Regulatory Roundup - Feb. 8-14
Cost Estimate
H.R. 5633, Department of Homeland Security Inspector General Transparency Act
February 10, 2022
As reported by the House Committee on Homeland Security on January 21, 2022
Cost Estimate
S. 442, BRIGHT Act
February 10, 2022
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on November 3, 2021
Working Paper
CBO’s Model for Estimating the Effect That Federal Taxes Have on Capital Income From New Investment: Working Paper 2022-01
February 9, 2022
CBO has developed a model to estimate the effect that federal taxes have on capital income from new investment; it uses that model to help estimate how changes in tax law would affect the economy.
Cost Estimate
H.R. 1931, Japanese American Confinement Education Act
February 9, 2022
As ordered reported by the House Committee on Natural Resources on November 17, 2021
Cost Estimate
H.R. 2311, Credit Union Governance Modernization Act of 2021
February 9, 2022
As ordered reported by the House Committee on Financial Services on November 16, 2021
Cost Estimate
H.R. 3332, Manufactured Housing Community Preservation Act of 2021
February 9, 2022
As ordered reported by the House Committee on Financial Services on July 29, 2021
Cost Estimate
H.R. 3968, Municipal IDs Acceptance Act
February 9, 2022
As ordered reported by the House Committee on Financial Services on June 23, 2021
Cost Estimate
H.R. 5911, Fair Hiring in Banking Act
February 9, 2022
As ordered reported by the House Committee on Financial Services on November 16, 2021
Cost Estimate
S. 2624, Fiscal Year 2022 Veterans Affairs Major Medical Facility Authorization Act
February 9, 2022
As ordered reported by the Senate Committee on Veterans’ Affairs on December 15, 2021
Cost Estimate
H.R. 5029, Expanding the Families of Veterans Access to Mental Health Services Act
February 8, 2022
As ordered reported by the House Committee on Veterans’ Affairs on November 4, 2021
Report
Monthly Budget Review: January 2022
February 8, 2022
The federal budget deficit was $259 billion in the first four months of fiscal year 2022, CBO estimates. That amount is less than deficits recorded for the same period in the two prior years.
Cost Estimate
H.R. 2444, Fort San Gerónimo Preservation Act
February 7, 2022
As ordered reported by the House Committee on Natural Resources on July 14, 2021
Cost Estimate
H.R. 4045, FUTURE Networks Act
February 7, 2022
As passed by the House of Representatives on December 1, 2021
Cost Estimate
H.R. 4393, A bill to require the Director of the Court Services and Offender Supervision Agency for the District of Columbia and the Director of the Pretrial Services Agency for the District of Columbia to reside in the District of Columbia
February 7, 2022
As ordered reported by the House Committee on Oversight and Reform on July 20, 2021
Cost Estimate
H.R. 5343, FEMA Caseworker Accountability Act
February 7, 2022
As reported by the House Committee on Transportation and Infrastructure on October 27, 2021
Cost Estimate
H.R. 5547, CEDS Act
February 7, 2022
As ordered reported by the House Committee on Transportation and Infrastructure on October 27, 2021
Cost Estimate
H.R. 6140, Sudan Democracy Act
February 7, 2022
As ordered reported by the House Committee on Foreign Affairs on December 10, 2021
Cost Estimate
H.R. 6617, Further Additional Extending Government Funding Act
February 7, 2022
As Posted on the Rules Committee Website on February 7, 2022
Cost Estimate
H.R. 897, Agua Caliente Land Exchange Fee to Trust Confirmation Act
February 7, 2022
As passed by the House of Representatives on December 8, 2021
GAO
2020 Census
Lessons Learned from Planning and Implementing the 2020 Census Offer Insights to Support 2030 Preparations
GAO-22-104357
Published: Feb 11, 2022.
Publicly Released: Feb 11, 2022.
Our work on the 2020 Census could help the Census Bureau as it prepares for the 2030 Census. Budget uncertainties in the 2020 Census—such as funding changes—delayed or canceled activities, including some related to verifying the Bureau's national inventory of addresses.
Defense Management
DOD Should Collect More Stakeholder Input and Performance Data on Its Congressional Reporting Process
GAO-22-105183
Published: Feb 10, 2022.
Publicly Released: Feb 10, 2022.
The Department of Defense is required to report to Congress on an array of national security topics each year. The number of new reporting requirements increased from 513 in FY 2000 to 1,429 in FY 2020, according to DOD. Recent legislation has sought to reform this process.
Emergency Rental Assistance
Additional Grantee Monitoring Needed to Manage Known Risks
GAO-22-105490
Published: Feb 10, 2022.
Publicly Released: Feb 10, 2022.
Congress funded $47 billion in grants for renters unable to pay rent or utilities during the COVID-19 pandemic. Treasury disbursed the grants to state and local governments, which then paid renters, landlords, and utility providers.
Critical Infrastructure Protection
Agencies Need to Assess Adoption of Cybersecurity Guidance
GAO-22-105103
Published: Feb 09, 2022.
Publicly Released: Feb 09, 2022.
The U.S. has 16 critical infrastructure sectors that provide clean water, gas, banking, and other essential services.
NASA
Lessons from Ongoing Major Projects Could Improve Future Outcomes
GAO-22-105709
Published: Feb 09, 2022.
Publicly Released: Feb 09, 2022.
Problems like persistent cost increases and delays have earned NASA's acquisition management a spot on our High Risk List. NASA's current portfolio includes projects that leverage work from private companies.
Commonwealth of the Northern Mariana Islands
Recent Workforce Trends and Wage Distribution
GAO-22-105271
Published: Feb 08, 2022.
Publicly Released: Feb 08, 2022.
The Commonwealth of the Northern Mariana Islands is a U.S territory in the Pacific. Its workforce has changed substantially since 2000, and its tourism-based economy was hit hard by COVID-19.
Navy Ship Maintenance
Actions Needed to Monitor and Address the Performance of Intermediate Maintenance Periods
GAO-22-104510
Published: Feb 08, 2022.
Publicly Released: Feb 08, 2022.
High-priority planned ship and submarine maintenance happens pier-side in homeports, allowing the Navy to interrupt repairs and get ships underway quickly if needed.
Human and Drug Trafficking
Actions Needed to Address Gaps in Federal Data to Counter Illicit Activities
GAO-22-105707 Published:
Feb 08, 2022.
Publicly Released: Feb 08, 2022.
We testified about our previous work on federal efforts to counter human trafficking. For instance, cases of missing or murdered Indigenous women is a crisis in the U.S., but the full extent of the problem is unknown because federal databases don't contain comprehensive data.
VA Disability
Vietnam Veterans' Claims for Type 1 Diabetes
GAO-22-105143
Published: Feb 08, 2022.
Publicly Released: Feb 08, 2022.
For disability claims, the Department of Veterans Affairs recognizes that Vietnam veterans' Type 2 diabetes can be related to wartime herbicide exposure (e.g., Agent Orange). But VA requires veterans to provide evidence supporting possible links to Type 1 diabetes.
COVID-19
Federal Telework Increased During the Pandemic, but More Reliable Data Are Needed to Support Oversight
GAO-22-104282
Published: Feb 08, 2022.
Publicly Released: Feb 08, 2022.
Some federal agencies reported that during the pandemic, telework hours comprised more than 80% of total work time. Given this increase, agencies want to make decisions about telework policies, office space, and more—which require accurate data. But longstanding telework data issues continue.
Virtual Currencies
Additional Information Could Improve Federal Agency Efforts to Counter Human and Drug Trafficking [Reissued with Revisions Feb. 7, 2022]
GAO-22-105462
Published: Dec 08, 2021.
Virtual currency is increasingly used in human and drug trafficking, according to our review of agency records and interviews with officials. Agencies we examined face challenges countering illicit use of virtual currency.
COVID-19
Federal Efforts to Provide Vaccines to Racial and Ethnic Groups
GAO-22-105079
Published: Feb 07, 2022.
Publicly Released: Feb 07, 2022.
Three federal agencies launched programs to supplement state and local COVID-19 vaccination efforts for underserved and historically marginalized racial and ethnic groups.
Drug Safety
FDA Should Take Additional Steps to Improve Its Foreign Inspection Program
GAO-22-103611
Published: Jan 07, 2022.
Publicly Released: Feb 07, 2022.
The Food and Drug Administration inspects foreign and domestic drug manufacturers to ensure drug safety and effectiveness. More than 50% of manufacturers supplying the U.S. market are located overseas—many in India and China.
IASB
Meeting
February 2022 International Accounting Standards Board meeting papers now available
11 Feb 2022
Workshop
Join an online workshop to discuss selected submissions on corporate disclosures
10 Feb 2022
IRS
IRS continues work to help taxpayers; suspends mailing of additional letters
IR-2022-31, February 9, 2022 — As part of ongoing efforts to provide additional help for people during this period, the IRS announced today the suspension of more than a dozen additional letters, including the mailing of automated collection notices normally issued when a taxpayer owes additional tax, and the IRS has no record of a taxpayer filing a tax return.
Low Income Taxpayer Clinics represented nearly 20,000 taxpayers dealing with an IRS tax controversy
IR-2022-30, February 9, 2022 — The Internal Revenue Service's Low Income Taxpayer Clinic (LITC) Program office today announced highlights from its 2021 annual report.
Tax Time Guide: American Rescue Plan changes can boost refunds for many families; people should file even if they haven’t for years
IR-2022-29, February 8, 2022 — The Internal Revenue Service today urged Americans to file a 2021 federal income tax return so they can take advantage of key tax benefits included in the American Rescue Plan and other recent legislation.
IRS updates Frequently Asked Questions and Answers for 2021 Recovery Rebate Credit
IR-2022-28, February 8, 2022 — The Internal Revenue Service today updated frequently asked questions (FAQs) for the 2021 Recovery Rebate Credit.
IRS announces transition away from use of third-party verification involving facial recognition
IR-2022-27, February 7, 2022 — The IRS announced it will transition away from using a third-party service for facial recognition to help authenticate people creating new online accounts.
NYC
New York City Improves Access for Customers with Self-Service Payment Technology at Business Centers.
February 8, 2022
NYS
Tax Warrants Now Searchable on the NYS Tax Department Website
February 11, 2022
County Executive Pat Ryan Announces Mobile Disaster Assistance Centers to Help Residents with Ice Storm Recovery
February 10, 2022
March 1 Deadline to Upgrade to the Enhanced STAR Property Tax Exemption
February 9, 2022
SEC
BlockFi Agrees to Pay $100 Million in Penalties and Pursue Registration of its Crypto Lending Product
2022-26, Feb. 14, 2022 — The Securities and Exchange Commission today charged BlockFi Lending LLC (BlockFi) with failing to register the offers and sales of its retail crypto lending product. In this first-of-its-kind action, the SEC also charged BlockFi with violating the registration provisions of the Investment Company Act of 1940. To settle the SEC’s charges, BlockFi agreed to pay a $50 million penalty, cease its unregistered offers and sales of the lending product, BlockFi Interest Accounts (BIAs), and attempt to bring its business within the provisions of the Investment Company Act within 60 days. BlockFi’s parent company also announced that it intends to register under the Securities Act of 1933 the offer and sale of a new lending product. In parallel actions announced today, BlockFi agreed to pay an additional $50 million in fines to 32 states to settle similar charges.
Kelly L. Gibson, Director of the Philadelphia Regional Office, to Leave the SEC; Scott Thompson and Joy Thompson named Office Acting Co-Heads
2022-25, Feb. 11, 2022 — The Securities and Exchange Commission today announced that Kelly L. Gibson, Director of the Philadelphia Regional Office, will leave the agency on Feb. 11 after 14 years of service. Joy Thompson and Scott Thompson will replace her as Acting Co-Directors.
SEC Charges Robo-Adviser with Misleading Clients
2022-24, Feb. 10, 2022 — The Securities and Exchange Commission today charged New York-based robo-adviser Wahed Invest, LLC with making misleading statements and breaching its fiduciary duty, and for compliance failures related to its Shari’ah advisory business
SEC Proposed Changes to Two Whistleblower Program Rules
2022-23, Feb. 10, 2022 — The Securities and Exchange Commission today proposed two amendments to the rules governing its whistleblower program. The first proposed amendment concerns award claims for related actions that would be otherwise covered by an alternative whistleblower program. The second affirms the Commission's authority to consider the dollar amount of a potential award for the limited purpose of increasing an award but not to lower an award.
SEC Proposes Rule Amendments to Modernize Beneficial Ownership Reporting
2022-22., Feb. 10, 2022 — The Securities and Exchange Commission today announced that it proposed rule amendments governing beneficial ownership reporting under Exchange Act Sections 13(d) and 13(g). The proposed amendments would update those rules to provide more timely information to meet the needs of today's financial markets.
SEC Issues Proposal to Reduce Risks in Clearance and Settlement
2022-21, Feb. 9, 2022 — The Securities and Exchange Commission today voted to propose rule changes to reduce risks in the clearance and settlement of securities, including by shortening the standard settlement cycle for most broker-dealer transactions in securities from two business days after the trade date (T+2) to one business day after the trade date (T+1). The proposed changes are designed to reduce the credit, market, and liquidity risks in securities transactions faced by market participants and U.S. investors.
SEC Proposes Cybersecurity Risk Management Rules and Amendments for Registered Investment Advisers and Funds
2022-20, Feb. 9, 2022 — The Securities and Exchange Commission today voted to propose rules related to cybersecurity risk management for registered investment advisers, and registered investment companies and business development companies (funds), as well as amendments to certain rules that govern investment adviser and fund disclosures.
SEC Proposes to Enhance Private Fund Investor Protection
2022-19, Feb. 9, 2022 — The Securities and Exchange Commission today voted to propose new rules and amendments under the Investment Advisers Act of 1940 (Advisers Act) to enhance the regulation of private fund advisers and to protect private fund investors by increasing transparency, competition, and efficiency in the $18-trillion marketplace.
SEC Advisory Committee Meeting to Explore Small Business Investment Issues
2022-18, Feb. 7, 2022 — The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee released the agenda for its Thursday, February 10 virtual meeting, which will cover small business investment issues.
TIGTA
Plans to Close the Austin Tax Processing Center Should Be Halted Until Hiring Challenges and Substantial Backlogs at Remaining Centers Are Addressed
February 7, 2022
Additional Actions Are Needed to Address Qualified Opportunity Zone Fund and Investor Noncompliance
February 7, 2022