Regulatory Roundup - July 20-26

By:
Chris Gaetano
Published Date:
Jul 26, 2021

CBO

Cost Estimate

S. 2000, U.S.-Greece Defense and Interparliamentary Partnership Act of 2021

July 23, 2021

As ordered reported by the Senate Committee on Foreign Relations on June 24, 2021

Cost Estimate

H.R. 2617, Performance Enhancement Reform Act

July 23, 2021

As ordered reported by the House Committee on Oversight and Reform on May 25, 2021

Cost Estimate

H.R. 4502, the Labor, Health and Human Services, Education, Agriculture, Rural Development, Energy and Water Development, Financial Services and General Government, Interior, Environment, Military Construction, Veterans Affairs, Transportation, Housing, a

July 23, 2021

As posted on the House Committee on Rules Website

Cost Estimate

S. 1041, Reinforcing Nicaragua’s Adherence to Conditions for Electoral Reform Act of 2021

July 23, 2021

As reported by the Senate Committee on Foreign Relations on
June 24, 2021

Cost Estimate

S. 1061, Israel Relations Normalization Act of 2021

July 23, 2021

As reported by the Senate Committee on Foreign Relations on June 24, 202

Cost Estimate

H.R. 1619, Catawba Indian Nation Lands Act

July 22, 2021

As ordered reported by the House Committee on Natural Resources on May 26, 2021

Report

Additional Information About the Updated Budget and Economic Outlook: 2021 to 2031

July 21, 2021

CBO provides additional detail about its latest baseline projections, which were published on July 1, 2021. The projected deficit for 2021 is $3.0 trillion, $126 billion less than the deficit recorded last year.

Report

Federal Debt and the Statutory Limit, July 2021

July 21, 2021

CBO projects that if the debt limit is not raised, the Treasury would probably run out of cash and be unable to make its usual payments starting sometime in the first quarter of the next fiscal year, most likely in October or November.

Cost Estimate

H.R. 3599, Federal Rotational Cyber Workforce Program Act of 2021

July 21, 2021

As ordered reported by the House Committee on Oversight and Reform on June 29, 2021

Cost Estimate

S. 1917, K-12 Cybersecurity Act of 2021

July 21, 2021

As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on July 14, 2021


Presentation

CBO’s Updated Budget and Economic Projections

July 20, 2021

Presentation by Phillip Swagel, CBO’s Director, to J.P. Morgan’s Virtual Investor Meeting.

Cost Estimate
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 2668, the Consumer Protection and Recovery Act
July 19, 2021
As ordered reported by the House Committee on Energy and Commerce on June 10, 2021

Cost Estimate
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of the Rules Committee Print of H.R. 2467, PFAS Action Act of 2021, as amended by the Pallone Amendment #7
July 19, 2021
As posted on the website of the House Committee on Rules on

July 19, 2021
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.

 

GAO

Health Care Funding

Planned Parenthood Federation of America Affiliates' Expenditures of Federal Funds, 2016 through 2018

GAO-21-608R

Published: Jun 22, 2021.

Publicly Released: Jul 22, 2021.

What GAO Found GAO reviewed reported expenditures of federal funds among 39 Planned Parenthood Federation of America (PPFA) affiliates from fiscal years 2016 through 2018 and found that they expended approximately $271 million in federal funds during that time frame.

Released on Jul. 21, 2021

Voters with Disabilities

State and Local Actions and Federal Resources to Address Accessibility of Early Voting

GAO-21-352

Published: Jun 21, 2021.

Publicly Released: Jul 21, 2021.

What GAO Found Selected states and localities have taken steps to make voting prior to Election Day accessible for people with disabilities, but election officials and advocacy officials reported that challenges persist.

Federal Lands and Waters

Information on Agency Spending for Outdoor Recreation Is Limited

GAO-21-592

Published: Jul 21, 2021.

Publicly Released: Jul 21, 2021.

What GAO Found The information that the seven federal agencies GAO reviewed have about their spending that supports outdoor recreation varies and is not intended to fully or precisely reflect all agency spending on recreation.

Military Personnel

DOD's Transition Assistance Program at Small or Remote Installations

GAO-21-104608

Published: Jul 21, 2021.

Publicly Released: Jul 21, 2021.

What GAO Found The Transition Assistance Program (TAP) provides counseling, employment assistance, and information on federal veterans benefits, among other support, to transitioning servicemembers who are separating from the military.

Released on Jul. 20, 2021

Immigration Enforcement

Actions Needed to Better Track Cases Involving U.S. Citizenship Investigations

GAO-21-487

Published: Jul 20, 2021.

Publicly Released: Jul 20, 2021.

What GAO Found Department of Homeland Security's (DHS) U.S. Immigration and Customs Enforcement (ICE) and U.S. Customs and Border Protection (CBP) have policies and procedures for investigating citizenship, but some ICE guidance is inconsistent.

Countering Violent Extremism

DHS Can Further Enhance Its Strategic Planning and Data Governance Efforts

GAO-21-507

Published: Jul 20, 2021.

Publicly Released: Jul 20, 2021.

What GAO Found DHS's 2019 Strategic Framework for Countering Terrorism and Targeted Violence and the related plans—collectively referred to as the strategy—outline the department's vision for all DHS counterterrorism activities.

Spectrum Management

Agencies Should Strengthen Collaborative Mechanisms and Processes to Address Potential Interference

GAO-21-105319

Published: Jul 20, 2021.

Publicly Released: Jul 20, 2021.

What GAO Found The Federal Communications Commission (FCC) and National Telecommunications and Information Administration (NTIA) regulate and manage spectrum, and other agencies, such as the National Oceanic and Atmospheric Administration (NOAA) and National Aeronautics and Space Administration (NASA)...

Spectrum Management
Agencies Should Strengthen Collaborative Mechanisms and Processes to Address Potential Interference
GAO-21-474
Published: Jun 29, 2021.
Publicly Released: Jul 19, 2021.
What GAO Found The Federal Communications Commission (FCC) and National Telecommunications and Information Administration (NTIA) regulate and manage spectrum, and other agencies, such as the National Oceanic and Atmospheric Administration (NOAA) and National Aeronautics and Space Administration (NASA)...

COVID-19
Continued Attention Needed to Enhance Federal Preparedness, Response, Service Delivery, and Program Integrity GAO-21-551
Published: Jul 19, 2021.
Publicly Released: Jul 19, 2021.
What GAO Found The nation is concurrently responding to, and recovering from, the COVID-19 pandemic, as the number of cases, hospitalizations, and deaths have declined in recent months.

GASB

GASB Issues Proposal to Enhance Concepts for Notes to Financial Statements
[07/20/21]
Media Advisory
Revised Exposure Draft

IASB

IASB to publish Exposure Draft Initial Application of IFRS 17 and IFRS 9—Comparative Information
26 July 2021
Forthcoming publication

IASB proposes reduced disclosure requirements for subsidiaries
26 July 2021
Consultation

July 2021 IASB and joint IASB-FASB Update available
23 July 2021
Update

IASB decides to extend the comment period for Exposure Draft Disclosure Requirements in IFRS Standards—A Pilot Approach
21 July 2021
Consultation

Webinar: Management Commentary—recording now available
21 July 2021
Webinar

IRS

More than 2.2 million additional Economic Impact Payments disbursed under the American Rescue Plan
IR-2021-157, July 21, 2021 — The Internal Revenue Service, U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced today they have disbursed more than 2.2 million additional Economic Impact Payments under the American Rescue Plan.

IRS holds additional weekend events July 23-24 to help people with Child Tax Credit payments and Economic Impact Payments
IR-2021-156, July 21, 2021 — The Internal Revenue Service and partners in non-profit organizations, churches, community groups and others will host additional events in several cities this weekend to help eligible families register for the monthly Advance Child Tax Credit (AdvCTC) payments.

Security Summit partners urge tax pros to use multi-factor authentication; critical step to boost protection against data theft
IR-2021-155, July 20, 2021 — With security incidents on the rise, the Internal Revenue Service, state tax agencies and the tax industry urged tax professionals and taxpayers to use a special feature – multi-factor authentication – available on tax software products to help protect against identity and data theft.

IRS improves services to taxpayers with digital authorizations and launch of new Tax Pro Account
IR-2021-154, July 19, 2021 — The Internal Revenue Service today launched a new feature that will give taxpayers digital control over who can represent them or view their tax records, a groundbreaking step in the agency’s expansion of electronic options for taxpayers and tax professionals.

NYS

DFS Approves Hudson River Community Credit Union to Acquire Norton-Troy Employee Credit Union
July 22, 2021

SEC

SEC Issues Substituted Compliance Determination for France
2021-13., July 26, 2021 —The Securities and Exchange Commission today announced the approval of a substituted compliance determination order with respect to security-based swap dealers and major security-based swap participants (SBS Entities) subject to regulation in the French Republic (the French Order). This is the first determination that addresses substituted compliance in connection with the Commission's capital and margin requirements.

YJ Fischer to Join SEC as Director of the Office of International Affairs
2021-137, July 22, 2021 —The Securities and Exchange Commission today announced the appointment of YJ Fischer as Director of the Office of International Affairs (OIA), effective Aug. 2. Ms. Fischer previously served in various roles at the U.S. State Department during the Obama Administration, including as assistant coordinator for implementation of the Iran nuclear agreement.

SEC Halts Alleged Ongoing Offering Fraud Involving Cycling Companies
2021-136, July 22, 2021 — The Securities and Exchange Commission today announced an emergency action including a temporary restraining order and asset freeze to stop an alleged fraudulent offering of securities and misappropriation of investor assets by Outdoor Capital Partners LLC and its director Samuel J. Mancini of Denver, Colorado.  The SEC alleges that the defendants made false statements in raising millions of dollars for an investment fund ostensibly to purchase controlling interests in three Italian cycling companies, but never made the acquisitions and instead fraudulently diverted money raised.

SEC Charges California Resident in Microcap Fraud Scheme Targeting Retail Investors
2021-135., July 22, 2021 — The Securities and Exchange Commission today announced that it has filed an emergency action charging California resident Charlie Abujudeh with running microcap fraud schemes targeting retail investors.

SEC Awards Nearly $3 Million to Whistleblower
2021-134., July 21, 2021 — The Securities and Exchange Commission today announced an award of nearly $3 million to a whistleblower whose information and assistance led to a successful SEC enforcement action.

SEC Charges Retailer and Former CEO for Accounting, Reporting, and Control Failures
2021-133., July 21, 2021 —The Securities and Exchange Commission today announced that Fort Worth, Texas, specialty retailer Tandy Leather Factory Inc. and its former chief executive officer Shannon Greene have agreed to settle charges for accounting, reporting, and control failures that led to a multi-year restatement of the company’s financial statements.

SEC Files Charges in Multi-Million Dollar Fraud Involving Two Companies
2021-132, July 19, 2021 — The Securities and Exchange Commission today announced charges against Aron Govil of Jacksonville, Florida, for defrauding investors in two companies he controlled, Cemtrex Inc. and Telidyne Inc
.

TIGTA

July 20, 2021
Taxpayers Were Notified About the CARES Act Retirement Plan Provisions; However, Additional Actions Could Be Taken to Identify Potential Noncompliance

 

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