Regulatory Roundup - Aug. 31-Sept. 7

Chris Gaetano
Published Date:
Sep 7, 2021

Cost Estimate
H.R. 2954, Securing a Strong Retirement Act of 2021
September 2, 2021
As ordered reported by the House Committee on Ways and Means on May 5, 2021

Blog Post
The Effects of Increased Funding for the IRS
September 2, 2021
CBO estimates that portions of the Administration’s proposal to increase funding for the IRS by $80 billion over the 2022–2031 period would increase revenues by approximately $200 billion over those 10 years.

The Effects of Large-Scale Maintenance Actions on the Availability of the Air Force’s Aircraft
September 2, 2021
CBO examines the availability of six Air Force aircraft fleets after large-scale maintenance performed since the mid-1990s. In most of the cases, aircraft were more available after the maintenance action than would be expected without it.

Cost Estimate
H.R. 3992, Protect Older Job Applicants Act of 2021
September 1, 2021
As ordered reported by the House Committee on Education and Labor on July 15, 2021

Inflation and Its Effects
September 1, 2021
CBO addresses how household income is affected when inflation exceeds the growth of labor income, who pays higher taxes when inflation rises, and how high and unexpected inflation affects economic growth. 


Satellite Communications
DOD Should Explore Options to Meet User Needs for Narrowband Capabilities
Published: Sep 02, 2021.
Publicly Released: Sep 02, 2021.
What GAO Found The Department of Defense (DOD) is not using the full capabilities of its latest ultra high frequency (narrowband) military satellite communications system, the Mobile User Objective System (MUOS).

Export-Import Bank
Status of End-Use Monitoring of Dual-Use Exports as of August 2021
Published: Sep 01, 2021.
Publicly Released: Sep 01, 2021.
Why GAO Did This Study EXIM's mission is to support the export of U.S. goods and services overseas through loans, loan guarantees, and insurance, thereby supporting U.S. jobs. In 1994, Congress passed legislation authorizing EXIM to facilitate the financing of U.S.

Global Food Security
Improved Monitoring Framework Needed to Assess and Report on Feed the Future's Performance
Published: Aug 31, 2021.
Publicly Released: Aug 31, 2021.
What GAO Found Feed the Future (FTF), a U.S. government–wide global food security initiative coordinated by the U.S. Agency for International Development (USAID), collects data to monitor how FTF projects promote agriculture, resilience, and nutrition (see photos).

Improvements Needed in Guidance and Stakeholder Engagement for Immigration Courts
Published: Aug 31, 2021.
Publicly Released: Aug 31, 2021.
What GAO Found The Department of Justice's (DOJ) Executive Office for Immigration Review (EOIR) took steps to modify immigration court operations and guidance to respond to COVID-19. For instance, EOIR implemented health and safety measures at immigration courts, such as requiring social distancing.

Military Justice
DOD and Coast Guard Improved Collection and Reporting of Demographic and Nonjudicial Punishment Data, but Need to Study Causes of Disparities
Published: Aug 30, 2021.
Publicly Released: Aug 30, 2021.
Why GAO Did This Study In May 2019, GAO issued a report on whether there are racial, ethnic, or gender disparities in the military justice system.

Additional Priority Open Recommendations
Department of Homeland Security
Published: Aug 23, 2021.
Publicly Released: Aug 30, 2021.
What GAO Found In August 2021, GAO identified 38 priority recommendations for the Department of Homeland Security. GAO is now adding two recommendations related to domestic intelligence and information sharing, bringing the total number of priority recommendations to 40.



IRS grants dyed diesel fuel penalty relief in Louisiana due to Hurricane Ida
IR-2021-176, September 1, 2021 — The Internal Revenue Service, in response to shortages of undyed diesel fuel caused by Hurricane Ida, will not impose a penalty when dyed diesel fuel is sold for use or used on the highway for a number of parishes in the state of Louisiana.

IRS: Tax relief now available to victims of Hurricane Ida; Oct. 15 deadline, other dates extended to Jan. 3
IR-2021-175, August 31, 2021 — Victims of Hurricane Ida that began on August 26 now have until January 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

September is National Preparedness Month; IRS urges taxpayers to prepare for natural disasters
IR-2021-174, August 30, 2021 — September is National Preparedness Month. With the height of hurricane season fast approaching and the ongoing threat of wildfires in some parts of the country, the Internal Revenue Service reminds everyone to develop an emergency preparedness plan.


Following Visits to Communities Impacted by Ida Flooding, Governor Hochul Signs Request for Expedited Major Disaster Declaration
September 5, 2021

Governor Hochul Secures Emergency Disaster Declaration from President Biden after Tropical Depression Ida Devastates New York
September 3, 2021

Governor Hochul Directs State Agencies to Deploy Additional Assets Downstate to Assist Local Governments in Wake of Historic Storm and Flooding Event
September 2, 2021

New York State Department of Financial Services Issues Circular Letter to Expedite Tropical Depression Ida-Related Insurance Claims
September 2, 2021

New York State Department of Financial Services Issues Guidance to Mortgage Lending Institutions to Comply With New York’s Fair Lending Law
Governor Hochul Announces Nomination of Adrienne Harris as Superintendent of the Department of Financial Services
August 31, 2021


SEC Charges The Kraft Heinz Company and Two Former Executives for Engaging in Years-Long Accounting Scheme

2021-174, Sept. 3, 2021 — The Securities and Exchange Commission today charged The Kraft Heinz Company with engaging in a long-running expense management scheme that resulted in the restatement of several years of financial reporting. The SEC also charged Kraft's former Chief Operating Officer Eduardo Pelleissone and its former Chief Procurement Officer Klaus Hofmann for their misconduct related to the scheme.

SEC Investor Advisory Committee to Meet Remotely on Sept. 9

2021-173, Sept. 2, 2021 —The Securities and Exchange Commission's Investor Advisory Committee will hold a public meeting on Sept. 9 by remote means. The meeting will begin at 10 a.m. ET, is open to the public via live webcast, and will be archived on the committee's website for later viewing.

SEC Charges Global Crypto Lending Platform and Top Executives in $2 Billion Fraud

2021-172, Sept. 1, 2021 — The Securities and Exchange Commission announced today that it has filed an action against BitConnect, an online crypto lending platform, its founder Satish Kumbhani, and its top U.S. promoter and his affiliated company, alleging that they defrauded retail investors out of $2 billion through a global fraudulent and unregistered offering of investments into a program involving digital assets

SEC Monitoring Impact of Hurricane Ida on Capital Markets
2021-171, Aug. 31, 2021 — SEC Chair Gary Gensler has directed the staff to carefully monitor developments as a result of Hurricane Ida making landfall on Aug. 29, 2021. The safety of local residents is our highest priority. We invite inquiries from any person with obligations under the federal securities laws that may be affected by Hurricane Ida. The staff will evaluate the appropriateness of providing regulatory relief for those affected by the storm.

SEC Obtains Emergency Relief, Charges Couple Who Operated $18 Million Ponzi scheme
2021-170, Aug. 31, 2021 — The Securities and Exchange Commission today announced that it filed an emergency action and obtained a temporary restraining order and an asset freeze to stop an alleged Ponzi scheme perpetrated by Shakopee, Minnesota residents Jason Dodd Bullard and Angela Romero-Bullard and the entity they control, Bullard Enterprises LLC. The SEC also named four relief defendants in the action – entities controlled by Bullard and Romero-Bullard that received investor funds from the alleged scheme.

SEC Announces Three Actions Charging Deficient Cybersecurity Procedures
2021-169., Aug. 30, 2021 — The Securities and Exchange Commission today sanctioned eight firms in three actions for failures in their cybersecurity policies and procedures that resulted in email account takeovers exposing the personal information of thousands of customers and clients at each firm. The eight firms, which have agreed to settle the charges, are: Cetera Advisor Networks LLC, Cetera Investment Services LLC, Cetera Financial Specialists LLC, Cetera Advisors LLC, and Cetera Investment Advisers LLC (collectively, the Cetera Entities); Cambridge Investment Research Inc. and Cambridge Investment Research Advisors Inc. (collectively, Cambridge); and KMS Financial Services Inc. (KMS). All were Commission-registered as broker dealers, investment advisory firms, or both


Effects of the COVID-19 Pandemic on Business Tax Return Processing Operations
September 2, 2021

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