Regulatory Roundup - May 10-23
AICPA
AICPA Recognizes 2021 Top CPA Exam Performers with Elijah Watt Sells Award
May 19, 2022
New AICPA Chair Looks to Foster Growth Opportunities and Diversity Gains within Accounting Profession :Anoop N. Mehta Elected to Lead American Institute of CPAs
May 17, 2022
AICPA Releases Statement on IRS Destruction of Documents, IRS Response
May 13, 2022
AICPA & CIMA commit to supporting Sri Lankan communities
May 9, 2022
CBO
Cost Estimate
H.R. 2685, Understanding Cybersecurity of Mobile Networks Act
As passed by the House of Representatives on December 1, 2021
Cost Estimate
H.R. 6142, Buckeye National Scenic Trail Feasibility Study Act of 2021
As ordered reported by the House Committee on Natural Resources on February 16, 2022
Cost Estimate
CBO Estimate for H.R. 7790, Infant Formula Supplemental Appropriations Act, 2022
As Introduced on May 17, 2022
Cost Estimate
S. 2513, Brian Neuman Department of Veterans Affairs Clothing Allowance Improvement Act of 2021
As ordered reported by the Senate Committee on Veterans’ Affairs on December 15, 2021
Blog Post
CBO Releases an Improved Interactive Tool for Analyzing the Military’s Forces and Resources
The enhanced tool lets users change the defense budget to see the possible effects on military forces, or add or subtract major units to see the effects on the budget, or explore a mix of those approaches. It includes a how-to-use tutorial.
Interactive
CBO’s Interactive Force Structure Tool
This tool allows the user to see the effects on the Department of Defense’s total operation and support costs and on the size of the military of adding or subtracting tanks, ships, aircraft, and other units.
Cost Estimate
H.R. 246, Federal Building Designation Legislation
As ordered reported by the House Committee on Transportation and Infrastructure on October 27, 2021
Cost Estimate
H.R. 301, A bill to amend title 36, United States Code, to establish the composition known as “Lift Every Voice and Sing” as the national hymn of the United States
As ordered reported by the House Committee on the Judiciary on April 6, 2022
Cost Estimate
H.R. 3462, SBA Cyber Awareness Act
As reported by the Senate Committee on Small Business and Entrepreneurship on May 3, 2022
Cost Estimate
H.R. 4771, Federal Building Designation Legislation
As ordered reported by the House Committee on Transportation and Infrastructure on October 27, 2021
Cost Estimate
H.R. 6861, Reducing Costs of DHS Acquisitions Act
As ordered reported by the House Committee on Homeland Security on March 2, 2022
Cost Estimate
S. 1222, Bonneville Shoreline Trail Advancement Act
As ordered reported by the Senate Committee on Energy and Natural Resources on May 3, 2022
Cost Estimate
S. 2135, Identifying and Eliminating Wasteful Programs Act
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on February 2, 2022
Cost Estimate
S. 2429, Administrative False Claims Act of 2021
As reported by the Senate Committee on the Judiciary on November 1, 2021
Report
Budgetary Effects of a Policy That Would Lower the Age of Eligibility for Medicare to 60
May 16, 2022
CBO and the staff of the Joint Committee on Taxation estimate that lowering the age of Medicare eligibility to 60 would increase federal budget deficits, change primary sources of health insurance, and increase the number of people insured.
Cost Estimate
H.R. 7309, Workforce Innovation and Opportunity Act of 2022
May 16, 2022
As ordered reported by the House Committee on Education and Labor on April 5, 2022
Presentation
How CBO Analyzes the Distribution of Household Income, Means-Tested Transfers, and Taxes
May 16, 2022
Presentation by Bilal Habib, an analyst in CBO’s Tax Analysis Division, to the Committee on National Statistics of the National Academy of Sciences, Engineering, and Medicine.
Cost Estimate
Legislation considered under suspension of the Rules of the House of Representatives during the week of May 16, 2022
May 16, 2022
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
H.R. 5754, Patient Advocate Tracker Act
May 13, 2022
As ordered reported by the House Committee on Veterans’ Affairs on April 6, 2022
Cost Estimate
H.R. 7335, Military Sexual Trauma Claims Coordination Act
May 13, 2022
As ordered reported by the House Committee on Veterans’ Affairs on April 6, 2022
Cost Estimate
H.R. 7500, Fiscal Year 2022 Veterans Affairs Major Medical Facility Authorization Act
May 13, 2022
As introduced in the House of Representatives on April 14, 2022
Cost Estimate
S. 2483, Improving Cybersecurity of Small Businesses, Nonprofits, and Local Governments Act of 2021
May 13, 2022
S. 2483, Improving Cybersecurity of Small Businesses, Nonprofits and Local Governments Act of 2021
Cost Estimate
S. 407, Air America Act of 2022
May 13, 2022
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on February 2, 2022.
Report
Answer to a Question for the Record Following a Hearing on CBO’s Appropriation Request for Fiscal Year 2023
May 12, 2022
The Subcommittee on the Legislative Branch of the House Committee on Appropriations convened a hearing at which Phillip L. Swagel, CBO’s Director, testified. This document provides CBO’s answer to a question submitted for the record.
Cost Estimate
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of S. 4089, the Veterans Rapid Retraining Assistance Program Restoration and Recovery Act of 2022
May 12, 2022
As Passed by the Senate on April 26, 2022
Presentation
Challenges of Adapting DoD’s Acquisition Portfolio to a New Defense Strategy
May 12, 2022
Presentation by David Arthur, an analyst in CBO's National Security Division, at the Naval Postgraduate School's 19th Annual Acquisition Research Symposium.
Presentation
Government Spending on Public Transportation and Other Infrastructure
May 12, 2022
Presentation by Nathan Musick, an analyst in CBO's Microeconomic Studies Division, to the National Tax Association's 52nd Annual Spring Symposium.
Cost Estimate
H.R. 5738, Lactation Spaces for Veteran Moms Act
May 12, 2022
As ordered reported by the House Committee on Veterans’ Affairs on April 6, 2022
Report
Report on the Troubled Asset Relief Program—May 2022
May 12, 2022
Lawmakers created the Troubled Asset Relief Program (TARP) in 2008 to stabilize financial markets. The TARP’s net cost will be $31 billion, CBO estimates—about what it reported in July 2021 and slightly less than OMB’s latest estimate.
Cost Estimate
S. 120, Safe Connections Act of 2022
May 12, 2022
As passed by the Senate on March 17, 2022
Cost Estimate
S. 1354, Alaska Trails Act
May 12, 2022
As reported by the Senate Committee on Energy and Natural Resources on February 28, 2022
Cost Estimate
S. 312, COVID-19 Safer Detention Act of 2021
May 12, 2022
As reported by the Senate Committee on the Judiciary on June 8, 2021
Report
Testimony on a Single-Payer Health Care System That Is Based on Medicare’s Fee-for-Service Program
May 12, 2022
CBO Director Phillip Swagel testifies before the Senate Budget Committee.
Cost Estimate
CBO Estimate for H.R. 7691, Additional Ukraine Supplemental Appropriations Act, 2022
May 11, 2022
As Passed by the House of Representatives on May 10, 2022
Blog Post
CBO to Publish Budget and Economic Projections on May 25
May 11, 2022
CBO will publish The Budget and Economic Outlook: 2022 to 2032 at 2:00 p.m. EDT on Wednesday, May 25. A press briefing for credentialed members of the press will be held from 3:00 to 4:00 p.m. that day.
Cost Estimate
H.R. 6604, Veterans Eligible to Transfer School (VETS) Credit Act
May 11, 2022
As ordered reported by the House Committee on Veterans’ Affairs on April 6, 2022
Report
Statement for the Record Regarding CBO’s Appropriation Request for Fiscal Year 2023
May 11, 2022
CBO’s Director, Phillip Swagel, provided a written statement regarding CBO’s appropriation request for fiscal year 2023 to the Senate Appropriations Committee’s Subcommittee on the Legislative Branch.
Cost Estimate
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 5911, the Fair Hiring in Banking Act
May 9, 2022
As Posted on the website of the House Majority Leader on May 6, 2022
Cost Estimate
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of S. 4119, the RECA Extension Act of 2022
May 9, 2022
As Passed by the Senate on April 28, 2022
Cost Estimate
H.R. 1546, Combating Online Wildlife Trafficking Act
May 9, 2022
As ordered reported by the House Committee on Natural Resources on February 16, 2022
Cost Estimate
H.R. 4494, Frederick Jobs and Historic Preservation Training Center Land Acquisition Act
May 9, 2022
As ordered reported by the House Committee on Natural Resources on November 17, 2021
Cost Estimate
H.R. 7153, Department of Veterans Affairs Principles of Benefits Automation Act
May 9, 2022
As ordered reported by the House Committee on Veterans’ Affairs on April 6, 2022
Report
Monthly Budget Review: April 2022
May 9, 2022
The federal budget deficit was $360 billion in the first seven months of fiscal year 2022, CBO estimates. That amount is about one-fifth of the $1.9 trillion shortfall recorded during the same period in 2021.
FASB
Small Business Advisory Committee Meeting Recap—May 12, 2022
May 20, 2022
RESCHEDULED TO JUNE 27: FASB Webcast for Private Companies & Not-for-Profit Organizations
May 18, 2022
Registration Opens for June 20 FASB Webcast for Private Companies & Not-for-Profit Organizations
May 12, 2022
Private Company Council Meeting Recap—April 22, 2022
May 11, 2022
GAO
COVID-19
FDA Took Steps to Help Make Tests Available; Policy for Future Public Health Emergencies Needed
GAO-22-104266
Published: May 12, 2022.
Publicly Released: May 12, 2022.
What GAO Found The Food and Drug Administration (FDA) took several actions aimed at increasing the availability of COVID-19 tests in the United States.
VA Health Care Facilities
Leveraging Partnerships to Address Capital Investment Needs
GAO-22-106017
Published: May 12, 2022.
Publicly Released: May 12, 2022.
What GAO Found The Department of Veterans Affairs (VA) offers health care services to about 9 million veterans at its 171 medical centers and more than 1,100 outpatient facilities. VA has long faced challenges addressing its pressing infrastructure demands.
2022 Annual Report
Additional Opportunities to Reduce Fragmentation, Overlap, and Duplication and Achieve Billions of Dollars in Financial Benefits
GAO-22-105301
Published: May 11, 2022.
Publicly Released: May 11, 2022.
What GAO Found GAO identified 94 new actions in 21 new and nine existing areas for Congress or executive branch agencies to improve the efficiency and effectiveness of government.
Missile Defense
Acquisition Processes Are Improving, but Further Actions Are Needed to Address Standing Issues
GAO-22-105925
Published: May 11, 2022.
Publicly Released: May 11, 2022.
What GAO Found The Missile Defense Agency (MDA) was established 20 years ago to develop a system to defend the U.S. and its allies against ballistic missile attacks. Since then, MDA has made progress developing and testing the Missile Defense System.
Border Security
CBP Could Improve How It Categorizes Drug Seizure Data and Evaluates Training
GAO-22-104725
Published: May 11, 2022.
Publicly Released: May 11, 2022.
What GAO Found U.S. Customs and Border Protection (CBP) officers and agents follow a multi-step process when seizing drugs. This process includes collecting seizure data such as the drug type and concealment method in CBP data systems.
Pandemic Learning
As Students Struggled to Learn, Teachers Reported Few Strategies as Particularly Helpful to Mitigate Learning Loss
GAO-22-104487
Published: May 10, 2022.
Publicly Released: May 10, 2022.
What GAO Found During the 2020-21 school year, students in all grade levels, whether learning in person or virtually, struggled with many obstacles. These ranged from lack of appropriate workspaces and adequate support to competing demands on their time, disengagement, and absences.
Transforming Aviation
Stakeholders Identified Issues to Address for 'Advanced Air Mobility'
GAO-22-105020
Published: May 09, 2022.
Publicly Released: May 09, 2022.
What GAO Found Small electrically powered aircraft that can take off and land vertically may soon transform the aviation market with services known as “Advanced Air Mobility” (AAM).
GPS Modernization
Better Information and Detailed Test Plans Needed for Timely Fielding of Military User Equipment
GAO-22-105086
Published: May 09, 2022.
Publicly Released: May 09, 2022.
What GAO Found The Department of Defense (DOD) has been modernizing GPS to use a more jam-resistant, military-specific signal called M-code for more than 2 decades. The Space Force is nearing a key GPS milestone—a constellation of 24 satellites broadcasting the signal.
GASB
GASB Issues Omnibus Statement Addressing Wide Range of Practice Issues
May 9, 2022
IASB
G7 welcomes ISSB's work to deliver global baseline of sustainability disclosures
Announcement
20 May 2022
Path to global baseline: ISSB outlines actions required to deliver global baseline of sustainability disclosures
Announcement
18 May 2022
Issue 26 of the Investor Update published
Update
16 May 2022
May 2022 International Accounting Standards Board meeting agenda and papers now available
Meeting
13 May 2022
Join the staff—Systems and Data Analyst
Careers
12 May 2022
May 2022 Emerging Economies Group agenda and meeting papers available
Meeting
11 May 2022
May 2022 Due Process Oversight Committee agenda and meeting papers available
Meeting
10 May 2022
28 March 2022 Consultative Group for Rate Regulation meeting summary now available
Meeting
9 May 2022
IRS
IRS revises 2021 Child Tax Credit and Advance Child Tax Credit frequently asked questions
IR-2022-108, May 20, 2022 — The IRS today issued a revised set of frequently asked questions for the 2021 Child Tax Credit. These frequently asked questions (FAQs) are released to the public in Fact Sheet 2022-29, May 20, 2022.
IRS interest rates increase for the third quarter of 2022
IR-2022-107, May 20, 2022 — The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning July 1, 2022.
A Closer Look: Expanding Access in Puerto Rico
CL-22-08, May 11, 2022 — The IRS wants to serve in every community, and we’re committed to providing the assistance and opportunities to meet the needs of those we serve. Today we are taking a closer look at how we are working to serve residents of Puerto Rico.
Face-to-face IRS help without an appointment available during special Saturday opening on May 14
IR-2022-106, May 10, 2022 — Although filing season has come and gone, the Internal Revenue Service recognizes taxpayers still need assistance.
NYS
Statement From DFS Superintendent Adrienne A. Harris
May 20, 2022
DFS Superintendent Harris Announces Nationwide Life Insurance Company to Pay $5.6 Million for Deferred To Immediate Annuity Replacement Violations
May 20, 2022
DFS Statement on Passing of John W. Ryan, President and CEO of the Conference of State Bank Supervisors
May 18, 2022
Governor Hochul Announces New Watchdog Bureau to Tackle Prescription Drug Costs
May 11, 2022
PCAOB
PCAOB Sanctions Audit Firm and Three Partners for Violating PCAOB Standards Related to Audits and Examinations of a Broker-Dealer Over Multiple Years
May 11, 2022
PCAOB Announces Members of New Advisory Groups, Sets Dates for First Meetings
May 9, 2022
SEC
SEC Charges BNY Mellon Investment Adviser for Misstatements and Omissions Concerning ESG Considerations
2022-86, May 23, 2022 — The Securities and Exchange Commission today charged BNY Mellon Investment Adviser, Inc. for misstatements and omissions about Environmental, Social, and Governance (ESG) considerations in making investment decisions for certain mutual funds that it managed. To settle the charges, BNY Mellon Investment Adviser agreed to pay a $1.5 million penalty.
SEC Charges Wells Fargo Advisors With Anti-Money Laundering Related Violations 2022-85, May 20, 2022 — The Securities and Exchange Commission today announced charges against Wells Fargo Advisors for failing to file at least 34 Suspicious Activity Reports (SARs) in a timely manner between April 2017 and October 2021. Wells Fargo Advisors, the St. Louis-based broker-dealer, has agreed to pay $7 million to settle the charges.
SEC Charges Allianz Global Investors and Three Former Senior Portfolio Managers with Multibillion Dollar Securities Fraud
2022-84, May 17, 2022 — The Securities and Exchange Commission (SEC) today charged Allianz Global Investors U.S. LLC (AGI US) and three former senior portfolio managers with a massive fraudulent scheme that concealed the immense downside risks of a complex options trading strategy they called “Structured Alpha.” AGI US marketed and sold the strategy to approximately 114 institutional investors, including pension funds for teachers, clergy, bus drivers, engineers, and other individuals. After the COVID-19 market crash of March 2020 exposed the fraudulent scheme, the strategy lost billions of dollars as a result of AGI US and the portfolio managers’ misconduct. AGI US has agreed to pay billions of dollars as part of an integrated, global resolution, including more than $1 billion to settle SEC charges and together with its parent, Allianz SE, over $5 billion in restitution to victims.
SEC Obtains Emergency Relief to Halt Pre-IPO Stock Fraud Scheme by Unregistered Broker-Dealer
2022-83, May 16, 2022 —The Securities and Exchange Commission today announced that it obtained asset freezes and other emergency relief against StraightPath Venture Partners LLC, StraightPath Management LLC, Brian K. Martinsen, Michael A. Castillero, Francine A. Lanaia, and Eric D. Lachow (collectively, the defendants) to halt ongoing securities violations, including allegedly selling pre-initial public offering (IPO) shares they did not own, pocketing undisclosed fees, and commingling investor funds, resulting in Ponzi scheme-like payments. The relief arose from fraud and registration charges filed by the SEC.
TIGTA
Processing of Recovery Rebate Credit Claims During the 2021 Filing Season
May 19, 2022
The Child Tax Credit Update Portal Was Successfully Deployed, but Security and Process Improvements Are Needed
May 18, 2022