Regulatory Roundup: August 20-26
Cost Estimate
S. 1863, PROVE IT Act of 2024
August 23, 2024
As reported by the Senate Committee on Environment and Public Works on January 25, 2024
Cost Estimate
H.R. 1647, Salem Maritime National Historical Park Redesignation and Boundary Study Act
August 22, 2024
As ordered reported by the House Committee on Natural Resources on June 12, 2024
Cost Estimate
H.R. 3916, SCREENS for Cancer Act of 2024
August 22, 2024
As reported by the House Committee on Energy and Commerce on May 24, 2024
Report
Part 2 of Answers to Questions for the Record Following a Hearing on An Update to the Budget and Economic Outlook: 2024 to 2034
August 22, 2024
The Senate Committee on the Budget convened a hearing at which Phillip L. Swagel, CBO's Director, testified. This document provides CBO’s answers to 18 of the 29 questions submitted for the record.
Report
The Deferred Maintenance Backlog for the Military Services’ Buildings
August 22, 2024
CBO estimates that the cost of deferred maintenance for more than 100,000 buildings maintained by the active components of the military services in the United States and its territories was about $50 billion in 2020.
Cost Estimate
H.R. 6572, Deploying American Blockchains Act of 2023
August 21, 2024
As passed by the House of Representatives on May 15, 2024
Report
The Cost of the Coast Guard’s Polar Security Cutter
August 21, 2024
CBO estimates that a three-ship Polar Security Cutter program would cost $5.1 billion in 2024 dollars—about 60 percent more than the Coast Guard’s current estimate. Operating those three ships would cost $12.4 billion through 2063.
Cost Estimate
H.R. 3119, a bill to provide for the issuance of a Manatee Semipostal Stamp
August 20, 2024
As ordered reported by the House Committee on Natural Resources on June 12, 2024
Cost Estimate
H.R. 3254, First Responder Access to Innovative Technologies Act
August 20, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on July 31, 2024
Cost Estimate
S. 3738, Great Lakes Restoration Initiative Act of 2024
August 20, 2024
As reported by the Senate Committee on Environment and Public Works on May 2, 2024
Cost Estimate
S. 4035, FEHB Protection Act
August 20, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 15, 2024
GAO
Priority Open Recommendations:
Department of Homeland Security
GAO-24-107251
Published: Aug 19, 2024 . Publicly Released: Aug 26, 2024 .
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Department of Homeland Security outlines 37 open recommendations that it should prioritize. The recommendations relate to emergency preparedness, border security, countering violent extremism and domestic terrorism, domestic intelligence and information sharing, cybersecurity and IT...
Released on Aug 22, 2024
IT Systems Annual Assessment:
DOD Needs to Improve Performance Reporting and Development Planning [Reissued with revisions on Aug. 22, 2024]
GAO-23-106117
Published: Jun 13, 2023 . Publicly Released: Aug 22, 2024 .
The Department of Defense requested about $45.2 billion for FY 2023 for its unclassified information technology, such as communications and business systems. We reviewed the performance of DOD's 25 major IT business programs, including their software development and cybersecurity practices. Of the 25 programs, we found: 8 didn't fully report on the extent to which they achieved their goals, including 3 programs that didn't identify...
Telecommunications:
Administration of Universal Service Programs Is Consistent with Selected FCC Requirements
GAO-24-106967
Published: Jul 23, 2024 . Publicly Released: Aug 22, 2024 .
The Universal Service Administrative Company—a private corporation—administers 4 federal programs and about $8 billion a year in subsidies on behalf of the Federal Communications Commission. The programs aim to expand availability of broadband and other telecommunications services to low-income consumers, high-cost areas, schools, and rural healthcare facilities. We reviewed FCC and the corporation's efforts to set and report on its goals, budgeting practices, and more...
Immersive Technologies:
Most Civilian Agencies Are Using or Plan to Use Augmented Reality, Virtual Reality, and More
GAO-24-106665
Published: Aug 8, 2024 . Publicly Released: Aug 22, 2024 .
Immersive technologies integrate the physical environment with digital content. Their uses have expanded beyond entertainment to include education, training, and more. We surveyed 23 civilian federal agencies on their use of and plans for immersive technologies. Most of the agencies use them, often for training. For example, the Department of Homeland Security uses simulators as part of law enforcement training on the use of force...
Transition to Civilian Life:
Better Collection and Analysis of Military Service Data Needed to Improve Oversight of the SkillBridge Program
GAO-24-107352
Published: Aug 22, 2024 . Publicly Released: Aug 22, 2024 .
The Defense Department offers the SkillBridge program to service members who are transitioning back to civilian life. The program allows them to participate in a civilian job and job training up to 180 days before they leave military service. About 12,000 service members participated in the first half of FY 2024. The services reported that 83% were enlisted personnel. However, the services don't consistently collect...
Priority Open Recommendations:
Office of Science and Technology Policy
GAO-24-107476
Published: Aug 15, 2024 . Publicly Released: Aug 22, 2024 .
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Office of Science and Technology Policy (OSTP) outlines 8 open recommendations that it should prioritize. For example, we recommended that OSTP identify the best available climate information for use in infrastructure planning to help...
Released on Aug 21, 2024
Veterans Community Care Program:
VA Needs to Strengthen Contract Oversight
GAO-24-106390
Published: Aug 21, 2024 . Publicly Released: Aug 21, 2024 .
The Department of Veterans Affairs allows veterans to get medical care from community providers when they can't access VA facilities. VA must effectively manage 5 contracts with contractors that maintain health care provider networks to deliver consistent, high-quality care—currently to 2.8 million vets. But program staff don't have clearly defined procedures, such as how to track and communicate about problems, and VA eliminated program manager...
Released on Aug 20, 2024
Ukraine:
U.S. Agencies Should Improve Tracking of Authorized U.S.-Origin Defense Article Transfers Requested by Foreign Donors
GAO-24-106745
Published: Aug 20, 2024 . Publicly Released: Aug 20, 2024 .
At least 30 countries have pledged over $148 billion in security assistance to Ukraine since Russia's invasion in 2022. This includes $2 billion worth of defense items of U.S. origin—such as missiles and ammunition—that foreign donors requested to transfer to Ukraine. The State Department approves these transfers, and the Defense Department is required to monitor the items. However, State hasn't consistently shared approval information with...
Evidence-Based Policymaking:
Agencies Need Additional Guidance to Assess Their Capacity
GAO-24-106982
Published: Aug 20, 2024 . Publicly Released: Aug 20, 2024 .
Federal decision-makers need evidence—such as data and the results of studies—to determine if programs are working as intended and to identify potential improvements. As part of a government-wide push to improve the collection and use of evidence, agencies are required to assess their related efforts every 4 years. Of the 23 agencies we reviewed, 21 said the assessment process helped them to better understand what...
Released on Aug 19, 2024
Clean Water:
Revolving Fund Grant Formula Could Better Reflect Infrastructure Needs, and EPA Could Improve Needs Estimate
GAO-24-106251
Published: Jul 19, 2024 . Publicly Released: Aug 19, 2024 .
The Environmental Protection Agency estimates that over $630 billion will be needed to overhaul clean water and wastewater infrastructure over the next 20 years. EPA's Clean Water State Revolving Fund gives states grants to build or replace such infrastructure. However, we found that this money is allocated using a formula from 1987—which does not reflect states' current population and clean water needs. We convened experts...
IASB
Supplementary IASB meeting: Contracts for Renewable Electricity
Meeting
23 Aug 2024
Join the staff—XML Publishing Associate
Careers
23 Aug 2024
IRS
Inflation Reduction Act 2-year report card: IRS continues to improve service, modernize online tools, pursue complex taxpayer arrangements used to evade taxes
IR-2024-223, Aug. 23, 2024 — The IRS has made significant progress on a range of improvements, including that all taxpayers can do all of their interactions with the IRS digitally if they choose, making it possible for the IRS to uncover and address tax evasion shrouded in complexity that requires subject matter expertise and data science.
IRS provides relief to South Dakota victims of severe storms, straight-line winds, flooding; various deadlines postponed to Feb. 3, 2025
IR-2024-222, Aug. 23, 2024 — The IRS announced today tax relief for individuals and businesses in South Dakota that were affected by severe storms, straight-line winds and flooding that began on June 16, 2024.
IRS provides relief to Ernesto victims throughout Puerto Rico; various deadlines postponed to Feb. 3, 2025
IR-2024-221, Aug. 23, 2024 — The Internal Revenue Service announced today tax relief for individuals and businesses throughout Puerto Rico affected by Tropical Storm Ernesto that began on Aug. 13, 2024.
Interest rates remain the same for the fourth quarter of 2024
IR-2024-220, Aug. 21, 2024 — The Internal Revenue Service today announced interest rates will remain the same for the calendar quarter beginning Oct. 1, 2024.
IRS reminder for schoolteachers: Up to $300 in classroom expenses deductible for 2024
IR-2024-219, Aug. 21, 2024 — As educators gear up for the new school year, the IRS reminds schoolteachers that the maximum deduction for classroom expenses in 2024 remains at $300.
IRS, Security Summit highlight “Security Six” and key steps for tax pros to protect themselves
IR-2024-218, Aug. 20, 2024 — As data thieves continue evolving their tactics, the Internal Revenue Service and the Security Summit partners today reminded tax professionals of six essential steps to protect their sensitive taxpayer information.
NYS
Governor Hochul Provides Support to Long Island Communities Impacted by Severe Weather on August 18-19
August 20, 2024
PCAOB
SEC
SEC Issues Awards Totaling $98 Million to Two Whistleblowers
2024-103
Washington D.C., Aug. 23, 2024 —The Securities and Exchange Commission today announced awards of more than $98 million to two whistleblowers whose information and assistance led to an SEC enforcement action and an action brought by another agency.
SEC Adopts Rule to Update Definition of Qualifying Venture Capital Funds
2024-102
Washington D.C., Aug. 21, 2024 —The Securities and Exchange Commission today adopted a rule that updates the dollar threshold for a fund to qualify as a “qualifying venture capital fund” for purposes of the Investment Company Act of 1940. The rule updates the dollar threshold to $12 million in aggregate capital contributions and uncalled committed capital, up from the original threshold of $10 million.
SEC Charges Transfer Agent Equiniti Trust Co. with Failing to Protect Client Funds Against Cyber Intrusions
2024-101
Washington D.C., Aug. 20, 2024 —The Securities and Exchange Commission today announced settled charges against New York-based registered transfer agent Equiniti Trust Company LLC, formerly known as American Stock Transfer & Trust Company LLC, for failing to assure that client securities and funds were protected against theft or misuse. Those failures led to the loss of more than $6.6 million of client funds as a result of two separate cyber intrusions in 2022 and 2023. American Stock Transfer was able to recover approximately $2.6 million of the losses and fully reimbursed the clients for their losses. To settle the SEC’s charges, Equiniti agreed to pay a civil penalty of $850,000.
SEC Approves New and Updated PCAOB Audit Standards and an Amendment to the PCAOB’s Contributory Liability Rule 2024-100
Washington D.C., Aug. 20, 2024 —The Securities and Exchange Commission today announced that it has approved two Public Company Accounting Oversight Board (PCAOB) proposals updating audit standards regarding general responsibilities of the auditor and use of technology-assisted analysis in conducting an audit. The SEC also approved a proposal amending a PCAOB ethics rule governing the liability of an associated person when they directly and substantially contribute to audit firm violations.
TIGTA
Review of the Advanced Manufacturing Production Credit Implementation Identified Weaknesses in the Pre Rulemaking Process
August 19, 2024