Regulatory Roundup: December 10 - 16
AICPA
Dec 12, 2024
CBO
In response to a request from Congressman Patrick McHenry, CBO updates a 2020 report and describes how changes to Fannie Mae’s and Freddie Mac’s financial conditions since that report affect scenarios for their recapitalization.
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on September 18, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on September 18, 2024
Presentation by Eric Labs, an analyst in CBO’s National Security Division, at the U.S. Naval Institute’s Defense Forum Washington 2024.
As reported by the Senate Committee on Homeland Security and Governmental Affairs on December 9, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 15, 2024
Presentation by Eric Labs, an analyst in CBO’s National Security Division, at the U.S. Naval Institute’s Defense Forum Washington 2024.
The federal budget deficit totaled $622 billion in October and November 2024, the first two months of fiscal year 2025, CBO estimates. That amount is $242 billion more than the deficit recorded during the same period last fiscal year.
FASB
December 16, 2024
GAO
In recent years, threats against members of Congress have increased. This has raised questions about states' ability to fill vacancies in the U.S. House of Representatives. If the Speaker of the House announces there are more than 100 vacancies, federal law generally requires states to hold special elections within 49 days. For this Q&A, we analyzed state laws and surveyed election officials from all 50...
The Army Corps of Engineers takes on water infrastructure-related civil works projects like dams and locks. The Corps can award types of contracts known as "other transaction agreements" that aren't procurement contracts, cooperative agreements, or grants. In early 2024, the Corps revised its policy to allow these agreements to be used for research prototypes. In May, the Corps solicited proposals for designing a prototype for...
Textile waste—such as discarded clothing—has been increasing over the past 20 years in the U.S. due to the rise of "fast fashion" in the apparel industry and other factors. Textile waste harms the environment by, for example, releasing greenhouse gases when disposed of in landfills. Some federal agencies have started taking action to address textile waste, including researching recycling methods and planning to develop a...
The Federal Aviation Administration relies on information systems to help air traffic controllers keep the airspace safe and efficient. However, these systems are aging and experiencing issues. Last year, FAA determined that 51 of its 138 systems are unsustainable. Our testimony highlights that 17 of these unsustainable systems are especially concerning. However, FAA doesn't plan to complete modernization projects for some of these systems for...
DOD revamped its acquisition policies in 2020 to try to deliver innovative weapons faster. These weapons are often "cyber-physical" products that combine hardware and software. We previously found that leading companies use iterative design, testing, and feedback processes to get these kinds of products to market quickly. But some program managers weren't sure how to apply iterative development in their programs. So we recommended the...
Veterans Affairs relies on critical IT systems to manage benefits and provide care to millions of veterans and their families. We testified about VA's efforts to modernize and manage its IT. For example, after 3 unsuccessful attempts to modernize its health information system, the department is trying again. We also reported that VA's IT contracts were not always properly approved. We've made many recommendations to...
Hundreds of thousands of federal employees file annual financial disclosure reports. The reports help ethics officials find and address conflicts between employees' financial interests and their government responsibilities. Our Q&A report covers the financial disclosure reporting program and ways to improve it. Over the years, the Office of Government Ethics has recommended that Congress update outdated or unnecessary reporting requirements. The office's last evaluation of...
IASB
16 Dec 2024
12 Dec 2024
10 Dec 2024
IRS
IR-2024-310, Dec. 12, 2024 — The Internal Revenue Service today provided the regular quarterly update to the Strategic Operating Plan, outlining key milestones in criminal investigations, improvements to taxpayer services and advancements in digital modernization that have transformed agency operations while protecting billions of taxpayer dollars.
IR-2024-309, Dec. 10, 2024 — The Internal Revenue Service today reminded those aged 73 and older of the deadline to take required minimum distributions from individual retirement arrangements (IRAs) and other retirement plans, and highlighted updates introduced by the SECURE 2.0 Act.
NYS
December 9, 2024
PCAOB
SEC
Washington D.C., Dec. 13, 2024 — The Securities and Exchange Commission today announced that Erik Gerding, Director of the Division of Corporation Finance, will depart the agency effective Dec. 31, 2024. Upon Mr. Gerding’s departure, Cicely LaMothe will serve as Acting Director.
Washington D.C., Dec. 12, 2024 — The Securities and Exchange Commission today charged global financial services firm Cantor Fitzgerald, L.P. with causing two special purpose acquisition companies (SPACs) that it controlled to make misleading statements to investors ahead of their initial public offerings (IPOs). Cantor Fitzgerald has agreed to pay a $6.75 million civil penalty to settle the SEC’s charges.
Washington D.C., Dec. 12, 2024 — The Securities and Exchange Commission today charged Eric Cobb of South Carolina with engaging in a fraudulent scheme where he allocated profitable securities trades to favored accounts and unprofitable trades to disfavored clients, a practice known as cherry-picking, while he was a representative of investment adviser SeaCrest Wealth Management, Inc. The SEC also announced settled charges against SeaCrest in connection with the scheme.
Washington D.C., Dec. 12, 2024 — The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation issued its 2024 Annual Report today to Congress and the Commission. The report is a comprehensive and data-packed resource on the dynamics of capital raising across the country.
Washington D.C., Dec. 12, 2024 — The Securities and Exchange Commission’s Office of the Investor Advocate today published its Report on Activities for the Fiscal Year 2024 to Congress, highlighting the work of the office during the fiscal year.
Washington D.C., Dec. 11, 2024 — The Securities and Exchange Commission today announced insider trading charges against Ken Peterman, the former CEO, president, and Chair of the Board of Comtech Telecommunications Corp., in connection with his sale of Comtech shares on the basis of material non-public information about Comtech’s forthcoming negative quarterly earnings results.
Washington D.C., Dec. 11, 2024 — The Securities and Exchange Commission today charged Chibuzo Augustine Onyeachonam, Stanley Chidubem Asiegbu, and Chukwuebuka Martin Nweke-Eze with fraud for impersonating legitimate securities brokers and investment advisers in an elaborate online scheme through which the defendants stole more than $2.9 million from at least 28 investors.
Washington D.C., Dec. 9, 2024 — The Securities and Exchange Commission today charged Morgan Stanley Smith Barney LLC (MSSB) with failing to reasonably supervise four investment adviser and registered representatives (hereafter, financial advisors) who stole millions of dollars of advisory clients’ and brokerage customers’ funds and for failing to adopt policies and procedures reasonably designed to prevent and detect such theft. To settle the charges, MSSB agreed to pay a $15 million penalty and accept certain undertakings.
Washington D.C., Dec. 9, 2024 — The Securities and Exchange Commission today charged Denver resident Ian G. Bell with securities fraud for lying to investors and misappropriating their funds in connection with a fraudulent day-trading scheme.