Regulatory Roundup - Sept. 17-23
AICPA
Media Advisory
Free AICPA Webinar Highlights Ways to Improve Workplace Inclusion
The accounting profession is increasingly diverse, but with that comes the need to build an inclusive environment. This webinar discusses ways to build inclusivity in the workplace.
September 23, 2019
CBO
Cost Estimate
H.R. 1305, Albatross and Petrel Conservation Act
September 20, 2019
As ordered reported by the House Committee on Natural Resources on June 19, 2019
Cost Estimate
H.R. 2003, Ensuring FEHBP Coverage During Shutdowns Act
September 20, 2019
As ordered reported by the House Committee on Oversight and Reform on June 12, 2019
Cost Estimate
H.R. 2647, Safer Occupancy Furniture Flammability Act
September 20, 2019
As ordered reported by the House Committee on Energy and Commerce on July 17, 2019
Report
Financial Regulation and the Federal Budget
September 19, 2019
To explore how changes to financial regulation might affect the federal budget, CBO analyzed three illustrative policies. The agency found that the policies’ largest budgetary effects would stem from macroeconomic feedback.
Cost Estimate
H.R. 2426, CASE Act of 2019
September 19, 2019
As ordered reported by the House Committee on the Judiciary on September 10, 2019
Cost Estimate
S. 1273, CASE Act of 2019
September 19, 2019
As reported by the Senate Committee on the Judiciary on September 12, 2019
Cost Estimate
S. 398, Saudi Arabia Accountability and Yemen Act of 2019
September 19, 2019
As reported by the Senate Committee on Foreign Relations on
July 30, 2019
Cost Estimate
H.R. 2328, Reauthorizing and Extending America’s Community Health Act
September 18, 2019
As ordered reported by the House Committee on Energy and Commerce on July 17, 2019
Cost Estimate
H.R. 3111, National Flood Insurance Program Administrative Reform Act of 2019
September 18, 2019
As ordered reported by the House Committee on Financial Services on June 11, 2019
Cost Estimate
H.R. 4378, Continuing Appropriations Act, 2020, and Health Extenders Act of 2019
September 18, 2019
As posted on the House Rules Committee website on September 18, 2019.
Cost Estimate
H.R. 806, Portable Fuel Container Safety Act of 2019
September 18, 2019
As passed by the House of Representatives on September 17, 2019
Cost Estimate
S. 893, Secure 5G and Beyond Act of 2019
September 18, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on July 24, 2019
Cost Estimate
Statutory Pay-As-You-Go Effects of H.R. 2290, the Shutdown Guidance for Financial Institutions Act
September 18, 2019
As posted on the website of the House Majority Leader on
September 13, 2019
Cost Estimate
H.R. 1837, United States-Israel Cooperation Enhancement and Regional Security Act
September 17, 2019
As passed by the House of Representatives on July 23, 2019
Cost Estimate
H.R. 2296, METRIC Act
September 17, 2019
As ordered reported by the House Committee on Energy and Commerce on July 17, 2019
Cost Estimate
H.R. 3625, PCAOB Whistleblower Protection Act of 2019
September 17, 2019
As ordered reported by the House Committee on Financial Services on July 16, 2019
Blog Post
Presentations on CBO’s Latest Budget and Economic Projections
September 17, 2019
CBO Director Phill Swagel spoke about the agency's latest 10-year budget and economic projections at an event hosted by the Center for Strategic Tax Reform and on a panel discussion at IHS Markit’s 2019 Economic Policy Summit. CBO's Director discussed many of the same issues last week in a presentation at PwC.
Cost Estimate
H.R. 806, Portable Fuel Container Safety Act of 2019
As passed by the House of Representatives on September 17, 2019
Cost Estimate
S. 893, Secure 5G and Beyond Act of 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on July 24, 2019
Cost Estimate
Statutory Pay-As-You-Go Effects of H.R. 2290, the Shutdown Guidance for Financial Institutions Act
As posted on the website of the House Majority Leader on September 13, 2019
Cost Estimate
H.R. 1837, United States-Israel Cooperation Enhancement and Regional Security Act
As passed by the House of Representatives on July 23, 2019
Cost Estimate
H.R. 2296, METRIC Act
As ordered reported by the House Committee on Energy and Commerce on July 17, 2019
Cost Estimate
H.R. 3625, PCAOB Whistleblower Protection Act of 2019
As ordered reported by the House Committee on Financial Services on July 16, 2019
Blog Post
Presentations on CBO’s Latest Budget and Economic Projections
CBO Director Phill Swagel spoke about the agency's latest 10-year budget and economic projections at an event hosted by the Center for Strategic Tax Reform and on a panel discussion at IHS Markit’s 2019 Economic Policy Summit. CBO's Director discussed many of the same issues last week in a presentation at PwC.
Cost Estimate
H.R. 1618, Nicholas and Zachary Burt Carbon Monoxide Poisoning Prevention Act of 2019
As ordered reported by the House Committee on Energy and Commerce on July 17, 2019
Cost Estimate
H.R. 1830, National Purple Heart Hall of Honor Commemorative Coin Act
As introduced on March 18, 2020
Cost Estimate
H.R. 3170, Safe Cribs Act of 2019
As ordered reported by the House Committee on Energy and Commerce on July 17, 2019
Cost Estimate
H.R. 3172, Safe Sleep for Babies Act of 2019
As ordered reported by the House Committee on Energy & Commerce on July 17, 2019
Cost Estimate
H.R. 3414, Opioid Workforce Act of 2019
As ordered reported by the House Committee on Ways and Means on June 26, 2019
Cost Estimate
H.R. 762, Streamlining Energy Efficiency for Schools Act
As ordered reported by the Senate Committee on Energy and Natural Resources on July 16, 2019
Cost Estimate
S. 239, Christa McAuliffe Commemorative Coin Act
As passed by the Senate on July 9, 2019
FAF
Private Company Council [09/18/19]
September 11, 2019 Meeting Recap
GAO
Disaster Response:
HHS Should Address Deficiencies Highlighted by Recent Hurricanes in the U.S. Virgin Islands and Puerto Rico
GAO-19-592: Published: Sep 20, 2019. Publicly Released: Sep 20, 2019.
Federal Home Loan Banks:
Efforts to Promote Workforce, Supplier, and Broker-Dealer Diversity
GAO-19-589: Published: Aug 16, 2019. Publicly Released: Sep 20, 2019.
Disaster Response:
FEMA and the American Red Cross Need to Ensure Key Mass Care Organizations are Included in Coordination and Planning
GAO-19-526: Published: Sep 19, 2019. Publicly Released: Sep 19, 2019.
Equal Employment Opportunity:
Progress Made on GAO Recommendations to Improve Nondiscrimination Oversight, but Challenges Remain
GAO-19-719T: Published: Sep 19, 2019. Publicly Released: Sep 19, 2019.
Health Care Quality:
CMS Could More Effectively Ensure Its Quality Measurement Activities Promote Its Objectives
GAO-19-628: Published: Sep 19, 2019. Publicly Released: Sep 19, 2019.
Public Service Loan Forgiveness:
Opportunities for Education to Improve Both the Program and Its Temporary Expanded Process
GAO-19-717T: Published: Sep 19, 2019. Publicly Released: Sep 19, 2019.
Respuesta a Desastres:
FEMA y la Cruz Roja Americana Necesitan Asegurar que Las Organizaciones Claves del Cuidado en Masa Sean Incluidas en la Coordinación y el Planeamiento
GAO-19-708: Published: Sep 19, 2019. Publicly Released: Sep 19, 2019.
VA Disability Exams:
Opportunities Remain to Improve Oversight of Contracted Examiners
GAO-19-715T: Published: Sep 19, 2019. Publicly Released: Sep 19, 2019.
Federal Contracting:
Awards to Mid-Sized Businesses and Options for Increasing Their Opportunities
GAO-19-523: Published: Aug 20, 2019. Publicly Released: Sep 19, 2019.
NASA:
Actions Needed to Improve the Management of Human Spaceflight Programs
GAO-19-716T: Published: Sep 18, 2019. Publicly Released: Sep 18, 2019.
Oil and Gas:
Bureau of Land Management Should Address Risks from Insufficient Bonds to Reclaim Wells
GAO-19-615: Published: Sep 18, 2019. Publicly Released: Sep 18, 2019.
Tribal Broadband:
FCC Should Take Efforts to Promote Tribal Access to Spectrum
GAO-19-668T: Published: Sep 18, 2019. Publicly Released: Sep 18, 2019.
Veterans Affairs:
Sustained Leadership Attention Needed to Address Long-Standing Workforce Problems
GAO-19-720T: Published: Sep 18, 2019. Publicly Released: Sep 18, 2019.
Elder Abuse:
Federal Requirements for Oversight in Nursing Homes and Assisted Living Facilities Differ
GAO-19-599: Published: Aug 19, 2019. Publicly Released: Sep 18, 2019.
Commercial Aviation:
Information on Passenger Assaults against Airline Customer Service Agents at Airports
GAO-19-683: Published: Sep 17, 2019. Publicly Released: Sep 17, 2019.
DOD Education Benefits:
Data on Officer Participation in and Views on Proposed Changes to the Tuition Assistance Program
GAO-19-699R: Published: Sep. 16, 2019 Publicly Released: Sep. 16, 2019
Medicaid:
Additional CMS Data and Oversight Needed to Help Ensure Children Receive Recommended Screenings
GAO-19-481: Published: Aug. 16, 2019 Publicly Released: Sep. 16, 2019
IASB
23 September 2019
GPF meeting: Tuesday 8 October—Agenda papers available
18 September 2019
September IASB meeting papers and agenda available
17 September 2019
Accounting Standards Advisory Forum October meeting papers available
17 September 2019
2020 IASB Research Forum—call for papers
IRS
IRS offers settlement for micro-captive insurance schemes; letters being mailed to groups under audit
IR-2019-157, September 16, 2019 — The Internal Revenue Service announced today the mailing of a time-limited settlement offer for certain taxpayers under audit who participated in abusive micro-captive insurance transactions.
NYC Dept. of Finance
September 17, 2019
First Deputy Commisioner Michael Hyman gives testimony before the City Council Finance Committee on September 17, 2019.
SEC
SEC Charges Nissan, Former CEO, and Former Director with Fraudulently Concealing from Investors More than $140 Million of Compensation and Retirement Benefits
2019-183 Sept. 23, 2019 — The Securities and Exchange Commission today filed settled fraud charges against Nissan, its former CEO Carlos Ghosn, and its former director Greg Kelly related to false financial disclosures that omitted more than $140 million to be paid to Ghosn in retirement.
SEC Adopts New Rules and Amendments under Title VII of Dodd-Frank
2019-182 Sept. 19, 2019 —The Securities and Exchange Commission today announced that it took a significant step toward establishing the regulatory regime for security-based swap dealers by adopting a package of rules and rule amendments under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). These actions establish recordkeeping and reporting requirements for security-based swap dealers and major security-based swap participants and amend the recordkeeping and reporting requirements for broker-dealers. Under these rules, these companies will be required to create and retain fundamental business records to document and track their operations, facilitating the Commission's ability to monitor compliance and reducing risk to the mark
SEC Charges ICO Incubator and Founder for Unregistered Offering and Unregistered Broker Activity
2019-181 Sept. 18, 2019 —The Securities and Exchange Commission today sued ICOBox and its founder Nikolay Evdokimov for conducting an illegal $14 million securities offering of ICOBox’s digital tokens and for acting as unregistered brokers for other digital asset offerings.
SEC Halts Alleged $125 Million Offering Fraud
2019-180 Sept. 18, 2019 — The Securities and Exchange Commission today announced that it has filed an emergency action and obtained a temporary restraining order and asset freeze against three individuals and three entities in connection with an alleged fraudulent, ongoing international trading program that has placed at risk more than $125 million of investor funds.
SEC Proposes Rules to Update Statistical Disclosures for Banking Registrants
2019-179, Sept. 17, 2019 —The Securities and Exchange Commission today announced that it has proposed rules to update the statistical disclosures that bank and savings and loan registrants provide to investors, and eliminate disclosures that overlap with Commission rules, U.S. GAAP or IFRS. The proposed rules would replace Industry Guide 3, Statistical Disclosure by Bank Holding Companies, with updated disclosure in a new subpart of Regulation S-K.
Raymond James Agrees to Pay $15 Million for Improperly Charging Retail Investors
2019-178 Sept. 17, 2019 —The Securities and Exchange Commission today instituted a settled order against three Raymond James entities for improperly charging advisory fees on inactive retail client accounts and charging excess commissions for brokerage customer investments in certain unit investment trusts (UITs)
SEC Charges Prudential Subsidiaries For Misleading Funds They Advised, Generating Tens of Millions in Tax Benefits for Prudential
2019-176Sept. 16, 2019 —The Securities and Exchange Commission today charged two subsidiaries of Prudential Financial Inc. with failing to disclose conflicts of interest and making misleading disclosures to the boards for 94 funds they advised.
SEC Charges Silicon Valley-Based Issuer With Misleading Disclosure Violations
2019-175 Sept. 16, 2019 —The Securities and Exchange Commission today announced that Marvell Technology Group, Ltd. will pay $5.5 million to settle charges that it misled investors when it engaged in an undisclosed revenue management scheme in order to meet publicly-issued revenue guidance.
TIGTA
Fiscal Year 2019 Statutory Review of Compliance With Legal Guidelines When Issuing Levies.
Report Date: 09/19/2019
Audit Highlights: HTML
Audit Reports: PDF
Implementation of the Passport Provisions of the FAST Act was Generally Successful, and the Internal Revenue Service Is Working on Objective Criteria for Passport Revocations.
Report Date: 09/19/2019
Audit Highlights: HTML
Audit Reports: PDF
Fiscal Year 2019 Statutory Review of Restrictions on Directly Contacting Taxpayers.
Report Date: 09/17/2019
Audit Highlights: HTML
Audit Reports: PDF
Fiscal Year 2019 Statutory Review of Compliance With Notice of Federal Tax Lien Filing Due Process Procedures.
Report Date: 09/17/2019
Audit Highlights: HTML
Audit Reports: PDF