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Regulatory Roundup - August 9-15

By:
Ruth Singleton
Published Date:
Aug 16, 2022

AICPA  

AICPA & CIMA Recognizes Three Exceptional CPAs for Their Outstanding Work in Government  
Aug 12, 2022

CBO  

Cost Estimate 
Information About Reconciliation Legislation for Several Committees of the House of Representatives 
 
As Passed by the Senate on August 7, 2022 

Cost Estimate 
H.R. 6265, Countering Assad’s Proliferation Trafficking and Garnering of Narcotics Act 
 
As ordered reported by the House Committee on Foreign Affairs on July 28, 2022 

Cost Estimate 
H.R. 7240, READ Act Reauthorization Act of 2022 
 
As ordered reported by the House Committee on Foreign Affairs on July 28, 2022 

Cost Estimate 
H.R. 8215, Veterans Online Information and Cybersecurity Empowerment Act of 2022 
 
As ordered reported by the House Committee on Veterans’ Affairs on July 19, 2022 

Cost Estimate 
H.R. 8503, Securing Global Telecommunications Act 
 
As ordered reported by the House Committee on Foreign Affairs on July 28, 2022 

Cost Estimate 
S. 3052, Cambodia Democracy and Human Rights Act of 2022 
 
As reported by the Senate Committee on Foreign Relations on July 21, 2022 

Cost Estimate 
S. 3092, FIRE Act 
 
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on February 2, 2022 

Cost Estimate 
S. 4216, North Korean Human Rights Reauthorization Act of 2022 
 
As reported by the Senate Committee on Foreign Relations on July 21, 2022 

Cost Estimate 
Information About Reconciliation Legislation 
 
As Passed by the Senate on August 7, 2022 

Cost Estimate 
Estimated Budgetary Effects of H.R. 2884, the Affordable Prescriptions for Patients Through Improvements to Patent Litigation Act  
 
As ordered reported by the House Committee on the Judiciary on September 30, 2021 

Cost Estimate 
Estimated Budgetary Effects of H.R. 2891, the Preserve Access to Affordable Generics and Biosimilars Act 
 
As ordered reported by the House Committee on the Judiciary on September 29, 2021 

Cost Estimate 
S. 3875, Community Disaster Resilience Zones Act of 2022 
 
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 30, 2022 

Interactive 
CBO's Waterfall Model for Projecting Discretionary Spending, August 2022 
 
CBO's interactive tool allows users to simulate the agency's process for projecting discretionary budget authority and outlays for different types of spending over the course of 10 years. 

Cost Estimate 
S. 3103, Eliminating Limits to Justice for Child Sex Abuse Victims Act of 2022 
 
As passed by the Senate on March 2, 2022 

Cost Estimate 
H.R. 1036, Bassam Barabandi Rewards for Justice Act 
 
As reported by the Senate Committee on Foreign Relations on July 21, 2022 

Cost Estimate 
H.R. 6899, Russia and Belarus SDR Exchange Prohibition Act of 2022 
 
As reported by the Senate Committee on Foreign Relations on July 21, 2022 

Cost Estimate 
H.R. 7846, Veterans’ Compensation Cost-of-Living Adjustment Act of 2022 
 
As ordered reported by the House Committee on Veterans’ Affairs on July 19, 2022 

Cost Estimate 
S. 3317, Madeleine K. Albright Democracy in the 21st Century Act 
 
As reported by the Senate Committee on Foreign Relations on July 21, 2022 

Cost Estimate 
S. 3589, Western Hemisphere Security Strategy Act of 2022 
 
As reported by the Senate Committee on Foreign Relations on July 25, 2022 

Report 
Monthly Budget Review: July 2022 
 
The federal budget deficit was $727 billion in the first 10 months of fiscal year 2022, CBO estimates—$1.8 trillion less than it was at the same point last year. 

GAO  

Military Health Care  
Improved Procedures and Monitoring Needed to Ensure Provider Qualifications and Competence 
GAO-22-104668 
Published: Aug 11, 2022. 
Publicly Released: Aug 11, 2022. 
What GAO Found The Defense Health Agency is responsible for ensuring the quality and safety of health care delivered by individual providers at its military medical treatment facilities. However, GAO found that four selected facilities and the Defense Health Agency did not always adhere to the agency's...  

VA Acquisition Management
Action Needed to Ensure Success of New Oversight Framework 
GAO-22-105195 
Published: Aug 11, 2022. 
Publicly Released: Aug 11, 2022. 
What GAO Found For over a decade, the Department of Veterans Affairs (VA) has worked to implement a framework for managing how it purchases goods and services, with little success. GAO found that VA has not used its Acquisition Program Management Framework, its current framework, which has been in place...  

National Science Foundation
Better Reporting Could Give More Visibility into Gains in States' Research Competitiveness 
GAO-22-105043 
Published: Aug 11, 2022. 
Publicly Released: Aug 11, 2022. 
What GAO Found The National Science Foundation (NSF) funds research and education across all fields of fundamental science and engineering. Its Established Program to Stimulate Competitive Research aims to enhance the ability of eligible U.S. states and territories (known as jurisdictions) to compete...  
Released on Aug. 10, 2022 

College Closures
Education Should Improve Outreach to Borrowers about Loan Discharges 
GAO-22-104403 
Published: Jul 15, 2022. 
Publicly Released: Aug 10, 2022. 
What GAO Found Students affected by college closures may be eligible to have their federal student loans forgiven through a “closed school discharge” from Education. However, GAO found that outreach to student borrowers about their potential eligibility for a discharge 1) is not timely, 2) does not...  
Released on Aug. 8, 2022 

Multiyear Procurement
Navy Should Provide Congress More Complete Information on Budget Request Decisions 
GAO-22-105966 
Published: Aug 08, 2022. 
Publicly Released: Aug 08, 2022. 
What GAO Found The Navy used multiyear procurement—a special method to contract for multiple years of requirements in a single contract—for seven critical weapon system programs in fiscal years 2021 and 2022. This contracting method can save the government money through procurement efficiencies but...  

IASB  

Join the Staff—Accounts Payable Accountant 
Careers
15 Aug 2022 

Join the Staff—Accounts Payable Manager 
Careers
15 Aug 2022  

Join the Staff—Management Accountant 
Careers
15 Aug 2022

Join the staff—Team Coordinator (support for Integration Director and projects) 
Careers
12 Aug 2022

Join the staff—Team Coordinator (support for Operations Leadership and IFRS Advisory Council) 
Careers 
12 Aug 2022

IRS  

IRS: Missouri storm, flooding victims now eligible for tax relief; Oct. 17 deadline, other dates extended to Nov. 15  
IR-2022-149, August 10, 2022 — Storm victims in parts of Missouri now have until November 15, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.  

New school year reminder to educators; maximum educator expense deduction rises to $300 in 2022  
IR-2022-148, August 10, 2022 — As the new school year begins, the Internal Revenue Service reminds teachers and other educators that they’ll be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax return next year. 

Security Summit releases new data security plan to help tax professionals; new WISP simplifies complex area  
IR-2022-147, August 9, 2022 — The Security Summit partners today unveiled a special new sample security plan designed to help tax professionals, especially those with smaller practices, protect their data and information. 

NYS  

Governor Hochul Signs Legislation to Honor and Support Holocaust Survivors in Educational, Cultural, and Financial Institutions  
August 10, 2022 

Governor Hochul Signs Legislation to Strengthen Housing Affordability for New York Seniors and Families 
August 8, 2022 

PCAOB  

At August 16 Open Meeting, PCAOB to Consider Releasing Draft Five-Year Strategic Plan for Public Comment 
Aug. 11, 2022 

SEC  

Lori H. Price Named Director of Office of Credit Ratings  
2022-142,  Aug. 12, 2022 — The Securities and Exchange Commission today announced that Lori H. Price has been named Director of the Office of Credit Ratings (OCR), effective Aug. 14, 2022. She has served as Acting Director since February 2022 and has more than 30 years of experience in various roles at the SEC.

SEC Proposes to Enhance Private Fund Reporting  
2022-141, Aug. 10, 2022  — The Securities and Exchange Commission today voted to propose amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds. The amendments, which the Commodity Futures Trading Commission (CFTC) is concurrently considering to propose jointly with the SEC, are designed to enhance the Financial Stability Oversight Council’s (FSOC) ability to assess systemic risk as well as to bolster the SEC’s regulatory oversight of private fund advisers and its investor protection efforts in light of the growth of the private fund industry.

SEC Charges Angel Oak Capital Advisors with Misleading Investors in $90 Million Fix-and-Flip Securitization  
2022-140, Aug. 10, 2022  — The Securities and Exchange Commission today charged Atlanta-based Angel Oak Capital Advisors, LLC and its portfolio manager Ashish Negandhi for misleading investors about the firm’s fix-and-flip loan securitization’s delinquency rates. Angel Oak and Negandhi have agreed to settle charges and pay a penalty of $1.75 million and $75,000, respectively.

SEC Awards More Than $16 Million to Two Whistleblowers  
2022-139, Aug. 9, 2022  The Securities and Exchange Commission today announced awards of more than $16 million to two whistleblowers who provided information and assistance in a successful SEC enforcement action.   The first whistleblower prompted the opening of the investigation and provided information on difficult-to-detect violations. This whistleblower also identified key witnesses and provided critical information, which helped staff in their investigation. As a result, this whistleblower will receive an award of approximately $13 million. The second whistleblower submitted important new information during the course of the investigation and will receive an award of more than $3 million.

SEC Proposes Rules to Improve Clearing Agency Governance and to Mitigate Conflicts of Interest  
2022-138, Aug. 8, 2022 — The Securities and Exchange Commission today proposed new rules to help improve governance arrangements across all registered clearing agencies by reducing the likelihood that conflicts of interest may influence the board of directors or equivalent governing body of a registered clearing agency.

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