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Regulatory Roundup - July 26-August 1

By:
Ruth Singleton
Published Date:
Aug 1, 2022

AICPA 

AICPA Recognizes Six Individuals with 2022 Outstanding Young CPA Award CPAs from across the nation are honored for their contributions to the accounting profession and community service work. 
Jul 25, 2022

CBO 

Cost Estimate 
H.R. 3228, a bill to direct the Secretary of Commerce, acting through the Administrator of the National Oceanic and Atmospheric Administration, to improve science, data, and services that enable sound decision making in response to coastal flood risk, inc 
July 29, 2022
As ordered reported by the House Committee on Natural Resources on January 19, 2022

Cost Estimate 
S. 3905, Preventing Organizational Conflicts of Interest in Federal Acquisition Act 
July 29, 2022
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 25, 2022

Presentation 
An Overview of the 2022 Long-Term Budget Outlook 
July 28, 2022
Presentation by Phillip Swagel, CBO’s Director, to the National Economists Club.

Cost Estimate 
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 5118, the Wildfire Response and Drought Resiliency Act 
July 28, 2022
As Posted by the House Committee on Rules on July 22, 2022

Cost Estimate 
H.R. 5768, VICTIM Act of 2022 
July 28, 2022
As reported by the House Committee on the Judiciary on July 26, 2022

Blog Post 
Presentations on CBO’s Updated Long-Term Projections 
July 28, 2022
CBO Director Phillip Swagel discusses his upcoming presentations on CBO’s latest long-term budget projections and demographic outlook.

Cost Estimate 
S. 4057, Strategic EV Management Act of 2022 
July 28, 2022
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 25, 2022

Cost Estimate 
S. 4205, PAW Act 
July 28, 2022
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 25, 2022

Cost Estimate 
H.R. 1066, Wildfire Recovery Act 
July 27, 2022
As ordered reported by the House Committee on Transportation and Infrastructure on October 27, 2021

Cost Estimate 
H.R. 1808, Assault Weapons Ban of 2022 
July 27, 2022
As posted on the website of the House Committee on Rules on July 25, 2022

Cost Estimate 
H.R. 2814, the Equal Access to Justice for Victims of Gun Violence Act of 2022 
July 27, 2022
As Posted on the Website of the House Committee on Rules on July 25, 2022

Cost Estimate 
H.R. 7624, the Spectrum Innovation Act of 2022 
July 27, 2022
As Posted on the Website of the Clerk of the House on July 25, 2022

Cost Estimate 
S. 1863, Guaranteeing Healthcare Access to Personnel Who Served Act 
July 27, 2022
As ordered reported by the Senate Committee on Veteran’s Affairs on July 28, 2021

Report 
The 2022 Long-Term Budget Outlook 
July 27, 2022
The U.S. faces a challenging fiscal outlook according to CBO's extended baseline projections, which show budget deficits and federal debt held by the public growing steadily in relation to gross domestic product over the next three decades.

Report 
The Demographic Outlook: 2022 to 2052 
July 27, 2022
In CBO’s projections, the size of the U.S. population increases from 335 million people in 2022 to 369 million people in 2052. Population growth is increasingly driven by net immigration, which accounts for all population growth in 2043 and beyond.

Cost Estimate 
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 7132, the Safe Connections Act of 2022 
July 26, 2022
As Posted on the Website of the Clerk of the House on July 25, 2022

Cost Estimate 
Estimated Budgetary Effects of H.R. 6929, the Susan Muffley Act of 2022, as modified by Amendment 2, the Manager's Amendment 
July 26, 2022
As Posted on the Website of the House Committee on Rules on July 20, 2022

Cost Estimate 
H.R. 263, Big Cat Public Safety Act 
July 26, 2022
As reported by the House Committee on Natural Resources on July 22, 2022

Cost Estimate 
H.R. 4040, the Advancing Telehealth Beyond COVID-19 Act of 2022 
July 26, 2022
As posted in Rules Committee Print 117-59 by the House Committee on Rules on July 26, 2022, with Manager’s Amendment

Cost Estimate 
H.R. 4590, the Promoting New and Diverse Depository Institutions Act 
July 26, 2022
As Posted on the Website of the Clerk of the House on July 25, 2022

Cost Estimate 
H.R. 3771, South Asian Heart Health Awareness and Research Act of 2022 
July 25, 2022
As reported by the House Committee on Energy and Commerce on July 21, 2022

Cost Estimate 
Legislation considered under suspension of the Rules of the House of Representatives during the week of July 25, 2022 
July 25, 2022
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 

Memorandum 
Professional Standards Update No. 85 
Published: Jul 28, 2022. 
Publicly Released: Jul 29, 2022. 
To alert the audit community to changes in professional standards, we periodically issue Professional Standards Updates (PSU). These updates highlight the effective dates and issuance of recent standards and guidance related to engagements conducted in accordance with Government Auditing Standards. PSUs... 

Student Loans 
Education Has Increased Federal Cost Estimates of Direct Loans by Billions Due to Programmatic and Other Changes 
GAO-22-105365 
Published: Jul 28, 2022. 
Publicly Released: Jul 29, 2022. 
What GAO Found Although the Department of Education originally estimated federal Direct Loans made in the last 25 years would generate billions in income for the federal government, its current estimates show these loans will cost the government billions. Education originally estimated these loans to... 

Nuclear Waste Cleanup 
Hanford Site Cleanup Costs Continue to Rise, but Opportunities Exist to Save Tens of Billions of Dollars 
GAO-22-105809 
Published: Jul 29, 2022. 
Publicly Released: Jul 29, 2022. 
What GAO Found We found that the Department of Energy (DOE) continues to face cost increases and delays in its efforts to address 54 million gallons of radioactive waste stored in tanks at the Hanford Site in Washington State. We also found that Congress and DOE could take steps now that could potentially... 

Military Service Academies 
Actions Needed to Better Assess Organizational Climate 
GAO-22-105130 
Published: Jul 29, 2022. 
Publicly Released: Jul 29, 2022. 
What GAO Found The United States Military Academy, United States Naval Academy, and United States Air Force Academy collect information about their organizational climate using a variety of tools. However, the DOD climate survey—the academies' primary tool for collecting information—does not provide... 

World Trade Center Health Program 
Quality Assurance Program Should Include Monitoring of Access to Health Services 
GAO-22-105303 
Published: Jul 29, 2022. 
Publicly Released: Jul 29, 2022. 
What GAO Found The World Trade Center Health Program, administered by the National Institute for Occupational Safety and Health (NIOSH), provides health services to eligible responders and survivors of the September 11, 2001, attacks at no cost. NIOSH contracts with clinics in the New York City area... 

Priority Open Recommendations 
Office of Science and Technology Policy 
GAO-22-105916 
Published: Jul 22, 2022. 
Publicly Released: Jul 29, 2022. 
What GAO Found In July 2021, GAO identified 3 priority recommendations for the Office of Science and Technology Policy's (OSTP). OSTP has not fully implemented any of these recommendations. As of July 2022, OSTP had 13 open recommendations. In July 2022, GAO identified 5 additional priority recommendations... 

Sexual Harassment 
Opportunities Remain for VA to Improve Program Structure, Policies, and Data Collection 
GAO-22-106103 
Published: Jul 28, 2022. 
Publicly Released: Jul 28, 2022. 
What GAO Found The Department of Veterans Affairs (VA) has taken steps to improve its efforts to prevent and address sexual harassment, but could realign its organizational structure, further strengthen policies, and better assess data. Most notably, VA has not taken sufficient action in response to... 

Information Technology and Cybersecurity 
Using Scorecards to Monitor Agencies' Implementation of Statutory Requirements 
GAO-22-106105 
Published: Jul 28, 2022. 
Publicly Released: Jul 28, 2022. 
What GAO Found Since November 2015, this Subcommittee has issued scorecards as an oversight tool to monitor agencies' progress in implementing various statutory IT provisions and addressing other key IT issues. The selected provisions are from laws such as the Federal Information Technology Acquisition... 

Credit Reform 
Transparency Needed for Evaluation of Potential Federal Involvement in Projects Seeking Loans 
GAO-22-105280 
Published: Jul 28, 2022. 
Publicly Released: Jul 28, 2022. 
What GAO Found The Federal Credit Reform Act of 1990 (FCRA) allows special budgetary treatment for federal loans made to non-federal borrowers. Specifically, the subsidy cost of the loan (cash outflows minus inflows) is reflected in the budget in the year the loan is made. Prior to FCRA, the total amount... 

Cloud Computing 
DOD Needs to Improve Workforce Planning and Software Application Modernization 
GAO-22-104070 
Published: Jun 29, 2022. 
Publicly Released: Jul 28, 2022. 
What GAO Found In 2019, the Office of Management and Budget (OMB) updated its Federal Cloud Computing Strategy and established 14 key requirements for agencies to implement within three areas—security, procurement, and workforce. Cloud computing enables on-demand access to shared computing resources... 

Persistent Chemicals 
Technologies for PFAS Assessment, Detection, and Treatment 
GAO-22-105088 
Published: Jul 28, 2022. 
Publicly Released: Jul 28, 2022. 
What GAO Found Current and promising technologies and methods could accelerate assessment of human health effects caused by per- and polyfluoroalkyl substances (PFAS) and improve the detection and treatment of PFAS in the environment. However, these technologies and methods face key challenges that hinder... 

Coast Guard 
Actions Needed to Enhance IT Program Implementation 
GAO-22-105092 
Published: Jul 28, 2022. 
Publicly Released: Jul 28, 2022. 
What GAO Found The U.S. Coast Guard lacks a documented network capacity planning process. Network capacity planning is an important aspect of IT infrastructure planning that involves determining the network resources required to support an entity's mission. However, the Coast Guard uses an ad hoc process... 

National Highways 
Analysis of Available Data Could Better Ensure Equitable Pavement Condition 
GAO-22-104578 
Published: Jul 28, 2022. 
Publicly Released: Jul 28, 2022. 
What GAO Found Most pavement on the National Highway System is in good or fair condition, but the condition varies widely across and within states. Moreover, GAO found that pavement condition varies based on certain community characteristics. Even when controlling for factors such as climate type and... 

Credit Reform 
Transparency Needed for Evaluation of Potential Federal Involvement in Projects Seeking Loans 
GAO-22-105280 
Published: Jul 28, 2022. 
Publicly Released: Jul 28, 2022. 
What GAO Found The Federal Credit Reform Act of 1990 (FCRA) allows special budgetary treatment for federal loans made to non-federal borrowers. Specifically, the subsidy cost of the loan (cash outflows minus inflows) is reflected in the budget in the year the loan is made. Prior to FCRA, the total amount... 

Air Travel and Communicable Diseases 
Federal Leadership Needed to Advance Research 
GAO-22-104579 
Published: Jul 28, 2022. 
Publicly Released: Jul 28, 2022. 
What GAO Found GAO identified research conducted on communicable diseases in air travel in several areas. For example, research has examined how air moves in aircraft and studied the effect of different airline operations—such as boarding aircraft from back to front—on the risk of disease exposure.... 

U.S. Courts 
Action Needed to Improve IT Management and Establish a Chief Information Officer 
GAO-22-105068 
Published: Jul 28, 2022. 
Publicly Released: Jul 28, 2022. 
What GAO Found The Administrative Office of the U.S. Courts (the Office) is a judicial branch agency that, among other things, provides IT support services to federal courts. Regarding IT workforce management, the Office's implementation of 12 selected leading practices across four areas varied (see... 

Facial Recognition Technology 
CBP Traveler Identity Verification and Efforts to Address Privacy Issues 
GAO-22-106154 
Published: Jul 27, 2022. 
Publicly Released: Jul 27, 2022. 
What GAO Found U.S. Customs and Border Protection (CBP) has made progress testing and deploying facial recognition technology (FRT) at air, sea, and land ports of entry to create entry-exit records for foreign nationals as part of its Biometric Entry-Exit Program. As of July 2022, CBP has deployed FRT... 

Nuclear Waste Cleanup 
DOE's Efforts to Manage Depleted Uranium Would Benefit from Clearer Legal Authorities 
GAO-22-105471 
Published: Jul 27, 2022. 
Publicly Released: Jul 27, 2022. 
What GAO Found The Department of Energy's (DOE) Office of Environmental Management (EM) used the COVID-19 shutdown to perform maintenance and modifications at the two depleted uranium hexafluoride (DUF6) conversion facilities located at the Portsmouth and Paducah sites. These facilities convert DUF6... 

Older Adults and Adults with Disabilities 
Federal Programs Provide Support for Preventing Falls, but Program Reach is Limited 
GAO-22-105276 
Published: Jul 27, 2022. 
Publicly Released: Jul 27, 2022. 
What GAO Found Nine federal programs are designed to help prevent falls or improve accessibility for older adults or adults with disabilities by providing evidence-based falls prevention (e.g., exercise classes), home assessments (e.g., home safety checklists), or home modifications (e.g., railings or... 

Priority Open Recommendations 
National Aeronautics and Space Administration 
GAO-22-105726 
Published: Jul 20, 2022. 
Publicly Released: Jul 27, 2022. 
What GAO Found In June 2021, GAO identified 11 priority recommendations for the National Aeronautics and Space Administration (NASA). Since then, NASA has implemented four of those recommendations by, among other things, establishing a process for aggregating and assessing cyber risk information from... 

Defense Health Agency 
Oversight Needed to Better Ensure That Children Are Screened, Tested, and Treated for Lead Exposure 
GAO-22-105006 
Published: Jul 26, 2022. 
Publicly Released: Jul 26, 2022. 
What GAO Found The Defense Health Agency (DHA)—the agency responsible for managing military medical treatment facilities—developed standardized guidelines for facility providers on pediatric lead processes. These include screening and testing children for elevated blood lead levels, treating children... 

Semiconductor Supply Chain 
Policy Considerations from Selected Experts for Reducing Risks and Mitigating Shortages 
GAO-22-105923 
Published: Jul 26, 2022. 
Publicly Released: Jul 26, 2022. 
What GAO Found Experts interviewed by GAO shared their views on policy options in several areas that could reduce semiconductor supply chain risks (see figure). Across these areas, workforce development was the one area where all 17 experts GAO interviewed agreed on the need to take action. At the same... 

Financial Management 
DOE and NNSA Have Opportunities to Improve Management of Carryover Balances 
GAO-22-104541 
Published: Jul 25, 2022. 
Publicly Released: Jul 25, 2022. 
What GAO Found The Department of Energy's (DOE) Office of Environmental Management (EM) and the National Nuclear Security Administration (NNSA) oversee the cleanup of DOE's legacy sites and the operation of the nuclear security enterprise, respectively. Most funds that Congress appropriates to EM and... 

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...

IASB 

IFRS Foundation completes consolidation with Value Reporting Foundation
Announcement
1 Aug 2022

July 2022 IASB podcast now available
Podcast
1 Aug 2022       

July 2022 monthly news summary 
News summary
1 Aug 2022

First episode of the ISSB podcast now available 
Podcast 
29 Jul 2022  

International Accounting Standards Board sets out its 2022–2026 priorities 
Agenda Consultation
29 Jul 2022

Join the IFRS Advisory Council 
Careers
27 Jul 2022  

July 2022 National Standard-setters newsletter now available 
Update
27 Jul 2022   

Join the staff—Systems and Data Analyst 
Careers
26 Jul 2022     

Join the staff—Customer Services Representative
Careers
26 Jul 2022

IRS 

Security Summit warns tax pros of evolving email and cloud-based schemes to steal taxpayer data 
IR-2022-143, July 26, 2022 — As part of a special Security Summit series, the Internal Revenue Service, state tax agencies and nation’s tax industry warn tax professionals to beware of evolving scams designed to steal client data.

NYS 

DFS Superintendent Adrienne A. Harris Announces Banner Life Insurance Company to Pay $3.5 Million Penalty for Unlicensed Pension Risk Business 
2022-07-28

PCAOB 

PCAOB Chair Williams Remarks on 20th Anniversary of Sarbanes-Oxley Act and Establishment of the PCAOB 
Jul. 28, 2022

SEC 

SEC Charges Eleven Individuals in $300 Million Crypto Pyramid Scheme  
2022-134, Aug. 1, 2022 — The Securities and Exchange Commission today charged 11 individuals for their roles in creating and promoting Forsage, a fraudulent crypto pyramid and Ponzi scheme that raised more than $300 million from millions of retail investors worldwide, including in the United States. Those charged include the four founders of Forsage, who were last known to be living in Russia, the Republic of Georgia, and Indonesia, as well as three U.S.-based promoters engaged by the founders to endorse Forsage on its website and social media platforms, and several members of the so-called Crypto Crusaders—the largest promotional group for the scheme that operated in the United States from at least five different states

SEC Re-Proposes Amendments to Exemption From National Securities Association Membership
2022-133, July 29, 2022 — The Securities and Exchange Commission today re-proposed rule amendments that would narrow the exemption from Section 15(b)(8) of the Securities Exchange Act, which requires any broker or dealer registered with the Commission to become a member of a national securities association unless the broker or dealer effects transactions in securities solely on an exchange of which it is a member. FINRA currently is the only registered national securities association.

New Report from the Small Business Forum Includes Recommendations to Improve Capital Raising                          
2022-132,  July 28, 2022 — The Securities and Exchange Commission today released a report to Congress, which summarizes policy recommendations made during the 41st Annual Government-Business Forum on Small Business Capital Formation. The report provides a summary of the forum proceedings, including the recommendations developed by participants for changes needed to the capital raising framework and the Commission’s responses to the recommendations.

SEC Charges JPMorgan, UBS, and TradeStation for Deficiencies Relating to the Prevention of Customer Identity Thef
2022-131,  July 27, 2022 — The Securities and Exchange Commission today separately charged J.P. Morgan Securities LLC, UBS Financial Services Inc., and TradeStation Securities, Inc. for deficiencies in their programs to prevent customer identity theft, in violation of the SEC’s Identity Theft Red Flags Rule, or Regulation S-ID

SEC Small Business Advisory Committee to Discuss Liquidity Challenges for Investors in Small and Emerging Businesses 
2022-130, July 27, 2022 — The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee today released the agenda for its virtual meeting on Tuesday, Aug. 2, which will address liquidity challenges for investors in small and emerging businesses. The Committee, which provides advice and recommendations to the Commission on rules, regulations, and policy matters relating to small businesses, will start the morning session with updates from committee members on challenges and opportunities for small business capital formation as a result of current economic conditions.

TIGTA 

American Rescue Plan Act: Assessment of the Child Tax Credit Update Portal’s Capabilities and Related Processes 
July 25, 2022 

 

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