Regulatory Roundup - Sept. 9-14

By:
Chris Gaetano
Published Date:
Sep 14, 2020

CBO

Blog Post
A Presentation on CBO’s Latest Budget Projections
September 9, 2020
In a talk before the U.S. Chamber of Commerce’s Chief Economists Committee, CBO Director Phillip Swagel spoke about CBO’s latest 10-year budget projections.

Cost Estimate
H.R. 2694, Pregnant Workers Fairness Act
September 9, 2020
As ordered reported by the House Committee on Education and Labor on January 14, 2020

Report
Long-Term Implications of the 2021 Future Years Defense Program

September 9, 2020
CBO analyzes DoD’s plans for 2021 through 2025 as presented in the 2021 Future Years Defense Program and projects how those plans would affect defense costs through 2035.

Cost Estimate
S. 2502, American Security Drone Act of 2020

September 9, 2020
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 11, 2020

Cost Estimate
S. 3948, a bill to amend the Alyce Spotted Bear and Walter Soboleff Commission on Native Children Act to extend the deadline for a report by the Alyce Spotted Bear and Walter Soboleff Commission on Native Children, and for other purposes

September 9, 2020
As ordered reported by the Senate Committee on Indian Affairs
on July 29, 2020

Cost Estimate
H.R. 2271, Scarlett’s Sunshine on Sudden Unexpected Death Act
As ordered reported by the House Committee on Energy and Commerce on July 15, 2020

Cost Estimate
H.R. 5517, Gandhi-King Scholarly Exchange Initiative Act
As ordered reported by the House Committee on Foreign Affairs on July 29, 2020

Cost Estimate
H.R. 7111, Navy SEAL Chief Petty Officer William ‘Bill’ Mulder (Ret.) Veterans Economic Recovery Act of 2020
As ordered reported by the House Committee on Veterans’ Affairs on July 30, 2020

Cost Estimate
H.R. 7795, Veterans Benefits Fairness and Transparency Act of 2020
As ordered reported by the House Committee on Veterans’ Affairs on July 30, 2020

Report
Monthly Budget Review for August 2020
The federal budget deficit in August 2020 was $198 billion, CBO estimates, $3 billion less than the deficit in August of last year. However, that comparison is distorted by shifts in the timing of certain payments. The cumulative federal budget deficit for the first 11 months of fiscal year 2020 was $3.0 trillion, CBO estimates, $1.9 trillion more than the deficit recorded for the same period last year.

Cost Estimate
S. 2216, Transparency and Effective Accountability Measures for Veterans Caregivers Act
As ordered reported by the Senate Committee on Veteran’s Affairs on August 5, 2020

Cost Estimate
S. 2558, Nursing Home Care for Native American Veterans Act
As ordered reported by the Senate Committee on Veterans’ Affairs on August 5, 2020

Cost Estimate
S. 2661, National Suicide Hotline Designation Act of 2020
As passed by the Senate on May 13, 2020

Cost Estimate
S. 4162, AIR Act of 2020
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on July 22, 2020

Cost Estimate
S. 4204, Federal Emergency Pandemic Response Act
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on July 22, 2020

FASB

Emerging Issues Task Force  [09/09/20]
September 3, 2019 Meeting Recap

GAO

2020 Census:
Key Areas for Attention Raised by Compressed Timeframes
GAO-20-720T: Published: Sep 10, 2020. Publicly Released: Sep 10, 2020.

Federal Advisory Committees:
Actions Needed to Enhance Decision-Making Transparency and Cost Data Accuracy
GAO-20-575: Published: Sep 10, 2020. Publicly Released: Sep 10, 2020.

Federal Tactical Teams:
Characteristics, Training, Deployments, and Inventory
GAO-20-710: Published: Sep 10, 2020. Publicly Released: Sep 10, 2020.

Natural Disasters:
Economic Effects of Hurricanes Katrina, Sandy, Harvey, and Irma
GAO-20-633R: Published: Sep 10, 2020. Publicly Released: Sep 10, 2020.

Grants Management:
Agencies Provided Many Types of Technical Assistance and Applied Recipients' Feedback
GAO-20-580: Published: Aug 11, 2020. Publicly Released: Sep 10, 2020.

Defense Real Property:
DOD-Wide Strategy Needed to Address Control Issues and Improve Reliability of Records
GAO-20-615: Published: Sep 9, 2020. Publicly Released: Sep 9, 2020.

Medicaid Information Technology:
Effective CMS Oversight and States' Sharing of Claims Processing and Information Retrieval Systems Can Reduce Costs

GAO-20-179: Published: Sep 9, 2020. Publicly Released: Sep 9, 2020.

Veteran Suicide:
VA Needs Accurate Data and Comprehensive Analyses to Better Understand On-Campus Suicide
GAO-20-664:Published: Sep 9, 2020. Publicly Released: Sep 9, 2020.

Airport Funding:
Information on Grandfathered Revenue Diversion and Potential Implications of Repeal
GAO-20-684: Published: Sep. 8, 2020 Publicly Released: Sep. 8, 2020

Aviation Sanitation:
FDA Could Better Communicate with Airlines to Encourage Voluntary Construction Inspections of Aircraft Galleys and Lavatories
GAO-20-612: Published: Sep. 8, 2020 Publicly Released: Sep. 8, 2020

Fannie Mae and Freddie Mac:
Efforts to Promote Diversity and Inclusion
GAO-20-637: Published: Sep. 8, 2020 Publicly Released: Sep. 8, 2020

Federalism:
Opportunities Exist to Improve Coordination and Consultation with State and Local Governments
GAO-20-560: Published: Aug. 7, 2020 Publicly Released: Sep. 8, 2020

Information Technology:
Key Attributes of Essential Federal Mission-Critical Acquisitions
GAO-20-249SP: Published: Sep. 8, 2020 Publicly Released: Sep. 8, 2020

VA Police:
Actions Needed to Improve Data Completeness and Accuracy on Use of Force Incidents at Medical Centers
GAO-20-599: Published: Sep. 8, 2020 Publicly Released: Sep. 8, 2020

GASB

GASB Opens Search for Director of Research and Technical Activities  [09/10/20]
News Release

IASB

11 September 2020
September 2020 IASB meeting papers and agenda now available

11 September 2020
Fourth and final webinar on Exposure Draft General Presentation and Disclosures in English, Japanese and Korean—recordings now available

10 September 2020
IASB releases webcast in Portuguese on Request for Information Comprehensive Review of the IFRS for SMEs Standard

IRS

IRS selects 10 new members for Electronic Tax Administration Advisory Committee
IR-2020-208, September 11, 2020 — The Internal Revenue Service has selected 10 new members for the Electronic Tax Administration Advisory Committee (ETAAC).

IRS highlights higher penalties for some tax returns filed after Sept. 14
IR-2020-207, September 10, 2020 — The Internal Revenue Service today urged individuals who owe taxes but have not yet filed for 2019 to act now to avoid larger penalties that, by law, start after September 14.

IRS adds six more forms to list that can be signed digitally; 16 now available
IR-2020-206, September 10, 2020 — On August 28, the IRS announced that it would temporarily allow the use of digital signatures on certain forms that cannot be filed electronically.

Third quarter estimated tax payments due Sept. 15
IR-2020-205, September 9, 2020 — The Internal Revenue Service today reminded the self-employed, investors, retirees and others with income not subject to withholding that third quarter estimated tax payments for 2020 are due September 15.

IRS expands tax help into more languages; Form 1040 offered in Spanish and more services, information available in multiple languages
IR-2020-204, September 9, 2020 — As part of a larger effort to reach underserved communities, the IRS is taking a number of aggressive steps to expand information and assistance available to taxpayers in additional languages, including providing the Form 1040 in Spanish for the first time.

IRS to mail special letter to estimated 9 million non-filers, urging them to claim Economic Impact Payment by Oct. 15 at IRS.gov
IR-2020-203, September 8, 2020 — Later this month, the Internal Revenue Service will start mailing letters to roughly 9 million Americans who typically don’t file federal income tax returns who may be eligible for, but have not registered to claim, an Economic Impact Payment.

NYS

Governor Cuomo Announces 33rd Straight Day with Covid-19 Infection Rate Below 1 Percent
September 09, 2020​

PCAOB

PCAOB Announces 2020 Forums on Auditing in the Small Business Environment and on Auditing Broker-Dealers
(September 9)

SEC

SEC Awards More Than $10 Million to Whistleblower
2020-209, Sept. 14, 2020 — The Securities and Exchange Commission today announced an award of more than $10 million to a whistleblower whose information and assistance were of crucial importance to a successful SEC enforcement action.

SEC Charges Charter School Operator and its Former President With Fraudulent Municipal Bond Offering
2020-208, Sept. 14, 2020 — The Securities and Exchange Commission today charged Park View School, Inc., a state-funded, nonprofit charter school operator based in Prescott Valley, Arizona, and its former President, Debra Kay Slagle, with misleading investors in an April 2016 municipal bond offering.

SEC Charges Film Producer, Rapper, and Others for Participation in Two Fraudulent ICOs
2020-207, Sept. 11, 2020 — The Securities and Exchange Commission today announced charges against five Atlanta-based individuals, including film producer Ryan Felton, rapper and actor Clifford Harris, Jr., known as T.I. or Tip, and three others who each promoted one of Felton’s two unregistered and fraudulent initial coin offerings (ICOs).  The SEC also charged FLiK and CoinSpark, the two companies controlled by Felton that conducted the ICOs. Aside from Felton, all of the individuals have agreed to settlements to resolve the charges against them

SEC Issues Agenda for September 16 Meeting of the Asset Management Advisory Committee

2020-206, Sept. 11, 2020 — The Securities and Exchange Commission today released the agenda for the September 16, 2020, meeting of the Asset Management Advisory Committee (AMAC).  AMAC was formed to provide the Commission with diverse perspectives on asset management and related advice and recommendations.

SEC Modernizes Disclosures for Banking Registrants
2020-205, Sept. 11, 2020 — The Securities and Exchange Commission today announced that it has adopted rules to update and expand the statistical disclosures that bank and savings and loan registrants provide to investors, in light of changes in this sector over the past 30 years.  The rules also eliminate certain disclosure items that are duplicative of other Commission rules and requirements of U.S. GAAP or IFRS.  The rules replace Industry Guide 3, Statistical Disclosure by Bank Holding Companies, with updated disclosure requirements in a new subpart of Regulation S-K.  The rules are intended to help ensure that investors have access to more meaningful, relevant information about these registrants to facilitate their investment and voting decisions. 

SEC Announces Final Distribution in WG Trading Investment Fraud, Totaling Over $1 Billion Returned to Harmed Investors
2020-204., Sept. 11, 2020 — The Securities and Exchange Commission today announced that the court-appointed receiver has begun the final distribution to investors in connection with the SEC's action against defendants Paul Greenwood, Steven Walsh, and their affiliated WG Trading entities. Upon completion of this final distribution, over $1 billion will have been returned to affected investors, representing 100% of their net principal investments

TIGTA

Taxpayer First Act: Implementation of Identity Theft Victim Assistance Provisions

September 10, 2020​

Controls Over Offset Bypass Refunds Processed by the Taxpayer Advocate Service Should Be Improved to Reduce the Risk of Abuse and Allow for More Consistent Treatment of Taxpayers
September 9, 2020

Fiscal Year 2020 Statutory Review of Compliance With Legal Guidelines When Issuing Levies
September 9, 2020

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