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Regulatory Roundup - September 20-26

By:
Ruth Singleton
Published Date:
Sep 26, 2022

AICPA 

AICPA Receives Finance Business Partner Grant for Maryland Apprentices 
Grant allows for expansion of AICPA’s Registered Apprenticeship for Finance Business Partners in Maryland 
Sep 20, 2022 

CBO

Cost Estimate 
H.R. 2374, Peace and Tolerance in Palestinian Education Act 
September 23, 2022  
As ordered reported by the House Committee on Foreign Affairs on September 15, 2022 

Cost Estimate 
H.R. 3304, Advancing Uniform Transportation Opportunities for Veterans Act 
September 23, 2022  
As ordered reported by the House Committee on Veterans’ Affairs on September 21, 2022 

Cost Estimate 
H.R. 3630, Lymphedema Treatment Act 
September 23, 2022  
As ordered reported by the House Committee on Energy and Commerce on July 13, 2022 

Cost Estimate 
H.R. 4213, Young Southeast Asian Leaders Initiative Act 
September 23, 2022  
As ordered reported by the House Committee on Foreign Affairs on September 15, 2022 

Cost Estimate 
H.R. 521, the First Responder Fair RETIRE Act 
September 23, 2022  
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on August 3, 2022 

Cost Estimate 
H.R. 8153, Indo-Pacific Engagement Act 
September 23, 2022  
As ordered reported by the House Committee on Foreign Affairs on September 15, 2022 

Cost Estimate 
H.R. 8446, Global Food Security Reauthorization Act of 2022 
September 23, 2022  
As ordered reported by the House Committee on Foreign Affairs on September 14, 2022 

Cost Estimate 
H.R. 8813, AFFECT Human Rights in Venezuela Act 
September 23, 2022  
As ordered reported by the House Committee on Foreign Affairs on September 14, 2022 

Cost Estimate 
S. 4808, Enhancing American Retirement Now Act 
September 23, 2022  
As reported by the Senate Committee on Finance on September 8, 2022 

Cost Estimate 
H.R. 8681, John Lewis Civil Rights Fellowship Act of 2022 
September 22, 2022  
As ordered reported by the House Committee on Foreign Affairs on September 14, 2022 

Cost Estimate 
H.R. 8888, Food Security for All Veterans Act 
September 22, 2022  
As ordered reported by the House Committee on Veterans’ Affairs on September 21, 2022 

Report 
How Inflation Has Affected Households at Different Income Levels Since 2019 
September 22, 2022  
CBO examines how inflation has affected households at different income levels and compares inflation since 2019 with the growth in household income over the same period. 

Cost Estimate 
S. 2333, Equal Pay for Team USA Act of 2022 
September 22, 2022  
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on June 22, 2022 

Working Paper 
The Congressional Budget Office’s Small-Scale Policy Model: Working Paper 2022-08 
September 22, 2022  
CBO's small-scale policy model determines in one model the short-run demand-driven responses and long-run supply-driven responses to policy changes. It also makes short- and long-run responses depend on the fiscal policy under study. 

Presentation 
Highlights of CBO’s Recent Transparency Efforts 
September 21, 2022  
Presentation by Deborah Kilroe, CBO's Director of Communications, and Ann Futrell, a Senior Adviser in CBO's Budget Analysis Division, at The Library of Congress’s 2022 Congress.gov Public Forum. 

Cost Estimate 
S. 3405, Low Power Protection Act 
September 21, 2022  
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on March 22, 2022 

Cost Estimate 
S. 4460, END FENTANYL Act 
September 21, 2022  
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on August 3, 2022 

Cost Estimate 
S. 4599, Disaster Assistance Simplification Act 
September 21, 2022  
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on August 3, 2022 

Blog Post 
CBO Releases Infographics About the Federal Budget in Fiscal Year 2021 
September 20, 2022  
View CBO’s budget infographics to see how much the federal government spent and took in during fiscal year 2021, as well as broader trends in the budget over the past few decades. 

Graphic 
Discretionary Spending in Fiscal Year 2021: An Infographic 
September 20, 2022  
Discretionary outlays by the federal government totaled $1.6 trillion in 2021, of which $742 billion was for national defense and $895 billion was for nondefense activities. 

Cost Estimate 
H.R. 5752, Emergency Relief for Servicemembers Act 
September 20, 2022  
As ordered reported by the House Committee on Veterans’ Affairs on July 19, 2022 

Cost Estimate 
H.R. 82, Social Security Fairness Act of 2021 
September 20, 2022  
As ordered reported by the House Committee on Ways and Means on September 20, 2022 

Graphic 
Mandatory Spending in Fiscal Year 2021: An Infographic 
September 20, 2022  
Mandatory outlays by the federal government totaled $4.8 trillion in 2021, of which $1.8 trillion was for Social Security and Medicare. 

Graphic 
Revenues in Fiscal Year 2021: An Infographic 
September 20, 2022  
Revenues received by the federal government in 2021 totaled $4.0 trillion, of which $2.0 trillion was receipts from individual income taxes. 

Graphic 
The Federal Budget in Fiscal Year 2021: An Infographic 
September 20, 2022  
The federal deficit in 2021 was $2.8 trillion, equal to 12.4 percent of gross domestic product.  

Cost Estimate 
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 1456, Peace Corps Reauthorization Act of 2022 
September 19, 2022  
As Posted to the Website of the Clerk of the House on September 16, 2022 

Cost Estimate 
H.R. 6364, a bill to amend the Delaware Water Gap National Recreation Area Improvement Act to extend the exception to the closure of certain roads within the Recreation Area for local businesses, and for other purposes 
September 19, 2022  
As ordered reported by the House Committee on Natural Resources on July 13, 2022 

Cost Estimate 
H.R. 7647, Supreme Court Ethics, Recusal, and Transparency Act of 2022 
September 19, 2022  
As ordered reported by the House Committee on the Judiciary on May 11, 2022 

Cost Estimate 
S. 3211, Eliminate, Neutralize, and Disrupt Wildlife Trafficking Reauthorization and Improvements Act of 2022 
September 19, 2022  
As reported by the Senate Committee on Foreign relations on June 14, 2022 

FASB  

Not-for-Profit Advisory Committee Meeting Recap—September 13, 2022September 23, 2022

FASB to Host Online Training Forum for Continuing Professional Education (CPE) ProvidersSeptember 19, 2022  

GAO

Public Health Emergencies  
Data Management Challenges Impact National Response 
GAO-22-106175 
Published: Sep 22, 2022. 
Publicly Released: Sep 22, 2022. 
Public health emergencies evolve quickly, but public health entities lack the ability to share new data and potentially life-saving information in near real-time. To address this, the federal government must overcome 3 major challenges in how it manages public health data. GAO has made a number of recommendations...  

Servicemember Absences  
DOD Actions Needed to Enhance Related Data, Procedures, and Staffing 
GAO-22-105329 
Published: Sep 22, 2022. 
Publicly Released: Sep 22, 2022. 
What GAO Found The military services have collected and reported required data on involuntary absences, but the extent of voluntary absences is unknown. Involuntary absences are unintentional and can result from foul play or an accident, while voluntary absences are intentional and include desertions...  

Nuclear Weapons Cybersecurity  
NNSA Should Fully Implement Foundational Cybersecurity Risk Management Practices 
GAO-22-104195 
Published: Sep 22, 2022. 
Publicly Released: Sep 22, 2022. 
What GAO Found The National Nuclear Security Administration (NNSA) and its contractors have not fully implemented six foundational cybersecurity risk practices in its traditional IT environment. NNSA also has not fully implemented these practices in its operational technology and nuclear weapons IT environments....  

Broadband 
Needs of Rural Small Businesses and Federal Programs to Support Them 
GAO-22-106116 
Published: Sep 22, 2022. 
Publicly Released: Sep 22, 2022. 
.What GAO Found In a 2021 report, GAO found that some small businesses lack access to broadband, but may benefit from federal programs that fund deployment in rural areas. A nationally representative survey by Amazon and the U.S. Chamber Technology Engagement Center found approximately 20 percent of rural...  

Federal Protective Service  
Many Approved Security Recommendations Were Not Implemented and Preliminary Work Suggests Law Enforcement Deployments Have Increased 
GAO-22-106177 
Published: Sep 22, 2022. 
Publicly Released: Sep 22, 2022. 
What GAO Found GAO reported in June 2021 that the Federal Protective Service's (FPS) stakeholders—tenant agency officials and building managers—held positive views about the content of FPS security assessment reports. In these reports, FPS made recommendations to address identified security vulnerabilities....  

Privacy 
Dedicated Leadership Can Improve Programs and Address Challenges 
GAO-22-105065 
Published: Sep 22, 2022.
Publicly Released: Sep 22, 2022. 
What GAO Found The 24 Chief Financial Officer (CFO) Act of 1990 agencies varied in the extent to which they addressed key practices for implementing privacy programs: Agencies generally established policies and procedures for key privacy activities. These included developing system of records notices,...  

Unemployment Insurance  
Opportunities to Address Long-Standing Challenges and Risks 
GAO-22-106159 
Published: Sep 21, 2022. 
Publicly Released: Sep 21, 2022. 
What GAO Found In June 2022, GAO reported that long-standing challenges with Unemployment Insurance (UI) administration have affected states' ability to effectively meet the needs of unemployed workers. These challenges have been identified in prior GAO reports, in other audits, and by stakeholder panelists...  

Information Environment  
Opportunities and Threats to DOD's National Security Mission 
GAO-22-104714 
Published: Sep 21, 2022. 
Publicly Released: Sep 21, 2022. 
What GAO Found Given the ubiquitous nature of the information environment, both DOD and adversaries can conduct operations and activities in the information environment from anywhere in the world. Additionally, with DOD capabilities dependent on IT and the electromagnetic spectrum (EMS), its ability...  

Tracking the Funds  
Specific Fiscal Year 2022 Provisions for Department of Homeland Security 
GAO-22-105899 
Published: Sep 20, 2022. 
Publicly Released: Sep 20, 2022. 
What GAO Found The Consolidated Appropriations Act, 2022, appropriated approximately $203.1 million to the Department of Homeland Security (DHS) for 122 projects at the request of Members of Congress. The act includes specific provisions that designate an amount of funds for a particular recipient to...  

Tracking the Funds  
Specific Fiscal Year 2022 Provisions for Department of Education 
GAO-22-105909 
Published: Sep 20, 2022. 
Publicly Released: Sep 20, 2022. 
What GAO Found The Consolidated Appropriations Act, 2022 appropriated $392.2 million to the Department of Education for 473 projects at the request of Members of Congress. The act includes specific provisions that designate an amount of funds for a particular recipient to use for a specific project.. 

VA Acquisition Management  
Actions Needed to Improve Program Oversight and Acquisition Outcomes 
GAO-22-106220 
Published: Sep 20, 2022. 
Publicly Released: Sep 20, 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, GAO found that VA has not used the current framework, in place since 2017, for its major acquisitions. This framework includes features—such...  

Other Transaction Agreements  
DOD Can Improve Planning for Consortia Awards 
GAO-22-105357 
Published: Sep 20, 2022. 
Publicly Released: Sep 20, 2022. 
What GAO Found The Department of Defense (DOD) has the authority to use a contracting mechanism known as an other transaction agreement, or OTA, which is not subject to certain federal acquisition laws and requirements. DOD can award OTAs to individual organizations or to consortia—a group of organizations...  

Tracking the Funds  
Specific Fiscal Year 2022 Provisions for National Aeronautics and Space Administration 
GAO-22-105921 
Published: Sep 20, 2022. 
Publicly Released: Sep 20, 2022. 
What GAO Found The Consolidated Appropriations Act, 2022 appropriated $22.7 million to the National Aeronautics and Space Administration (NASA) for 21 projects at the request of Members of Congress. The act includes specific provisions that designate an amount of funds for a particular recipient to use...  

Deaths in Custody  
Additional Action Needed to Help Ensure Data Collected by DOJ Are Utilized 
GAO-22-106033 
Published: Sep 20, 2022. 
Publicly Released: Sep 20, 2022. 
What GAO Found The Department of Justice (DOJ) has taken some actions to address the data collection and reporting requirements in the Death in Custody Reporting Act of 2013 (DCRA). For example, DOJ has collected and published data on deaths in federal law enforcement custody and collected similar data...  

Climate Change  
Enhancing Federal Resilience 
GAO-22-106061 
Published: Sep 19, 2022. 
Publicly Released: Sep 19, 2022. 
To reduce federal fiscal exposure to climate change, the federal government needs a cohesive, strategic approach, with strong leadership and the authority to manage risks. The Big Picture Between fiscal years 2015 and 2021, selected appropriations for disaster assistance totaled $315 billion. Disaster...  

COVID-19 
CBP Acted to Mitigate Challenges Affecting Its Trade Operations 
GAO-22-105034 
Published: Sep 19, 2022. 
Publicly Released: Sep 19, 2022. 
What GAO Found The COVID-19 pandemic caused a shift in U.S. international trade trends. In particular, an initial decline in imports occurred at the pandemic's onset in March 2020, followed by a steep resurgence several months later. According to CBP officials, this resurgence resulted in part from increased...  

IASB

Join the Staff—Executive Assistant to the Executive Director (Maternity Cover) 
Careers
26 Sep 2022

September 2022 IASB Update available and work plan updated 
Update
26 Sep 2022      

Join the Staff—Grants and Fundraising Manager 
Careers 
23 Sep 2022                         

October 2022 Capital Markets Advisory Committee agenda and meeting papers now available 
Meeting     
23 Sep 2022 

September 2022 IFRS for SMEs Accounting Standard Update now available 
Update      
23 Sep 2022    

IASB issues narrow-scope amendments to requirements for sale and leaseback transactions 
Amendment
22 Sep 2022  

October 2022 Consultative Group for Rate Regulation agenda and meeting papers now available 
Meeting      
21 Sep 2022  

Join the Staff—Assistant Systems & Data Analyst 
Careers    
21 Sep 2022      

Join the Staff—Technology Operations Associate 
Careers     
21 Sep 2022    

September 2022 IFRIC Update now available 
Update 
20 Sep 2022                         

IRS

Reminder: File 2019 and 2020 returns by Sept. 30 to get COVID penalty relief  
IR-2022-163, September 22, 2022 — The IRS today reminded struggling individuals and businesses, affected by the COVID-19 pandemic, that they may qualify for late-filing penalty relief if they file their 2019 and 2020 returns by September 30, 2022. 

IRS advises that improperly forgiven Paycheck Protection Program loans are taxable  
IR-2022-162, September 21, 2022 — The Internal Revenue Service recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan). 

IRS: Hurricane Fiona victims in Puerto Rico qualify for tax relief; Oct. 17 deadline, other dates extended to Feb. 15  
IR-2022-161, September 20, 2022 — Hurricane Fiona victims in all 78 Puerto Rican municipalities now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today.  

IRS selects eight new members for the Electronic Tax Administration Advisory Committee  
IR-2022-160, September 20, 2022 — The Internal Revenue Service has selected eight new members for the Electronic Tax Administration Advisory Committee (ETAAC). 

IRS updates Information on tax credit helping businesses to hire certain categories of workers  
IR-2022-159, September 19, 2022 — The IRS today updated information on the Work Opportunity Tax Credit (WOTC), available to employers that hire designated categories of workers who face significant barriers to employment. For employers facing a tight job market, the WOTC may be able to help. 

NYS  

Governor Hochul Announces Banking Guidance to Ease Financial Burdens for Those Impacted by Hurricane Fiona  
2022-09-23

PCAOB   

PCAOB Chair Williams Delivers Remarks at CII Fall Conference 
Sep. 22, 2022 

SEC  

SEC Charges Compass Minerals for Misleading Investors about Its Operations at World’s Largest Underground Salt Mine       2022-171, Sept. 23, 2022 — The Securities and Exchange Commission today announced settled charges against Compass Minerals International Inc. for misleading investors about a technology upgrade that the company claimed would reduce costs at its most significant mine, but in reality, had increased costs, and for failing to properly assess whether to disclose the financial risks created by the company’s excessive discharge of mercury in Brazil. Compass is ordered to pay $12 million to settle the charges.

Boeing to Pay $200 Million to Settle SEC Charges that it Misled Investors about the 737 MAX 
2022-170, Sept. 22, 2022 — The Securities and Exchange Commission today charged The Boeing Company and its former CEO, Dennis A. Muilenburg, with making materially misleading public statements following crashes of Boeing airplanes in 2018 and 2019. The crashes involved Boeing’s 737 MAX airplane and a flight control function called the Maneuvering Characteristics Augmentation System (MCAS). According to the SEC’s orders, after the first crash, Boeing and Muilenburg knew that MCAS posed an ongoing airplane safety issue, but nevertheless assured the public that the 737 MAX airplane was “as safe as any airplane that has ever flown the skies.” Later, following the second crash, Boeing and Muilenburg assured the public that there were no slips or gaps in the certification process with respect to MCAS, despite being aware of contrary information.

SEC Charges Cheetah Mobile’s CEO and its Former President with Insider Trading                  2022-169, Sept. 21, 2022 — The Securities and Exchange Commission today charged the CEO of Cheetah Mobile Inc. and the company’s former President with insider trading for selling Cheetah Mobile’s securities, pursuant to a purported 10b5-1 trading plan, while in possession of material nonpublic information. The SEC’s order finds that Sheng Fu, the company’s CEO, and Ming Xu, its then-President and Chief Technology Officer, jointly established a purported 10b5-1 trading plan after becoming aware of a significant drop-off in advertising revenues from the company’s largest advertising partner.

Morgan Stanley Smith Barney to Pay $35 Million for Extensive Failures to Safeguard Personal Information of Millions of Customers2022-168,  Sept. 20, 2022 — The Securities and Exchange Commission today announced charges against Morgan Stanley Smith Barney LLC (MSSB) stemming from the firm’s extensive failures, over a five-year period, to protect the personal identifying information, or PII, of approximately 15 million customers. MSSB has agreed to pay a $35 million penalty to settle the SEC charges.

Sparkster to Pay $35 Million to Harmed Investor Fund for Unregistered Crypto Asset Offering
2022-167, Sept. 19, 2022 — The Securities and Exchange Commission today issued a cease-and-desist order against Sparkster Ltd. and its CEO, Sajjad Daya, for the unregistered offer and sale of crypto asset securities from April 2018 through July 2018 and charged crypto influencer Ian Balina for failing to disclose compensation he received from Sparkster for publicly promoting its tokens and failing to file a registration statement with the SEC for Sparkster tokens that he resold. Sparkster and Daya agreed to settle and to collectively pay more than $35 million into a fund for distribution to harmed investors.

SEC Investor Advisory Committee to Discuss Human Capital Labor Valuation, Security-Based Swaps, Beneficial Ownership, and ESG Disclosure on Sept. 21                                                                                                                                      2022-166,  Sept. 19, 2022 — The Securities and Exchange Commission’s Investor Advisory Committee will hold a virtual public meeting on September 21 at 10 a.m. ET. The meeting will be webcast on the SEC website.

Office of the Investor Advocate Releases Research Study on Fund Performance Benchmarks   
2022-165,  Sept. 19, 2022 — Researchers from the SEC’s Office of the Investor Advocate (OIAD) released an independent research study examining the impact of mutual fund performance benchmarks on investor decision-making, and potential strategic behavior by firms in displaying benchmarks. This study examines market data and the results of a large behavioral experiment to understand how funds employ benchmarks and how investors respond to benchmark presentation.

TIGTA  

Taxpayer Digital Communications Platform Security and Access Controls Need to Be StrengthenedSeptember 21, 2022  

Improvements Are Needed for an Effective User Behavior Analytics CapabilitySeptember 21, 2022 

Delays in Management Actions Contribute to the Continued Tax Processing Center BacklogsSeptember 16, 2022  

Additional Actions Are Needed to Ensure Taxpayer Compliance With the Section 965 Repatriation Tax  
September 15, 2022 

Fiscal Year 2022 Statutory Review of Compliance With Legal Guidelines When Issuing Levies 
September 15, 2022 

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