Trusted Professional

Regulatory Roundup - Aug. 20-26

CBO 

Cost Estimate
S. 1790, National Defense Authorization Act for Fiscal Year 2020
August 23, 2019
As passed by the Senate on June 27, 2019

Blog Post
CBO’s Updated Economic Forecast for the 2019–2029 Period
August 22, 2019
If current laws governing federal taxes and spending generally remained in place, the economy would expand by 2.3 percent this year and then grow at an average annual rate of 1.8 percent over the next decade, CBO projects.

Cost Estimate
H.R. 2041, Weatherization Enhancement and Local Energy Efficiency Investment and Accountability Act
August 22, 2019
As ordered reported by the House Committee on Energy and Commerce Resources on July 17, 2019

Blog Post
The Effects of Tariffs and Trade Barriers in CBO’s Projections
August 22, 2019
In CBO’s newly published economic projections, higher trade barriers—in particular, increases in tariff rates—implemented by the United States and its trading partners since January 2018 reduce the level of real (that is, inflation-adjusted) U.S. gross domestic product by roughly 0.3 percent by 2020.

Report
An Update to the Budget and Economic Outlook: 2019 to 2029
August 21, 2019
In CBO’s projections, federal budget deficits remain large by historical standards, and federal debt grows to equal 95 percent of GDP by 2029. Economic growth is expected to slow from 2.3 percent in 2019 to a rate that is below its long-run historical average.

Blog Post
Director’s Statement on An Update to the Budget and Economic Outlook: 2019 to 2029
August 21, 2019
Today, CBO released An Update to the Budget and Economic Outlook: 2019 to 2029. In that report, we provide our latest projections of the federal budget and the U.S. economy under current law for this year and the decade that follows.

Cost Estimate
S. 1441, Protecting Europe’s Energy Security Act of 2019
August 21, 2019
As reported by the Senate Committee on Foreign Relations on July 31, 2019

Cost Estimate
H.R. 1018, Improving Corporate Governance through Diversity Act of 2019
August 20, 2019
As ordered reported by the House Committee on Financial Services on July 11, 2019

Cost Estimate
H.R. 1425, State Health Care Premium Reduction Act
August 20, 2019
As ordered reported by the House Committee on Energy and Commerce on April 4, 2019

Cost Estimate
H.R. 2763, Keeping Families Together Act of 2019
August 20, 2019
As ordered reported by the House Committee on Financial Services on June 11, 2019

Cost Estimate
H.R. 3195, Land and Water Conservation Fund Permanent Funding Act
August 20, 2019
As ordered reported by the House Committee on Natural Resources on June 19, 2019

Cost Estimate
S. 1085, Vehicle Innovation Act of 2019
August 20, 2019
As ordered reported by the Senate Committee on Energy and Natural Resources on July 16, 2019

Cost Estimate
S. 2203, Brand USA Extension Act
August 20, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on July 24, 2019

Cost Estimate
S. 983, Weatherization Enhancement and Local Energy Efficiency Investment and Accountability Act of 2019
August 20, 2019
As ordered reported by the Senate Committee on Energy and Natural Resources on July 16, 2019

Cost Estimate
S. 859, Reliable Investment in Vital Energy Reauthorization Act
As ordered reported by the Senate Committee on Energy and Natural Resources on July 16, 2019

Cost Estimate
H.R. 281, Ensuring Diverse Leadership Act of 2019
As ordered reported by the House Committee on Financial Services on July 11, 2019

FAF

Financial Accounting Foundation Names Two and Reappoints Two to the Private Company Council  [08/20/19]
Media Advisory

FAF Trustees Name Michael Morrow as New FASAC Chair  [08/20/19]
Media Advisory

FASB

FASB Proposes Effective Date Delay for All Insurance Companies Applying Standard on Long-Duration Contracts  [08/21/19]
Media Advisory
Exposure Document

Financial Accounting Foundation Names Two and Reappoints Two to the Private Company Council  [08/20/19]
Media Advisory

FAF Trustees Name Michael Morrow as New FASAC Chair  [08/20/19]
Media Advisory

GAO

Airline Consumer Protections:
Information on Selected Airlines' Non-Discrimination Training Programs
GAO-19-654R: Published: Aug 22, 2019. Publicly Released: Aug 22, 2019.

DOD Installations:
Monitoring Use of Physical Access Control Systems Could Reduce Risks to Personnel and Assets
GAO-19-649: Published: Aug 22, 2019. Publicly Released: Aug 22, 2019.

Defense Management:
DOD Should Set Deadlines on Stalled Collaboration Efforts and Clarify Cross-Functional Team Funding Responsibilities
GAO-19-598: Published: Aug 20, 2019. Publicly Released: Aug 20, 2019.

IASB

20 August 2019
August IASB meeting on IBOR—papers and agenda available

IRS 

Security Summit warns of new IRS impersonation email scam; reminds taxpayers the IRS does not send unsolicited emails
IR-2019-145, August 22, 2019 — The IRS and its Security Summit partners today warned taxpayers and tax professionals about a new IRS impersonation scam campaign spreading nationally on email.

NYS Dept. of Taxation and Finance

Spin the Tax Department’s Myth-Buster Wheel at The Great New York State Fair
August 23, 2019​

SEC

Fee Rate Advisory #1 for Fiscal Year 2020
2019-160 Washington D.C., Aug. 23, 2019 —The Securities and Exchange Commission today announced that in fiscal year 2020 the fees that public companies and other issuers pay to register their securities with the Commission will be set at $129.80 per million dollars.

SEC Charges Broker-Dealer and CEO With Supervision Failures Related to Hedge Fund Valuation Scheme
2019-159 Washington D.C., Aug. 21, 2019 —The Securities and Exchange Commission yesterday charged New York-based broker-dealer AOC Securities LLC, and its former chief executive officer, Ronaldo Gonzalez, with failing to supervise an AOC broker who provided inflated price quotes for certain securities to a significant customer of AOC.

SEC Clarifies Investment Advisers’ Proxy Voting Responsibilities and Application of Proxy Rules to Voting Advice
2019-158 Washington D.C., Aug. 21, 2019 —The Securities and Exchange Commission today provided guidance to assist investment advisers in fulfilling their proxy voting responsibilities. The guidance discusses, among other matters, the ability of investment advisers to establish a variety of different voting arrangements with their clients and matters they should consider when they use the services of a proxy advisory firm.  In addition, the Commission issued an interpretation that proxy voting advice provided by proxy advisory firms generally constitutes a “solicitation” under the federal proxy rules and provided related guidance about the application of the proxy antifraud rule to proxy voting advice.  Both of these actions explain the Commission’s view of various non-exclusive methods entities can use to comply with existing laws or regulations or how such laws and regulations apply.

SEC Charges ICO Research and Rating Provider With Failing to Disclose It Was Paid to Tout Digital Assets
2019-157 Washington D.C., Aug. 20, 2019 —The Securities and Exchange Commission announced today that Russian entity ICO Rating has agreed to pay $268,998 to settle charges that it failed to disclose payments received from issuers for publicizing their digital asset securities offerings.

SEC Charges TherapeuticsMD With Regulation FD Violations
2019-156 Washington D.C., Aug. 20, 2019 — The Securities and Exchange Commission today charged TherapeuticsMD Inc., a pharmaceutical company headquartered in Boca Raton, Florida, with violations of Regulation FD based on its sharing of material, nonpublic information with sell-side research analysts without also disclosing the same information to the public.

TIGTA

August 22, 2019
The First Phase of the Data Loss Prevention Solution Is Working As Intended, but the Remaining Phases Continue to Experience Delays [PDF]
Highlights