105546
Published: Dec 02, 2021.
Publicly Released: Dec 02, 2021.
The federal Black Lung Disability Trust Fund pays benefits to coal miners in certain circumstances, such as when the liable mine operator doesn't pay. But the Trust consistently borrows from the Treasury's general fund to cover costs.
Telecomunicaciones
La FCC Asistió en la Restauración de Redes después del Huracán María, pero es Necesario Clarificar Su Función en las Labores de Respuesta a los Desastres y Mejorar la Comunicación
GAO-22-105311
Published: Dec 01, 2021.
Publicly Released: Dec 01, 2021.
To see the version of this page in English, see GAO-21-297. Agencias federales enfrentaron desafíos sin precedentes al responder al huracán Maria de 2017, cuyo causó daños extensivos en Puerto Rico y las Islas Vírgenes de EE.UU.
NASA
Lessons from Ongoing Major Projects Can Inform Management of Future Space Telescopes
GAO-22-105555
Published: Dec 01, 2021.
Publicly Released: Dec 01, 2021.
A recent National Academies report proposed new space telescopes for NASA, potentially adding to NASA's 3 current major space telescope projects. One current project (the James Webb Space Telescope) plans to launch in December after years of delays and cost increases.
Human Capital
Administration and Implementation of the General Schedule Locality Pay Program
GAO-22-104580
Published: Nov 30, 2021.
Publicly Released: Nov 30, 2021.
As of March 2020, nonfederal pay (e.g., for state and local government and private sector workers) was on average 23% higher than federal pay for similar jobs, despite pay equity efforts. One such effort was to increase federal pay in specific areas of the U.S.
Defense Acquisitions
DOD Should Take Additional Actions to Improve How It Approaches Intellectual Property
GAO-22-104752
Published: Nov 30, 2021.
Publicly Released: Nov 30, 2021.
The Department of Defense uses intellectual property (IP) to operate and maintain its weapons systems. IP includes computer software, technical data, user manuals, and more. Over the past 3 decades, we reported that insufficient IP can reduce mission readiness and lead to surging costs.
VA Real Property
Enhanced Communication and Performance Measurement Could Improve Capital Asset Management
GAO-22-103962
Published: Oct 29, 2021.
Publicly Released: Nov 29, 2021.
The Department of Veterans Affairs operates one of the largest health care systems in the country. It owned 5,625 buildings and leased 1,690 more in FY 2020 to help provide this care. VA has a growing maintenance backlog and estimated that it needs $22.6 billion to correct facility deficiencies.
IASB
December 2021 Emerging Economies Group meeting papers now available
2 - 3 December 2021
The IFRS Foundation proposes changes to the IFRS Taxonomy’s technology
02 December 2021
November 2021 monthly news summary
01 December 2021
IFRS Foundation Trustees announce appointments to the IFRS Advisory Council from 2022
30 November 2021
December 2021 International Accounting Standards Board meeting papers available
IRS
National Tax Security Awareness Week, Day 5: Security Summit partners remind businesses to tighten security; be aware of steps to help prevent, protect data loss
IR-2021-241, December 3, 2021 — The Internal Revenue Service, state tax agencies and the nation’s tax industry urged businesses to be alert to cyberattacks aimed at gaining access to business data and customer information and be aware of steps to help them on tax-related issues related to identity theft.
National Tax Security Awareness Week: Tax pros, taxpayers can use secure online account and digital signature options
IR-2021-240, December 2, 2021 — The Internal Revenue Service, state tax agencies and the tax industry marked the fourth day of National Tax Security Awareness Week with a reminder to tax professionals and taxpayers that they can use digital signatures on a variety of common IRS forms and access a secure online platform to view and make changes to their account.
National Tax Security Awareness Week, Day 4: Security Summit warns tax pros that pandemic adds to data-theft risks; offers tips and outlines common scams
IR-2021-239, December 2, 2021 — The Internal Revenue Service, state tax agencies and the nation’s tax industry today warned tax professionals that they face additional security risks from cybercriminals seeking to use the pandemic and phishing scams to steal sensitive client information.
National Tax Security Awareness Week, Day 3: Choosing a special Identity Protection PIN adds extra safety for taxpayers
IR-2021-238, December 1, 2021 — As part of a wider effort to increase security, the Internal Revenue Service today reminded taxpayers they can get extra protection starting in January by joining the agency’s Identity Protection Personal Identification Number (IP PIN) program.
National Tax Security Awareness Week, Day 2: Giving Tuesday reminder that scammers can use fake charities to get sensitive information
IR-2021-237, November 30, 2021 — The Internal Revenue Service and Security Summit partners today warned taxpayers to be wary of fake charities used by scammers to get money as well as sensitive financial and personal information from victims.
Taxpayer alert as holidays, tax season approach: Watch out for scams, protect financial information; National Tax Security Awareness Week, Day 1 highlights important tips
NYS
Schenectady Man Charged with Attempting to Sell Untaxed Cigars and Cigarettes in Troy
December 3, 2021
Former NYS Dept. Of Taxation and Finance Employee Indicted For Alleged Sick Leave & Time Schemes
December 3, 2021
SEC
SEC Charges Dialysis Provider and Three Former Senior Executives with Revenue Manipulation Scheme
2021-252., Dec. 6, 2021 — The Securities and Exchange Commission today charged American Renal Associates Holdings, Inc. (ARA), a provider of dialysis services through clinics across the country, with engaging in a revenue manipulation scheme that resulted in the restatement of several years of financial reporting. The SEC also charged two of ARA’s former chief financial officers, Jonathan Wilcox and Jason Boucher, and former ARA Controller, Karen Smith, for their misconduct related to the scheme.
Ernesto A. Lanza Named Acting Director of SEC Office of Municipal Securities
2021-251, Dec. 3, 2021 — The Securities and Exchange Commission today announced that Ernesto A. Lanza will serve as Acting Director of the Office of Municipal Securities (OMS). Mr. Lanza, who has served as Senior Counsel to the OMS Director since 2019, replaces Rebecca J. Olsen, who was named Deputy Chief for the Division of Enforcement’s Public Finance Abuse (PFA) Unit. Mark R. Zehner, who held the PFA role since July 2010, is retiring from the agency after 25 years of service.
SEC Adopts Amendments to Finalize Rules Relating to the Holding Foreign Companies Accountable Act
2021-250, Dec. 2, 2021 — The Securities and Exchange Commission today adopted amendments to finalize rules implementing the submission and disclosure requirements in the Holding Foreign Companies Accountable Act (HFCAA). The rules apply to registrants the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (PCAOB) is unable to inspect or investigate (Commission-Identified Issuers)
SEC Charges Pharma CFO and Former Partner with Insider Trading
2021-249, D.C., Dec. 2, 2021 — The Securities and Exchange Commission today charged the former Chief Financial Officer of pharmaceutical company Immunomedics, Inc. and his former romantic partner with insider trading in the company’s stock. According to the SEC’s complaint, while serving as CFO of Immunomedics, Usama Malik learned that the FDA had permitted the company to halt a clinical trial for a breast cancer drug because the existing trial data provided compelling evidence that the drug was effective. The complaint alleges that Malik – who was subject to a trading “black-out” that prohibited him and anyone living in his household from purchasing Immunomedics stock – immediately tipped Lauren S. Wood, with whom he lived at the time, as well as three family members. According to the complaint, Wood and two of the family members then bought Immunomedics stock, as did an account in the name of the third family member’s spouse. As alleged, after Immunomedics announced the FDA’s decision, its stock price nearly doubled, resulting in a gain of $67,060 to Wood and a combined gain of approximately $21,000 to the family members. The complaint further alleges that, when Malik was asked about Wood’s trading as part of an inquiry by the Financial Industry Regulatory Authority (FINRA), he failed to identify her as his romantic partner and falsely claimed that he had not communicated with her during the relevant period.
SEC Charges Latvian Citizen With Digital Asset Fraud
2021-248, Dec. 2, 2021 — The Securities and Exchange Commission today charged a Latvian citizen with defrauding hundreds of retail investors out of at least $7 million through two separate fraudulent digital asset securities offerings. According to the civil complaint, filed in U.S. District Court for the Eastern District of New York, Ivars Auzins defrauded U.S. and foreign investors through the unregistered offer and sale of digital asset securities in an initial coin offering and a purported digital asset cloud mining program. Auzins allegedly used fake names, fictitious entities, and fraudulent profiles to perpetrate his schemes, and misappropriated nearly all of the investor funds that were raised.
SEC Updates List of Firms Using Inaccurate Information to Solicit Investors
2021-247., Dec. 1, 2021 — The Securities and Exchange Commission today announced that it updated its list of unregistered entities that use misleading information to solicit primarily non-U.S. investors, adding 82 soliciting entities, eight (8) impersonators of genuine firms, and one (1) bogus regulator.
TIGTA
Some Next Generation Information Technology Infrastructure Capabilities Were Implemented, but Program Management Improvements Are Needed
November 29, 2021