Regulatory Roundup - Nov. 2-8
Presentation
CBO’s Economic Forecasting Record: 2019 Update
November 5, 2021
Presentation by Edward Gamber, an analyst in CBO’s Macroeconomic Analysis Division, to the OECD’s Working Party of Senior Budget Officials.
Cost Estimate
H.R. 4209, DHS Illicit Cross-Border Tunnel Defense Act
November 5, 2021
As ordered reported by the House Committee on Homeland Security on July 28, 2021
Cost Estimate
S. 989, Native American Language Resource Center Act of 2021
November 5, 2021
As ordered reported by the Senate Committee on Indian Affairs on August 4, 2021
Cost Estimate
H.R. 3485, Global Respect Act
November 4, 2021
As ordered reported by the House Committee on Foreign Affairs on September 30, 2021
Cost Estimate
S. 1097, Federal Rotational Cyber Workforce Program Act of 2021
November 4, 2021
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 12, 2021
Presentation
CBO’s Budget and Economic Analysis During the Pandemic
November 3, 2021
Presentation by Phillip Swagel, CBO’s Director, to the Council for Affordable Health Coverage.
Cost Estimate
H.R. 1951, Increase Federal Disaster Cost Share Act of 2021
November 2, 2021
As ordered reported by the House Committee on Transportation and Infrastructure on March 24, 2021
Cost Estimate
H.R. 2348, Advancing Conservation and Education Act
November 2, 2021
As ordered reported by the House Committee on Natural Resources on May 5, 2021
Cost Estimate
Reconciliation Recommendations of the House Committee on the Judiciary
November 2, 2021
As ordered reported on September 13, 2021
Cost Estimate
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 3193, the E-BRIDGE Act
November 1, 2021
As ordered reported by the House Committee on Transportation and Infrastructure on July 28, 2021
Cost Estimate
Legislation considered under suspension of the Rules of the House of Representatives during the week of November 1, 2021
November 1, 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.
GAO
Science and Tech Spotlight
Alternative Materials for Solar Cells
GAO-22-105378
Published: Nov 04, 2021.
Publicly Released: Nov 04, 2021.
This Spotlight examines evolving solar cell technology. Most electricity-generating solar cells are made with crystalline silicon in a process that is complex, expensive, and energy-intensive. Alternative materials may perform better and be easier and cheaper to make.
COVID-19
HHS Agencies' Planned Reviews of Vaccine Distribution and Communication Efforts Should Include Stakeholder Perspectives
GAO-22-104457
Published: Nov 04, 2021.
Publicly Released: Nov 04, 2021.
When COVID-19 vaccines became available, the federal government sent most doses to states to distribute but also set up its own vaccine distribution programs. State and local health officials said the federal programs helped higher-risk groups get vaccinated.
Evidence-Based Policymaking
Survey Results Suggest Increased Use of Performance Information Across the Federal Government
GAO-22-103910
Published: Nov 03, 2021.
Publicly Released: Nov 03, 2021.
Federal decision makers need evidence, including performance information, to determine if federal programs and activities are achieving their intended results.
COVID-19
State Carried Out Historic Repatriation Effort but Should Strengthen Its Preparedness for Future Crises
GAO-22-104354
Published: Nov 02, 2021.
Publicly Released: Nov 02, 2021.
The State Department brought home more than 100,000 U.S. citizens and permanent residents from 137 countries during the first 6 months of the COVID-19 pandemic.
Missing or Murdered Indigenous Women
New Efforts Are Underway but Opportunities Exist to Improve the Federal Response
GAO-22-104045
Published: Oct 28, 2021.
Publicly Released: Nov 01, 2021.
Research shows that violence against American Indian and Alaska Native women in the U.S. is a crisis. Cases of missing or murdered Indigenous women persist nationwide, but without more comprehensive case data in federal databases, the full extent of the problem is unknown.
Federal Rulemaking
Deregulatory Executive Orders Did Not Substantially Change Selected Agencies' Processes or Procedures
GAO-21-104305
Published: Sep 30, 2021.
Publicly Released: Nov 01, 2021.
From January 2017 until they were revoked in January 2021, a series of deregulatory executive orders required agencies to reduce federal regulations and overall regulatory costs. We reviewed five agencies that collectively implemented more than half of the deregulation.
Social Security and Medicare
Improving the Timeliness of Trust Fund Reports
GAO-21-105413
Published: Sep 30, 2021.
Publicly Released: Nov 01, 2021.
Boards of trustees manage the trust funds for some Social Security and Medicare programs.
Youth Homelessness
HUD and HHS Could Enhance Coordination to Better Support Communities
GAO-21-540
Published: Sep 30, 2021.
Publicly Released: Nov 01, 2021.
In the U.S., about 1 in 10 young adults and 1 in 30 minors under age 18 experience homelessness without a parent or caregiver over the course of a year. Homelessness is higher among some groups, such as youth of color and transgender youth.
IFRS
November 2021 IFRS Advisory Council meeting papers available
October 2021 Accounting Standards Advisory Forum meeting summary available
November 2021 International Accounting Standards Board meeting papers available
October 2021 IASB podcast available now
November 2021 National Standard-setters newsletter now available
IFRS Foundation announces International Sustainability Standards Board, consolidation with CDSB and VRF, and publication of prototype disclosure requirements
Chair of the Trustees Erkki Liikanen: Global sustainability disclosure standards for the financial markets
November 2021 Global Preparers Forum meeting papers available
IRS announces 401(k) limit increases to $20,500
IR-2021-216, November 4, 2021 — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020.
IRS releases reporting guidance for partnership interests held in connection with the performance of services
IR-2021-215, November 3, 2021 — The Internal Revenue Service today posted detailed reporting directions for certain passthrough entities and taxpayers reporting of partnership interests held in connection with the performance of services, often referred to as “carried interests,” in the form of frequently asked questions (FAQs).
Year-end giving reminder: Special tax deduction helps most people give up to $600 to charity, even if they don’t itemize
IR-2021-214, November 3, 2021 — The Internal Revenue Service today reminded taxpayers that a special tax provision will allow more Americans to easily deduct up to $600 in donations to qualifying charities on their 2021 federal income tax return.
More Ida relief from IRS: Sept. 15, Oct. 15 deadlines, other dates extended to Jan. 3 for parts of Connecticut
IR-2021-213, November 3, 2021 — Victims of Hurricane Ida in parts of Connecticut now have until January 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
IRS issues another 430,000 refunds for adjustments related to unemployment compensation
IR-2021-212, November 1, 2021 — The Internal Revenue Service recently sent approximately 430,000 refunds totaling more than $510 million to taxpayers who paid taxes on unemployment compensation excluded from income for tax year 2020.
NYS
Acting Superintendent of Financial Services Adrienne A. Harris Announces New Proposed Regulation to Implement an Amendment to NY CRA In Support of Minority- & Women-Owned Businesses
November 3, 2021
On Cop26 Finance Day Acting Superintendent Adrienne A. Harris Announces Newly Created Climate Risk Division, New Executive Appointment
November 3, 2021
SEC Approves PCAOB Rule to Establish A Framework for Determinations Under the Holding Foreign Companies Accountable Act
2021-226, Nov. 5, 2021 — The Securities and Exchange Commission today announced that it has approved the Public Company Accounting Oversight Board’s (PCAOB) Rule 6100, Board Determinations Under the Holding Foreign Companies Accountable Act. Rule 6100 will establish a framework for the PCAOB’s determinations under the Holding Foreign Companies Accountable Act (HFCAA) that the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by an authority in that jurisdiction.
SEC Wins Jury Trial: Hedge Fund Adviser Found Liable for Securities Fraud
2021-224, Nov. 5, 2021 —Jurors in Boston federal court today returned a verdict in the Securities Exchange Commission’s favor against a hedge fund adviser and his investment advisory firm.
2021-223, Nov. 4, 2021 — The Securities and Exchange Commission today published proposed amendments to update electronic filing requirements. The SEC currently permits and sometimes requires certain forms to be filed or submitted in paper format. The proposed rule and form amendments would require certain forms to be filed or submitted electronically. The proposed amendments also would make technical amendments to certain forms to require structured data reporting and remove outdated references. The amendments are intended to promote efficiency, transparency, and operational resiliency by modernizing the manner in which information is submitted to the Commission and disclosed. Furthermore, publicly filed electronic submissions would be more readily accessible to the public and would be available on our website in easily searchable formats, which benefits both investors and the broader public.
SEC Obtains Emergency Relief in Case Charging Claims Aggregator and Principals with Multi-Million Dollar Fraud2021-222, Nov. 4, 2021 —The Securities and Exchange Commission today announced it charged a New Jersey "claims aggregator" – a firm that submits claims on behalf of its clients to administrators tasked with returning settlement funds to harmed investors – and its three principals with defrauding distribution funds established to return money to securities fraud victims in a multi-year scheme that yielded millions of dollars.
TIGTAEmployee Travel Card Misuse Is Being Identified Through Established Internal Reviews