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News

Regulatory Roundup: April 16-22

By:
S.J. Steinhardt
Published Date:
Apr 22, 2024

AICPA

AICPA Backs Legislation Giving More Relief to Natural Disaster Victims
Apr 19, 2024

AICPA Submits Recommendations Regarding Proposed Regulations on RIAs
Apr 18, 2024

AICPA Provides Recommendations to Clarify the Form 990 Series
Apr 17, 2024

CBO

Cost Estimate
CBO Estimate for H.R. 8034, Israel Security Supplemental Appropriations Act, 2024
April 19, 2024
As posted on the website of the House Committee on Rules on April 17, 2024
https://tinyurl.com/mtufpdhc

Cost Estimate
CBO Estimate for H.R. 8035, Ukraine Security Supplemental Appropriations Act, 2024
April 19, 2024
As posted on the website of the House Committee on Rules on April 17, 2024
https://tinyurl.com/p2k97bcm

Cost Estimate
CBO Estimate for H.R. 8036, Indo-Pacific Security Supplemental Appropriations Act, 2024
April 19, 2024
As posted on the website of the House Committee on Rules on April 17, 2024
https://tinyurl.com/4vw6pwrr

Cost Estimate
Estimated Budgetary Effects of H.R. 8038, the 21st Century Peace Through Strength Act of 2024
April 19, 2024
As posted on the website of the House Committee on Rules on April 17, 2024

Report
Final Report on the Troubled Asset Relief Program
April 19, 2024
In September 2023, the last remaining investment made by the Treasury through the Troubled Asset Relief Program was repaid, thereby ending the program. CBO estimates that the government’s total subsidy cost was $31 billion.

Cost Estimate
Legislation considered under suspension of the Rules of the House of Representatives on April 19, 2024
April 19, 2024
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. 7683, Respecting the First Amendment on Campus Act
April 16, 2024
As ordered reported by the House Committee on Education and the Workforce on March 21, 2024

Report
Medicare Accountable Care Organizations: Past Performance and Future Directions
April 16, 2024
CBO summarizes recent research findings about Medicare accountable care organizations and the factors that have contributed to or limited their ability to achieve net budgetary savings for the Medicare program.

Cost Estimate
H.R. 5245, Science and Technology Agreement Enhanced Congressional Notification Act of 2024
April 15, 2024
As ordered reported by the House Committee on Foreign Affairs on March 21, 2024

Cost Estimate
S. 3558, Prohibiting Foreign Access to American Genetic Information Act of 2024
April 15, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 6, 2024

GAO

Single Audits:
Improving Federal Audit Clearinghouse Information and Usability Could Strengthen Federal Award Oversight
GAO-24-106173
Published:  . Publicly Released:  .
Federal award amounts distributed to recipients have increased substantially since the onset of the COVID-19 pandemic. If an award recipient spends $750,000 or more in federal funds in a year, it must undergo an audit of its award spending. The results of this "single audit" must be submitted to the Federal Audit Clearinghouse, which is maintained by the General Services Administration. We found issues with...

Biometric Identification Technologies:
Considerations to Address Information Gaps and Other Stakeholder Concerns
GAO-24-106293
Published:  . Publicly Released:  .
Biometric identification technologies—such as facial recognition and fingerprinting—can affect underserved communities, including low-income and minority communities. We interviewed academics, advocacy groups, and technology experts to find out how. They gave us examples of positive effects, e.g., improving communities' access to public services, and negative effects, e.g., subjecting communities to unnecessary surveillance. There's still a lot to learn about how these technologies perform in the real...

Consumer Financial Protection Bureau:
Overview of Mission, Structure, and GAO Oversight

GAO-24-107512
Published: Apr 19, 2024
Publicly Released: Apr 19, 2024
The Consumer Financial Protection Bureau plays an important role in protecting people from unfair, deceptive, and abusive financial practices. This statement for the Congressional Record discusses our CFPB oversight work. Each year since 2011, we've audited and issued an opinion on CFPB's financial statements and related internal controls (e.g., processes to reasonably assure that transactions are properly authorized and recorded). We've found that statements were...

Public Health Preparedness:
Mpox Response Highlights Need for HHS to Address Recurring Challenges

GAO-24-106276
Published: Apr 18, 2024
Publicly Released: Apr 18, 2024
Health and Human Services was initially charged with coordinating the federal response to a 2022 global outbreak of mpox—a smallpox-related virus. State and local jurisdictions cited challenges in the federal response such as difficulty accessing and using vaccines and tests, which may have led to unnecessary suffering. We added HHS's leadership and coordination of public health emergencies to our High Risk List earlier in 2022...

Medicaid:
COVID-19 Vaccination Data Access and Strategies Used to Improve Immunization Rates

GAO-24-106526
Published: Apr 18, 2024
Publicly Released: Apr 18, 2024
Medicaid needs to ensure that its beneficiaries receive COVID-19 vaccines to prevent hospitalizations and deaths. But during the public health emergency, COVID-19 vaccines were provided to the public for free, and not by state Medicaid programs. Consequently, Medicaid didn't always know which of its beneficiaries had received the vaccines. We reviewed 6 state Medicaid programs and found that 4 of them got vaccination data on...

Military Justice:
Quality Data Needed to Improve Oversight of Navy and Marine Corps Disciplinary Measures

GAO-24-106652
Published: Apr 18, 2024
Publicly Released: Apr 18, 2024
The Navy and the Marine Corps may impose punishments—such as extra duties or loss of pay—against service members for minor offenses. Commanding officers at sea may discipline service members via the "vessel exception" that prohibits service members from refusing punishment by demanding a trial. The Navy and the Marine Corps report data on these punishments. But data on use of the "vessel exception" may be...

Federal Food Purchases:
Buying from Small Businesses and Local Sources

GAO-24-106602
Published: Mar 20, 2024
Publicly Released: Apr 18, 2024
This Q&A report discusses federal food purchases for places like schools and military bases. The Agricultural Marketing Service and Defense Logistics Agency are the two largest federal purchasers, awarding billions of dollars in contracts annually to procure food. The agencies are generally required to buy domestic food—but they aren't required to buy locally grown food. Agency documentation suggests that they both attempt to source, or...

Civil Monetary Penalties:
Federal Agencies' Compliance with the 2023 Annual Inflation Adjustment Requirements

GAO-24-107193
Published: Apr 18, 2024
Publicly Released: Apr 18, 2024
When enforcing regulations, federal agencies use fines to hold violators accountable and to deter future violations. But if agencies don't regularly adjust these fines for inflation, they may become less effective deterrents. Congress enacted the Federal Civil Penalties Inflation Adjustment Act of 1990 partly to address this issue. In 2015, Congress amended the act to require GAO to annually review agencies' compliance with certain provisions...

Cybersecurity:
Implementation of Executive Order Requirements is Essential to Address Key Actions

GAO-24-106343
Published: Apr 18, 2024
Publicly Released: Apr 18, 2024
In 2021, the President issued an executive order to help protect federal IT systems from cyberattacks. The order contains 55 leadership and oversight requirements. DHS's Cybersecurity and Infrastructure Security Agency, the National Institute of Standards and Technology, and the Office of Management and Budget are responsible for implementing them. These agencies have fully completed 49 of 55 requirements. Remaining requirements include improving software that is...

Discretionary Grants:
DOT Should Improve Clarity and Transparency of Program Management

GAO-24-107264
Published: Apr 18, 2024
Publicly Released: Apr 18, 2024
The nation's people and freight depend on an aging transportation system to keep moving. The Department of Transportation administers billions of dollars in competitive grants to improve it. As the cost of transportation repairs exceeds the available funding, this Snapshot highlights the importance of using this money wisely. But we previously found that DOT's processes for reviewing grant applications and making award decisions wasn't documented...

Electronic Health Records:
DOD Has Deployed New System but Challenges Remain

GAO-24-106187
Published: Apr 18, 2024
Publicly Released: Apr 18, 2024
DOD provides crucial health care services to millions of service members, retirees, and their families. DOD has been working to modernize how it handles patients' electronic health records and has deployed a new electronic records system to its health care facilities. In 2022, DOD began conducting an annual survey of user satisfaction with this new system. User satisfaction rates have improved over the past 2...

Foreign Investment in the U.S.:
Efforts to Mitigate National Security Risks Can Be Strengthened

GAO-24-107358
Published: Apr 18, 2024
Publicly Released: Apr 18, 2024 
Foreign investment in U.S. companies benefits the economy but can also pose national security risks—such as by giving foreign investors access to sensitive data. The Committee on Foreign Investment in the U.S. reviews these investments and enters into agreements with companies to address risks. Over the last decade, the number of agreements has quadrupled and the work of monitoring and enforcing compliance has grown. But...

Retirement Security:
The U.S. Virgin Islands' Pension Plan Faces Risks Paying Government Employee Benefits

GAO-24-105862
Published: Apr 17, 2024
Publicly Released: Apr 17, 2024 
The U.S. Virgin Islands' Government Employees' Retirement System remains one of the lowest funded public pension plans in the U.S. While most public plans in our review had enough funding to cover 60 to 111% of plan liabilities as of 2021, USVI's plan had enough to cover about 10%. The USVI government secured additional funding for the plan through an excise tax on rum in...

Aviation Safety:
Federal Efforts to Address Unauthorized Drone Flights Near Airports

GAO-24-107195
Published: Mar 18, 2024
Publicly Released: Apr 17, 2024
The Federal Aviation Administration prohibits unauthorized drone flights near airports because they can pose safety risks to other aircraft and disrupt air traffic control. Local authorities respond to these incidents with assistance from the federal government, if needed. Some federal agencies have authority to use drone detection and counter-drone technologies, in certain situations. The military has used these technologies for many years and FAA is...

Restrictive Housing:
Actions Needed to Enhance BOP and ICE Management and Oversight

GAO-24-107494
Published: Apr 16, 2024
Publicly Released: Apr 16, 2024 
We testified about our prior work related to use of restrictive housing, formerly referred to as "solitary confinement," in federal prison and detention facilities. In some cases, this includes isolating 1-2 people in cells for nearly 24 hours per day. The Bureau of Prisons uses restrictive housing for about 8% of its prison population each year—about 11,000 people in FY 2023. U.S. Immigration and Customs...

Fraud Risk Management:
2018-2022 Data Show Federal Government Loses an Estimated $233 Billion to $521 Billion Annually to Fraud, Based on Various Risk Environments

GAO-24-105833
Published: Apr 16, 2024
Publicly Released: Apr 16, 2024
No area of the federal government is immune to fraud. We estimated that the federal government could lose between $233 billion and $521 billion annually to fraud. Given the scope of this problem, a government-wide approach is required to address it. The Office of Management and Budget, working with agencies and the oversight community, should develop guidance to improve fraud-related data—providing a more uniform approach...

Medicare and Medicaid:
Additional Actions Needed to Enhance Program Integrity and Save Billions

GAO-24-107487
Published: Apr 16, 2024
Publicly Released: Apr 16, 2024
Both Medicare and Medicaid are susceptible to payment errors—over $100 billion worth in 2023. Known as "improper payments," these are payments that are either made in an incorrect amount or should not have been made at all. We testified about our numerous recommendations to CMS and Congress that reduced improper payments, enhanced program integrity, and saved billions of dollars in Medicare and Medicaid. Other recommendations...

Counternarcotics:
DOD Should Improve Coordination and Assessment of Its Activities

GAO-24-106281
Published: Apr 16, 2024
Publicly Released: Apr 16, 2024
According to the U.S. government, illicit drugs and the criminal organizations that produce and traffic them are a significant threat. DOD leads federal efforts to monitor the air and water transport of drugs like cocaine and fentanyl into the U.S. DOD set up a joint operation area including the western U.S. border and parts of Latin America. But 3 of DOD's regional components' areas of...

Homeland Security:
DHS Internal Entities Facilitate Information Sharing in Key Areas and Collaborate as Needed

GAO-24-106896
Published: Apr 16, 2024
Publicly Released: Apr 16, 2024
Nine formal groups within the Department of Homeland Security routinely share information to advise leaders, guide internal policies, and identify potential threats. We found no unnecessary duplication among the groups, but some of their purposes and activities had the potential for overlap. Agency officials said groups collaborate to avoid duplication. For example, the Homeland Security Intelligence Council—composed of less-senior staff than the Counter Threats Advisory...

Prescription Drugs:
Selected States' Regulation of Pharmacy Benefit Managers

GAO-24-106898
Published: Mar 18, 2024
Publicly Released: Apr 15, 2024 
Private health plans contract with pharmacy benefit managers—companies that help oversee prescription drug benefits and control costs. We studied 5 states that have laws to regulate these companies. We found, for example, that all 5 states regulated the companies' drug pricing and pharmacy payments—including by limiting companies' use of manufacturer rebates and their ability to pay pharmacies less than health plans are charged. State regulators...

Persistent Chemicals:
Navy Efforts to Address PFAS at Joint Base Pearl Harbor-Hickam

GAO-24-106812
Published: Apr 15, 2024
Publicly Released: Apr 15, 2024
PFAS—a group of synthetic chemicals called per- and polyfluoroalkyl substances—are used in firefighting foams and other products. Some PFAS are linked to environmental contamination and human health problems. This Q&A covers our work on the Department of Defense's detection and treatment of PFAS contamination at Joint Base Pearl Harbor-Hickam in Hawaii. In 2022, 1,300 gallons of firefighting foam was accidentally released there. As of February...

F-35 Sustainment:
Costs Continue to Rise While Planned Use and Availability Have Decreased

GAO-24-106703
Published: Apr 15, 2024
Publicly Released: Apr 15, 2024 
The F-35 aircraft is DOD's most advanced and costly weapon system. DOD currently has about 630 F-35s, plans to buy about 1,800 more, and intends to use them through 2088. We reported in this Q&A that DOD's projected costs to sustain the F-35 fleet keep increasing—from $1.1 trillion in 2018 to $1.58 trillion in 2023. Yet DOD plans to fly the F-35 less than originally...

IFRS

Video: IASB members introduce IFRS 18 in English, Chinese, French, Japanese, Portuguese and Spanish
Video
18 April 2024

Emmanuelle Guyomard joins Global Preparers Forum
Appointment
18 April  2024

IASB concludes BCUCC project and publishes summary
Project summary
17 April  2024

IRS

Missed the April tax-filing deadline? File quickly to avoid penalties and interest; those owed a refund also shouldn’t forget to file
IR-2024-116, April 19, 2024 — The Internal Revenue Service today encouraged taxpayers who missed the April tax-filing deadline to file a tax return as soon as they can.

IRS releases 2023 Data Book describing agency’s transformation through statistics
IR-2024-115, April 18, 2024 — The Internal Revenue Service today issued its annual Data Book detailing the agency’s activities during fiscal year 2023 (Oct. 1, 2022 – Sept. 30, 2023), including revenue collected and tax returns processed.

IRS seeks membership nominations for the 2025 Internal Revenue Service Advisory Council; establishes new Subcommittee on Fairness in Tax Administration
IR-2024-114, April 18, 2024 — The Internal Revenue Service is accepting applications for the 2025 Internal Revenue Service Advisory Council through May 31, 2024, including nominees for a new subcommittee focused on fairness issues.

IRS updates frequently asked questions for the energy efficient home improvement and residential clean energy property credits
IR-2024-113, April 17, 2024 — The Internal Revenue Service today updated frequently asked questions in Fact Sheet 2024-15 to address the federal income tax treatment of amounts paid for the purchase of energy efficient property and improvements.

Be ready for next year: IRS Tax Withholding Estimator helps ensure withholdings are correct for 2024
IR-2024-112, April 17, 2024 — The IRS encourages taxpayers to use the IRS Tax Withholding Estimator to ensure they’re withholding the correct amount of tax from their pay in 2024.

IRS revised frequently asked questions for the New, Previously Owned and Qualified Commercial Clean Vehicle Credits IR-2024-111, April 16, 2024 — The Internal Revenue Service today updated frequently asked questions in Fact Sheet 2024-14 to provide guidance related to the New, Previously Owned and Qualified Commercial Clean Vehicle Credits.

Treasury, IRS issue frequently asked questions related to the tax treatment of work-life referral services provided to employees
IR-2024-110, April 16, 2024 — The Internal Revenue Service today issued frequently asked questions (FAQs) in Fact Sheet 2024-13 related to the tax treatment of work-life referral services provided to employees under an employer’s work-life referral program.

NYS

Statement By DFS Superintendent Adrienne A. Harris on New York State FY25 Budget
April 22, 2023

PCAOB

PCAOB Announces Agenda for April 24 Meeting of Its Investor Advisory Group
Apr. 18, 2024

PCAOB Chair Williams to Kick Off Series of In-Person Forums to Provide Information, Resources to Small Firms
Apr. 17, 2024

SEC

SEC’s Division of Investment Management to Host Second Annual Conference on Emerging Trends in Asset Management 2024-48
Washington D.C., April 17, 2024 — The Securities and Exchange Commission’s Division of Investment Management (IM) today announced it will host the second annual Conference on Emerging Trends in Asset Management on Thursday, May 16, 2024. The conference will bring together a variety of asset management industry participants, regulators, and academics to discuss emerging trends in asset management. The full agenda with a list of speakers is available here.

SEC Issues Second Fee Rate Advisory for Fiscal Year 2024
2024-47
Washington D.C., April 17, 2024 — The Securities and Exchange Commission today announced that, starting on May 22, 2024, the fee rates applicable to most securities transactions will be set at $27.80 per million dollars.

TIGTA

Criminal Investigation Had Success With Ghost Employers, While Civil Enforcement Efforts Can Be Improved
April 12, 2024

Fiscal Year 2024 Mandatory Review of Compliance With the Freedom of Information Act  
April 11, 2024