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Regulatory Roundup - July 19-25

By:
Ruth Singleton
Published Date:
Jul 25, 2022

CBO 

Report 
Additional Information About the INSULIN Act 
July 22, 2022
CBO provides additional information about how the certification provision in the INSULIN Act would affect the prices for insulin and the federal budget.

Cost Estimate 
Estimated Budgetary Effects of H.R. 2873, the Affordable Prescriptions for Patients Through Promoting Competition Act of 2021 
July 22, 2022
As ordered reported by the House Committee on the Judiciary on September 29, 2021

Cost Estimate 
Estimated Budgetary Effects of H.R. 2883, the Stop Stalling Access to Affordable Medications Act 
July 22, 2022
As ordered reported by the House Committee on the Judiciary on September 29, 2021

Cost Estimate 
Estimated Budgetary Effects of H.R. 6929, the Susan Muffley Act of 2022 
July 22, 2022
As Posted on the Website of the House Committee on Rules on July 20, 2022

Cost Estimate 
H.R. 3952, NOAA Chief Scientist Act 
July 22, 2022
As reported by the House Committee on Science, Space, and Technology on June 16, 2022

Cost Estimate 
H.R. 7361, National Weather Service Communications Improvement Act 
July 22, 2022
As reported by the House Committee on Science, Space, and Technology on July 14, 2022

Cost Estimate 
S. 3293, Post-9/11 Veterans’ Mental Health Care Improvement Act of 2021 
July 22, 2022
As reported by the Senate Committee on Veterans’ Affairs on December 15, 2021

Cost Estimate 
Estimated Budgetary Effects of H.R. 4346 
July 21, 2022
As Amended by the Senate and as Posted by the Senate Committee on Commerce, Science, and Transportation on July 20, 2022

Cost Estimate 
Estimated Direct Spending and Revenue Effects of S. 4348, the Food and Drug Administration Safety and Landmark Advancements Act of 2022 
July 21, 2022
As Reported by the Committee on Health, Education, Labor, and Pensions on July 13, 2022

Report 
Health Insurance Policies 
July 21, 2022
CBO explains the effects of making permanent the enhanced premium tax credit structure provided in the American Rescue Plan Act of 2021 and finalizing a proposed regulation concerning the affordability of employment-based coverage.

Cost Estimate 
S. 471, Members of Congress Pension Opt Out Clarification Act 
July 21, 2022
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 25, 2022

Blog Post 
CBO’s Distributional Analyses 
July 20, 2022
CBO created a new web page making its distributional analyses accessible in one place.

Cost Estimate 
H.R. 4586, Risk-Based Credit Examination Act 
July 20, 2022
As ordered reported by the House Committee on Financial Services on June 22, 2022

Cost Estimate 
H.R. 6552, Frederick Douglass Trafficking Victims Prevention and Protection Reauthorization Act of 2022 
July 20, 2022
As ordered reported by the House Committee on Foreign Affairs on February 9, 2022

Cost Estimate 
H.R. 7734, Timely Delivery of Bank Secrecy Act Reports Act 
July 20, 2022
As ordered reported by the House Committee on Financial Services on May 17, 2022

Presentation 
CBO’s Economic Forecast: Understanding Productivity Growth 
July 19, 2022
Presentation by Aaron Betz, an analyst in CBO’s Macroeconomic Analysis Division, at the NABE Foundation's 19th Annual Economic Measurement Seminar.

Report 
Answers to Questions for the Record Following a Hearing on The Budget and Economic Outlook: 2022 to 2032 
July 18, 2022
The House Committee on the Budget convened a hearing at which Phillip L. Swagel, CBO's Director, testified. This document provides CBO’s answers to questions submitted for the record.

Cost Estimate 
H.R. 2992, TBI and PTSD Law Enforcement Training Act 
July 18, 2022
As passed by the House of Representatives on May 18, 2022 

FAF 

Financial Accounting Foundation Trustees Name Zachary Jackson to the Governmental Accounting Standards Advisory Council (GASAC)
July 20, 2022 

GAO 

Maritime Cargo Security 
CBP Should Provide Additional Guidance for Certain Non-Containerized Cargo Inspections 
GAO-22-104210 
Published: Jun 22, 2022. 
Publicly Released: Jul 22, 2022. 
What GAO Found U.S. Customs and Border Protection (CBP) policies and guidance allow for variation in maritime port of entry (seaport) inspections of non-containerized cargo—goods not transported in traditional shipping containers—provided CBP personnel at seaports follow minimum inspection requirements.... 

Priority Open Recommendations 
Office of Management and Budget 
GAO-22-105582 
Published: Jul 15, 2022. 
Publicly Released: Jul 22, 2022. 
What GAO Found In June 2021, GAO identified 44 priority recommendations for the Office of Management and Budget (OMB). Since then, OMB has implemented 6 of those recommendations by, among other things, issuing a plan to implement a federal program inventory, taking actions to help reduce improper payments... 

Priority Open Recommendations 
Department of Homeland Security 
GAO-22-105702 
Published: Jul 15, 2022. 
Publicly Released: Jul 22, 2022. 
What GAO Found In August 2021, GAO identified 40 priority recommendations for the Department of Homeland Security (DHS). Since then, DHS has implemented 5 of those recommendations. In doing so, DHS (1) developed a model to better assess the contributions of surveillance technologies and border barriers... 

Priority Open Recommendations 
Department of Commerce 
GAO-22-105684 
Published: Jul 15, 2022. 
Publicly Released: Jul 22, 2022. 
What GAO Found In June 2021, GAO identified 11 priority recommendations for the Department of Commerce (Commerce). Since then, Commerce has implemented one of those recommendations by taking significant steps to ensure Census Bureau corrective actions for cybersecurity weaknesses were implemented within... 

Tribal Broadband 
National Strategy and Coordination Framework Needed to Increase Access 
GAO-22-104421 
Published: Jun 22, 2022. 
Publicly Released: Jul 22, 2022. 
What GAO Found Federal funding from 2015–2020 has increased broadband access for people living on tribal lands, but access continues to lag behind the rest of the country. Nationwide, conservative estimates show more than 18 percent of people living on tribal lands remain unserved by broadband as of... 

State Department 
Additional Actions Needed to Improve Workplace Diversity and Inclusion 
GAO-22-105182 
Published: Jul 21, 2022. 
Publicly Released: Jul 22, 2022. 
What GAO Found The Department of State's actions address five of seven leading practices GAO identified for managing diversity and inclusion in the workplace; however, gaps remain in measurement and accountability (see table). State is addressing employee involvement and diversity training and has plans... 

Foreign Assistance 
State and USAID Are Taking Actions to Advance Equity Abroad and Mitigate Challenges 
GAO-22-105112 
Published: Jul 19, 2022. 
Publicly Released: Jul 22, 2022. 
What GAO Found In 2021, the President issued several executive directives related to advancing racial equity and supporting historically marginalized groups at home and abroad. Most Department of State and U.S. Agency for International Development (USAID) joint strategies have goals and objectives that... 

Preventing a Dirty Bomb 
Vulnerabilities Persist in NRC's Controls for Purchases of High-Risk Radioactive Materials 
GAO-22-103441 
Published: Jul 14, 2022. 
Publicly Released: Jul 21, 2022. 
What GAO Found The Nuclear Regulatory Commission's (NRC) current system for verifying licenses does not adequately protect against the purchase of high-risk radioactive materials using a fraudulent license. Licenses control the type and quantity of radioactive material allowed to be possessed. Quantities... 

Small Business Research Programs 
Air Force Had Success in Some Areas with New Awards Process 
GAO-22-105223 
Published: Jul 21, 2022. 
Publicly Released: Jul 21, 2022. 
What GAO Found In June 2018, Air Force implemented a new “open topics” process for issuing Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) awards to attract new small businesses and deliver technology solutions faster to the Air Force. The new process gives... 

Patent Trial and Appeal Board 
Preliminary Observations on Oversight of Judicial Decision-Making 
GAO-22-106121 
Published: Jul 21, 2022. 
Publicly Released: Jul 21, 2022. 
What GAO Found GAO's preliminary work has identified concerns among the Patent Trial and Appeal Board (PTAB) judges on the clarity and implementation of oversight practices and policies. Specifically, the majority of judges (75 percent) surveyed by GAO responded that the oversight practiced by U.S. Patent... 

National Science Foundation 
Continued Cost and Schedule Increases for Major Facilities Projects in Construction 
GAO-22-105550 
Published: Jul 20, 2022. 
Publicly Released: Jul 20, 2022. 
What GAO Found Since GAO's June 2021 report on the status of the National Science Foundation's (NSF) major facilities and mid-scale research infrastructure projects, NSF completed construction of the Daniel K. Inouye Solar Telescope. However, NSF continues to face cost increases, schedule delays, or... 

Priority Open Recommendations 
Department of Transportation 
GAO-22-105721 
Published: Jul 12, 2022. 
Publicly Released: Jul 19, 2022. 
What GAO Found In April 2020, GAO identified 16 priority recommendations for the Department of Transportation (DOT). Since then, DOT has implemented 2 of those recommendations by, among other things, taking actions to assess the effectiveness of its efforts to improve airport terminal-area safety and... 

Federal Research Centers 
Revising DOD Oversight Policy Could Assure Access to Performance and Effectiveness Information 
GAO-22-105278 
Published: Jul 19, 2022. 
Publicly Released: Jul 19, 2022. 
What GAO Found To help meet its research needs, the Department of Defense (DOD) sponsors 10 Federally Funded Research and Development Centers (FFRDC), which are nonprofit, university-affiliated, or industry organizations. Each DOD-sponsored FFRDC is managed by a specific military department or organization,... 

Healthy Eating 
Government-wide solutions for promoting healthy diets, food safety, and food security 
GAO-22-106078 
Published: Jul 19, 2022. 
Publicly Released: Jul 19, 2022. 
Each year, millions of people in the U.S. die from diet-related chronic health conditions, get sick from foodborne illnesses, or go hungry. We have recommended a government-wide approach to addressing these widespread and often preventable food-related challenges. 

Countering Weapons of Mass Destruction 
DHS Office Has Opportunities to Improve Partner Services and Employee Morale 
GAO-22-106133 
Published: Jul 19, 2022. 
Publicly Released: Jul 19, 2022. 
What GAO Found The Department of Homeland Security's (DHS) Countering Weapons of Mass Destruction Office (CWMD) carries out a range of functions to serve its federal, state, and local partners in combating chemical, biological, radiological, and nuclear threats. In April 2022, GAO found that CWMD's partners... 

F-35 Aircraft 
DOD Should Assess and Update Its Engine Sustainment Strategy to Support Desired Outcomes 
GAO-22-104678 
Published: Jul 19, 2022. 
Publicly Released: Jul 19, 2022. 
What GAO Found The Department of Defense's (DOD) F-35 engine sustainment strategy does not meet the desired outcomes of the military services. DOD's current strategy, if implemented as planned, allows for 6 percent of its F-35 aircraft to be non-mission capable, or unable to perform assigned missions,... 

Social Security Disability 
SSA Expedited Most Critical Cases at Hearings Level but Lacks Consistent Policy Implementation 
GAO-22-104191 
Published: Jun 16, 2022. 
Publicly Released: Jul 18, 2022. 
What GAO Found The Social Security Administration (SSA) flags a disability appeals case as critical after determining that the claimant's health or financial condition, such as having a terminal illness or dire financial need, meets criteria in SSA's policy manual. Cases can be flagged as critical before... 

K-12 Education 
Teachers Generally Responded Positively to Professional Learning at DOD Schools 
GAO-22-105464 
Published: Jul 18, 2022. 
Publicly Released: Jul 18, 2022. 
What GAO Found The Department of Defense Education Activity (DODEA), which educates children of military families, has implemented a unified approach for offering teacher professional learning to facilitate implementation of College and Career Readiness Standards (CCRS). These standards are intended... 

GASB 

Financial Accounting Foundation Trustees Name Zachary Jackson to the Governmental Accounting Standards Advisory Council (GASAC)
July 20, 2022 

IASB 

The ISSB Update, from the inaugural meeting in July 2022, is now available 
Update
25 Jul 2022    

Addendum to June 2022 IFRIC Update now available 
Update   
25 Jul 2022     

July 2022 IASB Update available and work plan updated 
Update
25 Jul 2022 

28-30 June 2022 Trustees of the IFRS Foundation and Due Process Oversight Committee meeting summary available 
Meeting
21 Jul 2022  

Joint Capital Markets Advisory Committee and Global Preparers Forum June 2022 meeting summary available 
Meeting
18 Jul 2022  

IRS 

New IRS Strategic Plan: Agency issues five-year plan with goal to help taxpayers 
IR-2022-142, July 20, 2022 — The Internal Revenue Service today released a new five-year Strategic Plan that outlines its goals to improve taxpayer service and tax administration. 

2021 tax extension filers don’t need to wait until October 17 
IR-2022-141, July 19, 2022 — The Internal Revenue Service is reminding the estimated 19 million taxpayers who requested an extension to file their 2021 tax return that they don’t have to wait until mid-October to file. If a taxpayer has all the necessary information to file an accurate return, they can file electronically at any time before the October deadline and avoid a last-minute rush to file. 

Security Summit: Identity Protection PINs provide an important defense against tax-related identity theft 
IR-2022-140, July 19, 2022 — The Security Summit partners today encouraged tax professionals to increase their efforts to inform clients about the IRS Identity Protection PIN Opt-In Program to help protect people against tax-related identity theft. 

NYS 

Governor Hochul Signs Legislation to Continue Commitment to Affordable Banking in New York State
2022-07-18

SEC 

SEC Files Multiple Insider Trading Actions Originating from the Market Abuse Unit's Analysis and Detection Center                             
2022-129, July 25, 2022 —The Securities and Exchange Commission today filed insider trading charges against nine individuals in connection with three separate alleged schemes that together yielded more than $6.8 million in ill-gotten gains. Those charged include a former chief information security officer (CISO), an investment banker, and a former FBI trainee, all of whom allegedly shared confidential information with their friends, who then traded on that confidential information. Each of the three actions announced today originated from the SEC Enforcement Division’s Market Abuse Unit’s (MAU) Analysis and Detection Center, which uses data analysis tools to detect suspicious trading patterns.

SEC Charges Former Indiana Congressman with Insider Trading
2022-128, July 25, 2022 —The Securities and Exchange Commission today filed insider trading charges against Stephen Buyer, a former U.S. Representative for Indiana's 4th Congressional District.

SEC Charges Former Coinbase Manager, Two Others in Crypto Asset Insider Trading Action                                      
2022-127, July 21, 2022 — The Securities and Exchange Commission today announced insider trading charges against a former Coinbase product manager, his brother, and his friend for perpetrating a scheme to trade ahead of multiple announcements regarding certain crypto assets that would be made available for trading on the Coinbase platform. 

SEC Charges Tampa-Based Health Insurance Distributor and its Former CEO with Making False Statements to Investors                            
2022-126, July 20, 2022 — The Securities and Exchange Commission today announced charges against Health Insurance Innovations (HII) and its former CEO Gavin Southwell for concealing extensive consumer complaints about short-term and limited health insurance products HII offered. HII has since changed its name to Benefytt Technologies and become a private company.

SEC Issues More than $17 Million Award to a Whistleblower   
2022-125, July 19, 2022 — The Securities and Exchange Commission today announced an award of more than $17 million to a whistleblower who provided information and assistance in a covered action and related action. The whistleblower’s information prompted SEC staff to open a new investigation that led to the successful covered action. The whistleblower also provided SEC Enforcement staff with detailed information and documents throughout the investigation. Further, because the same information led to the success of the related action, the whistleblower is also entitled to an award based on amounts collected in the related action.

Equitable Financial To Pay $50 Million Penalty To Settle SEC Charges That It Provided Misleading Account Statements to Investors              
2022-124, July 18, 2022 — The Securities and Exchange Commission today announced fraud charges against Equitable Financial Life Insurance Company for providing account statements to about 1.4 million variable annuity investors that included materially misleading statements and omissions concerning investor fees. Equitable agreed to pay $50 million to harmed investors, most of whom are public school teachers and staff members, to settle the charges.

Jaime Lizárraga Sworn In as SEC Commissioner     
2022-123,  July 18, 2022 — The Securities and Exchange Commission today announced that Jaime Lizárraga has been sworn into office as a Commissioner by Chair Gary Gensler. Commissioner Lizárraga was nominated by President Biden earlier this year and confirmed by the U.S. Senate on June 16.

TIGTA 

Fiscal Year 2022 IRS Federal Information Security Modernization Act Evaluation 
July 18, 2022 

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