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News

Regulatory Roundup: November 12-18

By:
Karen Sibayan
Published Date:
Nov 18, 2024

AICPA

Nov 14, 2024

Nov 12, 2024

Nov 12, 2024

CBO

Cost Estimate
November 15, 2024
As ordered reported by the House Committee on Energy and Commerce on September 18, 2024

Cost Estimate
November 15, 2024
As ordered reported by the House Committee on Small Business on September 10, 2024

Cost Estimate
November 15, 2024
As ordered reported by the House Committee on Small Business on September 10, 2024

Cost Estimate
November 15, 2024
As ordered reported by the House Committee on Small Business on September 10, 2024

Cost Estimate
November 15, 2024
As ordered reported by the House Committee on Small Business on September 10, 2024

Presentation
November 14, 2024
Presentation by Zunara Naeem, an analyst in CBO’s Budget Analysis Division, to the Council of Large Public Housing Authorities.

Cost Estimate
November 14, 2024
As reported by the Senate Committee on Health, Education, Labor, and Pensions on June 18, 2024

Presentation
November 13, 2024
Presentation by Sheila Campbell, an analyst in CBO’s Microeconomic Studies Division, and David Torregrosa, an analyst in CBO’s Financial Analysis Division, on climate change, disaster risk, and homeowner’s insurance.

Report
November 13, 2024
CBO analyzes how Fannie Mae and Freddie Mac achieve their housing goals by offering discounts on their standard fees for mortgages that meet the goals’ requirements and charging higher fees for mortgages that do not meet the requirements.

Cost Estimate
November 13, 2024

As ordered reported by the House Committee on Energy and Commerce on September 18, 2024

Cost Estimate
November 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
November 12, 2024
The House Budget Committee convened a hearing at which Phillip L. Swagel, CBO’s Director, testified about how CBO supports the Congress. This document provides CBO’s answers to questions that were submitted for the record after that hearing.

Cost Estimate
November 12, 2024
As ordered reported by the House Committee on Education and the Workforce on September 11, 2024

Cost Estimate
November 12, 2024
As ordered reported by the House Committee on Education and the Workforce on September 11, 2024

Cost Estimate
November 12, 2024
As ordered reported by the House Committee on Transportation and Infrastructure on September 18, 2024

Cost Estimate
November 12, 2024

As ordered reported by the House Committee on Education and the Workforce on September 11, 2024

FASB

November 14, 2024

November 13, 2024

November 13, 2024

November 11, 2024

GAO

Foreign Service Promotions:
State Should Improve Documentation and Consider Expanding Demographic Representation on Selection Boards
GAO-25-106956
Published:  . Publicly Released:  .
The State Department's Foreign Service shapes the face of U.S. diplomacy abroad. In 2020, State launched an initiative to transform its Foreign Service promotion process to be more fair, inclusive, and effective. But a 2022 survey found that employees perceived a lack of these values in the process. Selection boards are responsible for recommending employees for promotion. We found a shortage of historically disadvantaged ethnic...

GAO-25-106920
Published: Nov 18, 2024 . Publicly Released: Nov 18, 2024 .

Federal aid to tribal, state, local, and territorial governments—primarily through grants—accounted for approximately 18% of spending in FY 2023. Across the government, managing these grants has presented longstanding challenges. We looked at how 4 other countries reformed their grants management processes to address challenges. For example: The United Kingdom established a central department to support excellence in grantmaking, and to ensure the government-wide workforce has...

GAO-25-107238
Published: Nov 18, 2024 . Publicly Released: Nov 18, 2024 .

The Coast Guard rotates about 40% of its active-duty service members to new duty stations each year. The rotations are often to remote or expensive areas with a large proportion of vacation rentals. Coast Guard officials told us that service members can face challenges during rotations such as few moving company options and reduced access to specialty health care. However, the Coast Guard doesn't have...

GAO-25-107644
Published: Nov 18, 2024 . Publicly Released: Nov 18, 2024 .

Since 1974, the Shadow Wolves—a highly trained Native American investigations unit—have used traditional and modern methods to combat smuggling from Mexico to the Tohono O'odham Nation reservation in Arizona. They're part of U.S. Immigration and Customs Enforcement. We assessed ICE's progress in addressing our 6 prior recommendations to improve the Shadow Wolves program. ICE fully addressed 1 and made progress on 2 others, but more...

GAO-25-106921
Published: Nov 18, 2024 . Publicly Released: Nov 18, 2024 .
Greenhouse gas emissions from public transportation can contribute to climate change. These can be reduced by transitioning to zero-emission (e.g., electric) buses. Their use is expected to triple by 2030. But frontline transit workers—drivers and mechanics—will need new skills to service and operate electric buses. The Federal Transit Administration has taken several steps to help address workforce needs. For example, the FTA helps transit agencies...

 

GAO-25-106724
Published: Oct 16, 2024 . Publicly Released: Nov 15, 2024 .
Federal courthouse construction projects usually cost hundreds of millions of dollars. The U.S. Courts' Design Guide is intended to help ensure these projects result in functional and cost-effective courthouses. The U.S. Courts didn't fully collaborate with its agency partners—or get input from multiple court officials who use the courthouses—when updating the Design Guide in 2021. We found that changes in the update will increase courthouse...

GAO-25-107186
Published: Nov 15, 2024 . Publicly Released: Nov 15, 2024 .
The Securities and Exchange Commission enforces securities laws that protect investors. The SEC collected $4.1 billion in penalties for securities law violations in FY24. Some of that goes to the Investor Protection Fund, which rewards whistleblowers and supports investor education. We audit and issue opinions annually on SEC and Fund financial statements and on related internal controls (e.g., processes to reasonably assure that transactions are...

GAO-25-900570
Published: Nov 15, 2024 . Publicly Released: Nov 15, 2024 .
GAO's work yielded $67.5 billion in financial benefits for the federal government in FY 2024—a return of $76 for every dollar invested in us. We did it by recommending ways to improve the efficiency and effectiveness of federal programs and more. For example, we: Prompted the Department of Defense to improve its efforts to identify improper payments—i.e., payment errors and fraud—resulting in $4.8 billion in...

GAO-25-107454
Published: Nov 15, 2024 . Publicly Released: Nov 15, 2024 .
The Federal Housing Finance Agency's goal is to keep the housing finance system healthy by supervising and regulating Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System. The agency spent $407 million in FY 2024 to do its work. We audit and issue opinions annually on the agency's financial statements and on related internal controls (e.g., processes to reasonably assure that transactions are...

GAO-25-107910
Published: Nov 14, 2024 . Publicly Released: Nov 14, 2024 .
We testified about the Coast Guard's operations in the Arctic and the challenges it faces there. The Coast Guard has evaluated evolving risks in the region—including from climate change and increased ship traffic. It has deployed ships to the region to cut response times, among other actions to mitigate risks. But the Coast Guard hasn't been able to meet all its commitments in the region...

GAO-25-107194
Published: Nov 14, 2024 . Publicly Released: Nov 14, 2024 .
Several companies may be selling health insurance in a given market, but, as we previously reported, most people usually enroll with one of a small number of insurers. Known as market concentration, this can result in fewer choices of insurers and higher premiums due to less competition in the market. Market concentration generally increased from 2011 through 2022, with three or fewer insurers holding at...

GAO-25-106253
Published: Nov 14, 2024 . Publicly Released: Nov 14, 2024 .
The U.S. treats, stores, and disposes of different types of hazardous waste in facilities around the country. Many of these facilities are in areas at risk from natural disasters, such as flooding, which may be exacerbated by climate change. These facilities are required to manage various risks. But, planning for the effects of climate change—such as more frequent and intense weather events—can be challenging. For...

GAO-25-107041
Published: Nov 14, 2024 . Publicly Released: Nov 14, 2024 .
The federal government invests more than $100 billion annually in IT. But these investments can be poorly managed—resulting in IT that fails to deliver needed improvements and is often late and over budget. A law aimed at improving IT management requires agencies to review their portfolios of IT projects and high-risk IT investments. Our report shows that agencies haven't completed these reviews. We recommended improving...

GAO-25-106389
Published: Nov 14, 2024 . Publicly Released: Nov 14, 2024 .
U.S. farmers face shortages of workers. The H-2A visa program allows these employers to temporarily fill jobs with foreign workers when U.S. workers aren't available. In recent years, the number of approved H-2A jobs and visas has increased by over 50%. Federal agencies are trying to keep up with application processing, but some information must be mailed rather than submitted online—adding time. Further, the Department...

GAO-25-107582

Published: Nov 14, 2024 . Publicly Released: Nov 14, 2024 .

GAO-25-106748
Published: Nov 14, 2024 . Publicly Released: Nov 14, 2024 .
In 2021, the Department of Energy created a new office to manage about $27 billion in funding for clean energy projects. This Q&A report summarizes how DOE developed this office and its responsibilities. The office is funding new projects. In terms of office oversight and staffing, DOE is doing some things well, but could do more going forward. For example: DOE has defined some of...

GAO-25-107007
Published: Oct 15, 2024 . Publicly Released: Nov 14, 2024 .

Caribbean countries accounted for 6 of the world's 10 highest murder rates, according to the United Nations. Caribbean law enforcement asked the U.S. to trace 7,399 guns recovered in crimes from 2018 to 2022. About three-fourths came from the U.S. U.S. agencies have a variety of programs to help improve law enforcement, such as the Caribbean Basin Security Initiative, a U.S. partnership with 13 countries...

GAO-25-107479
Published: Nov 14, 2024 . Publicly Released: Nov 14, 2024 .

The Consumer Financial Protection Bureau works to enhance citizens' financial education and ensure that banks, lenders, and other financial companies treat people fairly. The agency spent $923.7 million in FY 2024 to do its work. We audit and issue an opinion annually on CFPB's financial statements and on related internal controls (e.g., processes to reasonably assure that transactions are properly authorized and recorded). In FY...

GAO-25-106825
Published: Nov 13, 2024 . Publicly Released: Nov 13, 2024 .

Through the Inflation Reduction Act, Congress appropriated $385 million to Indian Affairs for certain tribal programs. But receiving the funds increased workloads for some programs—further taxing a workforce troubled by vacancies and skills gaps. Indian Affairs used administrative funds from the Act to hire staff to meet increased demands, but it hasn't yet documented how well this worked or how doing this affected other programs...

GAO-25-106775
Published: Nov 13, 2024 . Publicly Released: Nov 13, 2024 .
The Food and Drug Administration paused many drug manufacturer inspections during the COVID-19 pandemic. Inspections help ensure that the drugs Americans rely on are safe. Since resuming inspections, FDA has struggled to retain staff. From Nov. 2021 to June 2024, the vacancy rate among investigators who inspect foreign and domestic manufacturers jumped from 9% to 16%—leading to fewer inspections. FDA said concerns with travel, pay...

GAO-25-107102
Published: Nov 13, 2024 . Publicly Released: Nov 13, 2024 .
The Department of Transportation's Mega program funds large, complex projects that are likely to generate economic, mobility, or safety benefits nationally or regionally. Mega projects include highways, bridges, and intercity transit and passenger rail. DOT awarded $1.12 billion in FY22 for such projects. Specifically, highway-bridge projects received 7 of 9 awards. The others funded transit and intercity rail projects. But as with some other DOT...

GAO-25-106963
Published: Nov 6, 2024 . Publicly Released: Nov 13, 2024 .
The Small Business Administration's contracting assistance programs promote small business participation in federal contracting. SBA relied on several IT systems to check that businesses are—and remain—eligible for its contracting assistance programs. We looked at SBA's efforts to streamline them into a single system. We found problems with SBA's management of this project. For example, SBA doesn't have a project cybersecurity risk management plan. It also...

GAO-25-106781
Published: Nov 13, 2025 . Publicly Released: Nov 13, 2024 .
More than 300 Vet Centers provide counseling services to veterans, servicemembers, and their families. The Veterans Health Administration must ensure the centers are well-maintained and located where services are most in demand. But VHA doesn't have guidance for managing annual inspections of the centers, so it's unsure if it has accurate data on their condition—including some that need improvements. The agency developed a model to...

GAO-25-106199
Published: Nov 13, 2024 . Publicly Released: Nov 13, 2024 .
During the COVID-19 pandemic, agencies swiftly distributed funds and started programs to help businesses and workers. But this speed came with a greater risk of payments that shouldn't have been made or were for incorrect amounts. The Small Business Administration provided over $1 trillion in loans and grants, and the Labor Department spent $900 billion on unemployment insurance. We looked at how these agencies identify...
 
Published: Nov 13, 2024 . Publicly Released: Nov 13, 2024 .
In our first periodic report on science and technology trends, we looked at 3 emerging technologies. Gene editing could improve disease treatment and prevention, and have benefits like increasing lifespans Manufacturing in space could allow more efficient production of higher-quality semiconductor materials, which could help meet demand for technologies such as AI Biodegradable bioplastics—plastics made from biological materials—break down more quickly than traditional plastics and...

GAO-25-107114
Published: Nov 13, 2024 . Publicly Released: Nov 13, 2024 .
Cloud computing offers on-demand access to shared IT resources like networks and servers. Federal agencies must move their data and software to the cloud when possible. But software licenses and restrictive vendor practices can limit or prevent such efforts. For example, some vendors charge extra fees to use their software with third-party cloud providers. Five agencies we interviewed said restrictive practices generally affected the cost...
 
GAO-25-107168
Published: Nov 13, 2024 . Publicly Released: Nov 13, 2024 .

The growth of online financial products and services has significantly affected consumers' choices, opportunities, and risks. It's clear that consumers need better knowledge and skills to safely use digital financial products and services—and make informed financial decisions. We hosted a forum with financial literacy experts in June. Among other things, we found that digital products and services: Can increase access for low-income, minority, and younger...

GAO-25-106618
Published: Nov 13, 2024 . Publicly Released: Nov 13, 2024 .
How does the U.S. military evaluate active duty officers and decide who gets promoted? The military services evaluate officer performance using their own performance evaluation systems. Performance information is used for promotion decisions and can help officers with career development. In our review, these systems demonstrated some effective practices related to system design and implementation, but there's more to do. For example, 2 of the...

GAO-25-107755

Published: Nov 13, 2024 . Publicly Released: Nov 13, 2024 .

GAO-25-106547
Published: Nov 12, 2024 . Publicly Released: Nov 12, 2024 .

Whistleblowers can help fight waste, fraud, and abuse. However, they also risk retaliation, such as demotion. We examined how the Department of Justice handles FBI whistleblower retaliation complaints following our 2015 report. DOJ closed about 5 times more FBI whistleblower retaliation complaints since our 2015 report DOJ took 7 years to update its regulations to address a related 2016 law FBI mandatory training doesn't mention...

GAO-25-107794
Published: Nov 12, 2024 . Publicly Released: Nov 12, 2024 .
This report addresses management issues for the Department of Justice's Office of the Inspector General. We found these issues during our review of how Justice handles FBI whistleblower protections. The Office still doesn't always contact FBI whistleblower retaliation complainants within 15 days. It failed to meet this requirement in 46% of complaints. Also, the Inspector General can review actions taken regarding security clearance and access...

GAO-25-107723
Published: Nov 12, 2024 . Publicly Released: Nov 12, 2024 .

FINRA is a securities industry organization that regulates over 3,400 U.S. securities firms. The Securities and Exchange Commission also regulates the industry. Reviewing FINRA's work is critical to SEC's mission of protecting investors and maintaining fair, efficient markets. The Dodd-Frank Wall Street Reform and Consumer Protection Act requires us to review the SEC's oversight of FINRA in 10 specified areas, including conflicts of interest management...

IASB

November 2024 IFRS Interpretations Committee agenda and meeting papers now available
15 Nov 2024

13 Nov 2024

12 Nov 2024

12 Nov 2024

IRS

Interest rates decrease for the first quarter of 2025
IR-2024-290, Nov. 18, 2024 — The Internal Revenue Service today announced that interest rates will decrease for the calendar quarter beginning Jan. 1, 2025.

IR-2024-289, Nov. 14, 2024 — The Internal Revenue Service reminds individual retirement arrangement (IRA) owners age 70½ and older that they can make up to $105,000 in tax-free charitable donations during 2024 through qualified charitable distributions. That’s up from $100,000 in past years.

IR-2024-288, Nov. 12, 2024 — The Internal Revenue Service will sponsor a free one-hour webinar designed to help the many businesses that must report their beneficial ownership information to the Treasury Department’s Financial Crimes Enforcement Network.

NYS