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News

Regulatory Roundup: December 10 - 16

By:
Karen Sibayan
Published Date:
Dec 16, 2024

AICPA

Dec 12, 2024

CBO

Report
December 13, 2024

In response to a request from Congressman Patrick McHenry, CBO updates a 2020 report and describes how changes to Fannie Mae’s and Freddie Mac’s financial conditions since that report affect scenarios for their recapitalization.

Cost Estimate
December 13, 2024
As Posted on the Website of the House Committee on Rules on December 7, 2024
https://rules.house.gov/bill/118/hr-5009-sa

Cost Estimate
December 13, 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.

Report
December 12, 2024
CBO periodically issues a compendium of policy options and their estimated effects on the federal budget. This report presents 76 options for altering spending or revenues to reduce federal budget deficits over the next decade.

Cost Estimate
December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on September 25, 2024

Report
December 11, 2024
CBO estimates how expanding certain children’s eligibility for Medicaid or the Children’s Health Insurance Program over the next 10 years would affect the U.S. economy and the federal budget through the end of the century.

Cost Estimate
December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on November 20, 2024

Cost Estimate
December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on September 18, 2024

Cost Estimate
December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on July 31, 2024

Cost Estimate
December 11, 2024

As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on September 18, 2024

Cost Estimate
December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on November 20, 2024

Cost Estimate
December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on September 18, 2024

Cost Estimate
December 11, 2024
As reported by the Senate Committee on Homeland Security and Governmental Affairs on December 9, 2024

Cost Estimate
December 11, 2024
As reported by the Senate Committee on Homeland Security and Governmental Affairs on December 9, 2024

Cost Estimate
December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on November 20, 2024

Cost Estimate
December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on September 25, 2024

Cost Estimate
December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on September 25, 2024

Cost Estimate
December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 15, 2024

Cost Estimate
December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on September 25, 2024

Cost Estimate
December 11, 2024

As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on September 18, 2024

Cost Estimate
December 11, 2024
As reported by the Senate Committee on Homeland Security and Governmental Affairs on December 9, 2024

Cost Estimate
December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 15, 2024

Cost Estimate
December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on September 18, 2024

Cost Estimate
December 11, 2024
As reported by the Senate Committee on Homeland Security and Governmental Affairs on December 9, 2024

Cost Estimate
December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on September 18, 2024

Cost Estimate
December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on September 25, 2024

Cost Estimate
December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on September 25, 2024

Cost Estimate
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on September 25, 2024

December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on September 25, 2024

Presentation
December 11, 2024

Presentation by Eric Labs, an analyst in CBO’s National Security Division, at the U.S. Naval Institute’s Defense Forum Washington 2024.

Cost Estimate
December 11, 2024

As reported by the Senate Committee on Homeland Security and Governmental Affairs on December 9, 2024

Cost Estimate
December 11, 2024

As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 15, 2024

Cost Estimate
December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on September 18, 2024

Cost Estimate
December 11, 2024
As reported by the Senate Committee on Homeland Security and Governmental Affairs on December 9, 2024

Cost Estimate
December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on September 18, 2024

Cost Estimate
December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on September 25, 2024

Cost Estimate
December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on September 25, 2024

Cost Estimate
December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on September 25, 2024

Cost Estimate
December 11, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on September 25, 2024

Presentation
December 11, 2024

Presentation by Eric Labs, an analyst in CBO’s National Security Division, at the U.S. Naval Institute’s Defense Forum Washington 2024.

Report
December 9, 2024
This report presents CBO’s projections of revenues and outlays for the 2025–2034 period translated into the framework of the national income and product accounts and their categories of current receipts and expenditures.

Report
December 9, 2024

The federal budget deficit totaled $622 billion in October and November 2024, the first two months of fiscal year 2025, CBO estimates. That amount is $242 billion more than the deficit recorded during the same period last fiscal year.

FASB

December 16, 2024

GAO

GAO-25-107428
Published: Dec 16, 2024 . Publicly Released: Dec 16, 2024 .

In recent years, threats against members of Congress have increased. This has raised questions about states' ability to fill vacancies in the U.S. House of Representatives. If the Speaker of the House announces there are more than 100 vacancies, federal law generally requires states to hold special elections within 49 days. For this Q&A, we analyzed state laws and surveyed election officials from all 50...

GAO-25-107449
Published: Dec 12, 2024 . Publicly Released: Dec 12, 2024 .

The Army Corps of Engineers takes on water infrastructure-related civil works projects like dams and locks. The Corps can award types of contracts known as "other transaction agreements" that aren't procurement contracts, cooperative agreements, or grants. In early 2024, the Corps revised its policy to allow these agreements to be used for research prototypes. In May, the Corps solicited proposals for designing a prototype for...

GAO-25-107165
Published: Dec 12, 2024 . Publicly Released: Dec 12, 2024 .

Textile waste—such as discarded clothing—has been increasing over the past 20 years in the U.S. due to the rise of "fast fashion" in the apparel industry and other factors. Textile waste harms the environment by, for example, releasing greenhouse gases when disposed of in landfills. Some federal agencies have started taking action to address textile waste, including researching recycling methods and planning to develop a...

GAO-25-106997
Published: Dec 12, 2024 . Publicly Released: Dec 12, 2024 .
Some Navy warships are nuclear-powered. These ships generate spent fuel—which can pose risks to the environment and human health. The Office of Naval Reactors is building a new facility to manage spent fuel. But the project has been delayed and costs have increased. There have also been quality problems with some of the contractor's work. The contractor did some analysis to determine the causes of...

GAO-25-107075
Published: Dec 12, 2024 . Publicly Released: Dec 12, 2024 .
The Department of Homeland Security spends billions of dollars each year to buy goods and services. But recruiting, retaining, and managing the workforce overseeing these procurements is a challenge. Most DHS acquisition staff we interviewed said that workload was the biggest challenge. For example, some staff had to fill multiple roles because they were short-staffed or other staff lacked adequate experience. And hiring new employees...

GAO-25-107917
Published: Dec 12, 2024 . Publicly Released: Dec 12, 2024 .

The Federal Aviation Administration relies on information systems to help air traffic controllers keep the airspace safe and efficient. However, these systems are aging and experiencing issues. Last year, FAA determined that 51 of its 138 systems are unsustainable. Our testimony highlights that 17 of these unsustainable systems are especially concerning. However, FAA doesn't plan to complete modernization projects for some of these systems for...

GAO-25-107003
Published: Dec 12, 2024 . Publicly Released: Dec 12, 2024 .

DOD revamped its acquisition policies in 2020 to try to deliver innovative weapons faster. These weapons are often "cyber-physical" products that combine hardware and software. We previously found that leading companies use iterative design, testing, and feedback processes to get these kinds of products to market quickly. But some program managers weren't sure how to apply iterative development in their programs. So we recommended the...

GAO-25-107963
Published: Dec 12, 2024 . Publicly Released: Dec 11, 2024 .

Veterans Affairs relies on critical IT systems to manage benefits and provide care to millions of veterans and their families. We testified about VA's efforts to modernize and manage its IT. For example, after 3 unsuccessful attempts to modernize its health information system, the department is trying again. We also reported that VA's IT contracts were not always properly approved. We've made many recommendations to...

GAO-25-107089
Published: Dec 11, 2024 . Publicly Released: Dec 11, 2024 .
Congress sets a limit on federal borrowing, known as the debt limit. If the government reaches this limit and exhausts available cash, it risks missing payments on its debt, thereby defaulting. A default could have devastating effects on financial markets, the economy, and the United States' stature abroad. Federal spending and revenue decisions are made separately from decisions on the debt limit. This can create...
 
GAO-25-106846
Published: Nov 12, 2024 . Publicly Released: Dec 11, 2024 .
Charter school participation in the National School Lunch Program has increased in the past 5 years. But participation rates are uneven. In 13 states, all charter schools participated. In 5 states, less than half did. How can the Food and Nutrition Service (FNS) address this? More data—FNS hasn't attempted a study of charter school participation since 2018 and could look for cost-effective ways to get...
 
GAO-25-107636
Published: Dec 11, 2024 . Publicly Released: Dec 11, 2024 .
Decades of nuclear weapons production have generated millions of gallons of nuclear waste, which has been challenging to manage. And, the National Nuclear Security Administration's ongoing maintenance and modernization of the nuclear weapons stockpile will generate new waste in the coming years. But NNSA's strategy for treating, storing, and disposing of the new waste isn't comprehensive and doesn't fully address all the legal requirements. For...
 
GAO-25-106500
Published: Dec 11, 2024 . Publicly Released: Dec 11, 2024 .
Financial institutions must file currency transaction reports for any cash transactions in amounts greater than $10,000 a day. Law enforcement agencies can use the reports to investigate drug trafficking, terrorist acts, fraud, and other criminal activities. The number of reports filed has increased by about 62% since FY 2002. The reporting threshold hasn't been updated for inflation since it was set in the 1970s—which may...
 
Published: Dec 11, 2024 . Publicly Released: Dec 11, 2024 .
Many of the bridges that Americans drive over each day need repairs. The Department of Transportation awarded $2.4 billion for 37 bridge repair or replacement projects through a new grant program. DOT held webinars and set up a dedicated email address to answer grant applicant questions. But during the program's first year, its processes didn't fully align with federal regulations and agency guidance. Specifically, it...
Released on Dec 10, 2024
 
GAO-25-106236
Published: Dec 10, 2024 . Publicly Released: Dec 10, 2024 .
Countries and U.S. territories in the Indo-Pacific are vulnerable to climate change effects like sea level rise, coral bleaching, and drought. The U.S. provided about $1.9 billion to address these risks in the region from FY 2017-23. Recipients used the assistance for activities related to mangrove health, solar energy, and more. Tracking certain activity funding by country or territory could help some agencies better manage...
 
GAO-25-107039
Published: Dec 10, 2024 . Publicly Released: Dec 10, 2024 .

Hundreds of thousands of federal employees file annual financial disclosure reports. The reports help ethics officials find and address conflicts between employees' financial interests and their government responsibilities. Our Q&A report covers the financial disclosure reporting program and ways to improve it. Over the years, the Office of Government Ethics has recommended that Congress update outdated or unnecessary reporting requirements. The office's last evaluation of...

IASB

16 Dec 2024

16 Dec 2024

16 Dec 2024

13 Dec 2024
 
13 Dec 2024

12 Dec 2024

12 Dec 2024
 
11 Dec 2024
 

10 Dec 2024

IRS

IR-2024-310, Dec. 12, 2024 — The Internal Revenue Service today provided the regular quarterly update to the Strategic Operating Plan, outlining key milestones in criminal investigations, improvements to taxpayer services and advancements in digital modernization that have transformed agency operations while protecting billions of taxpayer dollars.

IR-2024-309, Dec. 10, 2024 — The Internal Revenue Service today reminded those aged 73 and older of the deadline to take required minimum distributions from individual retirement arrangements (IRAs) and other retirement plans, and highlighted updates introduced by the SECURE 2.0 Act.

NYS

December 9, 2024

PCAOB

Dec. 10, 2024
 

SEC

Washington D.C., Dec. 13, 2024 — The Securities and Exchange Commission today announced that Erik Gerding, Director of the Division of Corporation Finance, will depart the agency effective Dec. 31, 2024. Upon Mr. Gerding’s departure, Cicely LaMothe will serve as Acting Director.

2024-199

Washington D.C., Dec. 12, 2024 — The Securities and Exchange Commission today charged global financial services firm Cantor Fitzgerald, L.P. with causing two special purpose acquisition companies (SPACs) that it controlled to make misleading statements to investors ahead of their initial public offerings (IPOs). Cantor Fitzgerald has agreed to pay a $6.75 million civil penalty to settle the SEC’s charges.

Washington D.C., Dec. 12, 2024 — The Securities and Exchange Commission today charged Eric Cobb of South Carolina with engaging in a fraudulent scheme where he allocated profitable securities trades to favored accounts and unprofitable trades to disfavored clients, a practice known as cherry-picking, while he was a representative of investment adviser SeaCrest Wealth Management, Inc. The SEC also announced settled charges against SeaCrest in connection with the scheme.

2024-197

Washington D.C., Dec. 12, 2024 — The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation  issued its 2024 Annual Report today to Congress and the Commission. The report is a comprehensive and data-packed resource on the dynamics of capital raising across the country.

2024-196

Washington D.C., Dec. 12, 2024 — The Securities and Exchange Commission’s Office of the Investor Advocate today published its Report on Activities for the Fiscal Year 2024 to Congress, highlighting the work of the office during the fiscal year.

2024-195

Washington D.C., Dec. 11, 2024 — The Securities and Exchange Commission today announced insider trading charges against Ken Peterman, the former CEO, president, and Chair of the Board of Comtech Telecommunications Corp., in connection with his sale of Comtech shares on the basis of material non-public information about Comtech’s forthcoming negative quarterly earnings results.

2024-194

Washington D.C., Dec. 11, 2024 — The Securities and Exchange Commission today charged Chibuzo Augustine Onyeachonam, Stanley Chidubem Asiegbu, and Chukwuebuka Martin Nweke-Eze with fraud for impersonating legitimate securities brokers and investment advisers in an elaborate online scheme through which the defendants stole more than $2.9 million from at least 28 investors.

2024-193

Washington D.C., Dec. 9, 2024 — The Securities and Exchange Commission today charged Morgan Stanley Smith Barney LLC (MSSB) with failing to reasonably supervise four investment adviser and registered representatives (hereafter, financial advisors) who stole millions of dollars of advisory clients’ and brokerage customers’ funds and for failing to adopt policies and procedures reasonably designed to prevent and detect such theft. To settle the charges, MSSB agreed to pay a $15 million penalty and accept certain undertakings.

Washington D.C., Dec. 9, 2024 — The Securities and Exchange Commission today charged Denver resident Ian G. Bell with securities fraud for lying to investors and misappropriating their funds in connection with a fraudulent day-trading scheme.

2024-191
Washington D.C., Dec. 9, 2024 — The Securities and Exchange Commission today announced that Haoxiang Zhu, Director of the Division of Trading and Markets, will depart the agency effective Dec. 10, 2024. Upon Mr. Zhu’s departure, David Saltiel, a Deputy Director who also heads the Division’s Office of Analytics and Research, will serve as Acting Director.