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Regulatory Roundup - September 27-30

By:
S.J. Steinhardt
Published Date:
Sep 30, 2022

AICPA

AICPA Financial Preparedness Tips as “Major Storm” Hurricane Ian Tracks Toward Florida, Southeastern U.S.
Sept. 27, 2022

Evolving Global Risk Landscape is Outpacing Organizational Preparedness, AICPA & CIMA and NC State Poole College of Management Global Report Finds
Sept. 27, 2022

CBO

Cost Estimate
H.R. 3793, Supporting Families of the Fallen Act
September 29, 2022
As ordered reported by the House Committee on Veterans’ Affairs on September 21, 2022

Cost Estimate
H.R. 4601, Commitment to Veteran Support and Outreach Act
September 29, 2022
As ordered reported by the House Committee on Veterans’ Affairs on September 21, 2022

Cost Estimate
H.R. 6647, To amend title 38, United States Code, to make certain improvements relating to the eligibility of veterans to receive reimbursement for emergency treatment furnished through the Veterans Community Care program, and for other purposes
September 29, 2022
As ordered reported by the House Committee on Veterans’ Affairs on July 19, 2022

Report
Policy Approaches to Reduce What Commercial Insurers Pay for Hospitals’ and Physicians’ Services
September 29, 2022
CBO identified policy approaches that federal lawmakers could adopt to reduce the prices that commercial insurers pay for hospitals’ and physicians’ services, thereby lowering health insurance premiums and the cost of federal subsidies.

Cost Estimate
S. 4656, DHS Joint Task Force Reauthorization Act of 2022
September 29, 2022
As ordered reported by the Senate Committee on Homeland Security and Government Affairs on August 3, 2022

Cost Estimate
S. 228, Merger Filing Fee Modernization Act of 2021
September 28, 2022
As ordered reported by the Senate Committee on the Judiciary on May 13, 2021

Cost Estimate
Senate Amendment Number 5745 to H.R. 6833, the Continuing Appropriations and Ukraine Supplemental Appropriations Act, 2023
September 28, 2022

Report
The Opioid Crisis and Recent Federal Policy Responses
September 28, 2022
CBO describes the effects and evolution of the opioid crisis in the United States, the factors that have contributed to it, the laws enacted to address it, and the effects of the coronavirus pandemic on the crisis.

Cost Estimate
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 3304, the Advancing Uniform Transportation Opportunities for Veterans Act
September 27, 2022
As Posted to the Website of the Clerk of the House on September 26, 2022

Cost Estimate
H.R. 2193, Asunción Valdivia Heat Illness and Fatality Prevention Act of 2022
September 27, 2022
As ordered reported by the House Committee on Education and Labor on July 27, 2022

Cost Estimate
H.R. 3843, Merger Filing Fee Modernization Act of 2021
September 27, 2022
As reported by the House Committee on the Judiciary on September 26, 2022

Cost Estimate
H.R. 3858, National Science and Technology Strategy Act of 2021
September 27, 2022
As reported by the House Committee on Science, Space, and Technology on February 18, 2022

Cost Estimate
H.R. 5918, a bill to amend title 38, United States Code, to ensure that the Secretary of Veterans Affairs repays members of the Armed Forces for certain contributions made by such members towards Post-9/11 Educational Assistance
September 27, 2022
As ordered reported by the House Committee on Veterans’ Affairs on September 21, 2022

Cost Estimate
Legislation considered under suspension of the Rules of the House of Representatives during the week of September 26, 2022
September 27, 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.

Report
Trends in the Distribution of Family Wealth, 1989 to 2019
September 27, 2022
CBO examines changes in the distribution of family wealth from 1989 to 2019 and analyzes those changes in relation to several family characteristics. In addition, the agency examines how total family wealth has changed since 2019.

Report
Costs of Suspending Student Loan Payments and Canceling Debt
September 26, 2022
CBO estimates that the cost of outstanding student loans to the federal government will increase by about $400 billion because of an executive action canceling some debt.

Cost Estimate
Estimated Revenue Effects of H.R. 7780, the Mental Health Matters Act
September 26, 2022
As Posted on the Website of the House Committee on Rules on September 23, 2022

Cost Estimate
H.R. 5776, Serving Our LGBTQ Veterans Act
September 26, 2022
As ordered reported by the House Committee on Veterans’ Affairs on July 19, 2022

Cost Estimate
H.R. 6102 , Black Lung Benefits Improvement Act of 2022
September 26, 2022
As ordered reported by the House Committee on Education and Labor on March 16, 2022

Cost Estimate
H.R. 8875, Expanding Home Loans for Guard and Reservists Act
September 26, 2022
As ordered reported by the House Committee on Veterans’ Affairs on September 21, 2022

Cost Estimate
S. 2614, Open Courts Act
September 26, 2022
As reported by the Senate Committee on the Judiciary on March 15, 2022

Cost Estimate
S. 3232, STURDY Act
September 26, 2022
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on May 11, 2022

Cost Estimate
S. 3533, Volcanic Ash and Fumes Act of 2022
September 26, 2022
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on May 11, 2022

Cost Estimate
S. 3817, TORNADO Act
September 26, 2022
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on March 22, 2022

Cost Estimate
S. 789, RESPECT Act
September 26, 2022
As ordered reported by the House Committee on Natural Resources on June 15, 2022

FAF

Lou Costantino, Jr., Named Vice President, Government Affairs and External Relations, Financial Accounting Foundation
September 26, 2022

FASB

FASB Issues Standard to Enhance Transparency around Supplier Finance Programs
September 29, 2022

Financial Accounting Standards Board Seeks Nominations for Small Business Advisory Committee
September 27, 2022

GAO

Tracking the Funds
Specific Fiscal Year 2022 Provisions for Environmental Protection Agency
GAO-22-105903
Published: Sep 29, 2022.
Publicly Released: Sep 29, 2022.
What GAO Found The Consolidated Appropriations Act, 2022 appropriated $859.3 million to the Environmental Protection Agency (EPA) for 491 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...

Tracking the Funds
Specific Fiscal Year 2022 Provisions for U.S. Army Corps of Engineers

GAO-22-105919
Published: Sep 29, 2022.
Publicly Released: Sep 29, 2022.
What GAO Found The Consolidated Appropriations Act, 2022 appropriated approximately $583.6 million to the U.S. Army Corps of Engineers for 156 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...

Small Business Administration
Recent Changes to the 8(a) Program's Financial Thresholds Need Evaluation
GAO-22-104512
Published: Aug 30, 2022.
Publicly Released: Sep 29, 2022.
What GAO Found The Small Business Administration (SBA) annually must report to Congress on the 8(a) Business Development Program. But SBA did not submit the 2016–2021 reports when they were due (April 30 of the following year). SBA submitted the 2016 and 2017 reports in February of 2020. SBA expect
Published: Sep 29, 2022.
Publicly Released: Sep 29, 2022.
What GAO Found The CyberCorps® Scholarship for Service Program provides participating institutions of higher education with scholarships to students in approved IT and cybersecurity fields of study. As a condition of receiving scholarships, students are required to enter agreements to work in qualifying...

Nuclear Waste
DOE Needs to Improve Transparency in Planning for Disposal of Certain Low-Level Waste
GAO-22-105636
Published: Sep 29, 2022.
Publicly Released: Sep 29, 2022.
What GAO Found The Department of Energy (DOE) is responsible for disposing of greater-than-Class C (GTCC) waste, a type of commercial low-level nuclear waste from decommissioned nuclear reactors and disused medical and industrial equipment. It is also responsible for disposing of government waste with...

Tracking the Funds
Specific Fiscal Year 2022 Provisions for Department of Labor
GAO-22-105901
Published: Sep 29, 2022.
Publicly Released: Sep 29, 2022.
What GAO Found The Consolidated Appropriations Act, 2022 appropriated $137.6 million to the Department of Labor (DOL) for 173 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....

Climate Change
Oversight of Federal Greenhouse Gas Emissions Reduction Efforts
GAO-22-106062
Published: Sep 29, 2022.
Publicly Released: Sep 29, 2022.
Each year, the federal government reports spending billions of dollars for federal climate change efforts. Many of these activities focus on reducing greenhouse gas emissions, such as carbon dioxide. The budget reconciliation act, commonly known as the Inflation Reduction Act of 2022, provided additional..

Federal Research
Information on Funding for U.S.-China Research Collaboration and Other International Activities
GAO-22-105313
Published: Sep 29, 2022.
Publicly Released: Sep 29, 2022.
What GAO Found The U.S. government collaborates with and supports foreign entities such as those in China to, among other things, broaden U.S. access to scientific resources. Of the five agencies that GAO reviewed, the Centers for Disease Control and Prevention, the Department of Defense, and the National...

Cybersecurity Workforce
Actions Needed to Improve Cybercorps Scholarship for Service Program
GAO-22-106146
Published: Sep 29, 2022.
Publicly Released: Sep 29, 2022.
What GAO Found The CyberCorps® Scholarship for Service Program provides participating institutions of higher education with scholarships to students in approved IT and cybersecurity fields of study. As a condition of receiving scholarships, students are required to enter agreements to work in qualifying...

Large Constellations of Satellites
Mitigating Environmental and Other Effects
GAO-22-105166
Published: Sep 29, 2022.
Publicly Released: Sep 29, 2022.
What GAO Found There are almost 5,500 active satellites in orbit as of spring 2022, and one estimate predicts the launch of an additional 58,000 by 2030. Large constellations of satellites in low Earth orbit are the primary drivers of the increase. Satellites provide important services, but there are...

Artificial Intelligence in Health Care
Benefits and Challenges of Machine Learning Technologies for Medical Diagnostics
GAO-22-104629
Published: Sep 29, 2022.
Publicly Released: Sep 29, 2022.
What GAO Found Several machine learning (ML) technologies are available in the U.S. to assist with the diagnostic process. The resulting benefits include earlier detection of diseases; more consistent analysis of medical data; and increased access to care, particularly for underserved populations. GAO...

Technology Business Management
OMB and GSA Need to Strengthen Efforts to Lead Federal Adoption
GAO-22-104393
Published: Sep 29, 2022.
Publicly Released: Sep 29, 2022.
What GAO Found The Office of Management and Budget (OMB) and General Services Administration (GSA) have taken steps to lead government-wide Technology Business Management adoption, but progress and results are limited. OMB's initial 2017 plans for government-wide adoption required agencies to report...

Cloud Computing
Federal Agencies Face Four Challenges
GAO-22-106195
Published: Sep 28, 2022.
Publicly Released: Sep 28, 2022.As the federal government transitions to cloud computing, agencies face challenges in four areas: ensuring cybersecurity, procuring cloud services, maintaining a skilled workforce, and tracking costs and savings. Our work in these areas—and the implementation of our recommendations—can help agencies.

Nuclear Waste Cleanup
Actions Needed to Determine Whether DOE's New Contracting Approach is Achieving Desired Results
GAO-22-105417
Published: Sep 28, 2022.
Publicly Released: Sep 28, 2022.
What GAO Found The Office of Environmental Management (EM), within the Department of Energy (DOE), uses contractors to carry out its mission of cleaning up radioactive and hazardous materials at DOE's 15 active environmental cleanup sites. In 2019, EM began using a new contracting approach, the End State..

Export-Import Bank
Additional Documentation about Stakeholder Roles and Clarity about Fraud Risks Would Strengthen Antifraud Efforts
GAO-22-105340
Published: Sep 27, 2022.
Publicly Released: Sep 27, 2022.
What GAO Found The Export-Import Bank of the United States (EXIM) has designed and implemented an antifraud strategy and collaborated with stakeholders to ensure its implementation, but the strategy is missing key elements. EXIM's strategy includes specific control activities to prevent and detect fraud

Medicare Telehealth
Actions Needed to Strengthen Oversight and Help Providers Educate Patients on Privacy and Security Risks
GAO-22-104454
Published: Sep 26, 2022.
Publicly Released: Sep 26, 2022.
What GAO Found In response to the COVID-19 pandemic, the Department of Health and Human Services (HHS) temporarily waived certain Medicare restrictions on telehealth—the delivery of some services via audio-only or video technology. Use of telehealth services increased from about 5 million services...

IASB

Join the IASB Technical Staff—Stakeholder Engagement
Careers
30 Sep 2022

Join the IASB Technical Staff—Technical Leadership Team Member
Careers
30 Sep 2022

Join the Staff—Senior Project Manager
30 Sep 2022

Patrina Buchanan and Hagit Keren appointed to the IASB
Appointment
30 Sep 2022

September 2022 ISSB meeting podcast now available
Podcast
30 Sep 2022

Join the Staff—Membership Manager
Careers 28 Sep 2022

Join the Staff—Membership & Engagement Associate
Careers
28 Sep 2022

September 2022 Accounting Standards Advisory Forum agenda and meeting papers now available
Meeting
27 Sep 2022

September 2022 ISSB Update now available and work plan updated
Meeting
27 Sep 2022

IRS

IRS granting dyed diesel penalty relief as a result of Hurricane Ian
IR-2022-169, September 30, 2022 — The Internal Revenue Service, in response to disruptions resulting from Hurricane Ian, will not impose a penalty when dyed diesel fuel with a sulfur content that does not exceed 15 parts-per-million is sold for use or used by emergency vehicles on the highway in the state of Florida.

IRS: Hurricane Ian victims in Florida qualify for tax relief; Oct. 17 deadline, other dates extended to Feb. 15
IR-2022-168, September 29, 2022 — Hurricane Ian victims throughout Florida 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 reports significant increase in texting scams; warns taxpayers to remain vigilant
IR-2022-167, September 28, 2022 — The Internal Revenue Service today warned taxpayers of a recent increase in IRS-themed texting scams aimed at stealing personal and financial information.

IRS continues relief to drought-stricken farmers and ranchers in 44 states, other regions
IR-2022-166, September 28, 2022 — The Internal Revenue Service is reminding farmers and ranchers in applicable regions forced to sell livestock because of drought conditions that they may have more time to replace their livestock and defer tax on any gains from the forced sales.

IRS updates answers to states and local governments on taxability and reporting of payments from Coronavirus State and Local Fiscal Recovery Funds
IR-2022-165, September 28, 2022 — The IRS today updated its frequently-asked-questions on Coronavirus State and Local Fiscal Recovery Funds (SLFR Funds).

IRS: Alaska storm and flood victims qualify for tax relief; Oct. 17 deadline, other dates extended to Feb. 15
IR-2022-164, September 27, 2022 — Victims of storms and flooding that began on September 15 in parts of Alaska now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments, the IRS announced today.

PCAOB

PCAOB Staff Requests Information and Comment on Application and Use of the PCAOB’s Interim Attestation Standards
Sep. 26, 2022

SEC

SEC Charges Two Canadian Software Engineers with Insider Trading
2022-181, Sept. 30, 2022 —The Securities and Exchange Commission today announced insider trading charges against two Canadian software engineers who made $1.6 million by trading ahead of non-public, market-moving financial information.

SEC Charges Audit Firm RSM and Three Senior-Level Employees with Failure to Properly Conduct Client Audits
2022-180, Sept. 30, 2022 — The Securities and Exchange Commission today charged audit firm RSM US LLP and three senior-level employees with improper professional conduct for failing to properly audit Revolution Lighting Technologies Inc.’s (“Revolution”) financial statements over a four-year period when Revolution was violating accounting principles by inflating revenue with bill and hold sales.

Barclays Agrees to a $361 Million Settlement to Resolve SEC Charges Relating to Over-Issuances of Securities
2022-179, Sept. 29, 2022 — The Securities and Exchange Commission today charged Barclays PLC and Barclays Bank PLC (BBPLC) in connection with the unregistered offer and sale of an unprecedented amount of securities due to a failure to implement any internal control to track such transactions in real time. Both firms restated their year-end 2021 audited financial statements filed with the Commission as a result of the over-issuances and internal control failure. The firms agreed to pay a $200 million civil penalty and the SEC additionally ordered BBPLC to pay disgorgement and prejudgment interest of more than $161 million, which was deemed satisfied by an offer of rescission BBPLC made to investors in the unregistered offerings.

SEC Charges Man for Defrauding Investors out of Millions of Dollars by Posing as Hedge Fund Billionaire
2022-178, Sept. 29, 2022 — The Securities and Exchange Commission today charged Justin Costello for using a false persona, as a Harvard-educated military veteran and hedge fund billionaire, to defraud investors out of millions of dollars. The SEC also charged Costello and David Ferraro, an associate of Costello’s, for promoting the stock of several microcap companies on social media without disclosing their own simultaneous stock sales as market prices rose.

SEC Monitoring Impact of Hurricanes Ian and Fiona on Capital Markets
2022-177, Sept. 29, 2022 — SEC Chair Gary Gensler has directed the staff to carefully monitor developments as a result of Hurricanes Ian and Fiona. While the safety of local residents is the highest priority, the SEC invites inquiries from any person with obligations under the federal securities laws that may be affected by the storms. The staff will evaluate the appropriateness of providing regulatory relief for those as applicable.

Deloitte’s Chinese Affiliate to Pay $20 Million Penalty for Asking Audit Clients to Conduct Their Own Audit Work
2022-176, Sept. 29, 2022 -- The Securities and Exchange Commission today charged Deloitte Touche Tohmatsu Certified Public Accountants LLP (Deloitte-China), the Chinese affiliate of the Deloitte global network of accounting firms, with failing to comply with fundamental U.S. auditing requirements in its component audits of U.S. issuers and its audits of foreign companies listed on U.S. exchanges. Deloitte-China agreed to settle the charges by paying a $20 million penalty and agreeing to extensive remedial measures.

SEC Charges The Hydrogen Technology Corp. and its Former CEO for Market Manipulation of Crypto Asset Securities
2022-175, Sept. 29, 2022 -- The Securities and Exchange Commission today announced charges against The Hydrogen Technology Corporation, its former CEO, Michael Ross Kane, and Tyler Ostern, the CEO of Moonwalkers Trading Limited, a self-described “market making” firm, for their roles in effectuating the unregistered offers and sales of crypto asset securities called “Hydro” and for perpetrating a scheme to manipulate the trading volume and price of those securities, which yielded more than $2 million for Hydrogen.

SEC Charges 16 Wall Street Firms with Widespread Recordkeeping Failures
2022-174, Sept. 27, 2022 — The Securities and Exchange Commission today announced charges against 15 broker-dealers and one affiliated investment adviser for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications. The firms admitted the facts set forth in their respective SEC orders, acknowledged that their conduct violated recordkeeping provisions of the federal securities laws, agreed to pay combined penalties of more than $1.1 billion, and have begun implementing improvements to their compliance policies and procedures to settle these matters.

SEC Charges Oracle a Second Time for Violations of the Foreign Corrupt Practices Act
2022-173, Sept. 27, 2022 — The Securities and Exchange Commission announced settled charges requiring Oracle Corporation to pay more than $23 million to resolve charges that it violated provisions of the Foreign Corrupt Practices Act (FCPA) when subsidiaries in Turkey, the United Arab Emirates (UAE), and India created and used slush funds to bribe foreign officials in return for business between 2016 and 2019.

SEC Charges Father-Son Duo and Associate in Market Manipulation Schemes Resulting in a New Jersey Deli with a $100 Million Valuation
2022-172, Sept. 26, 2022 — The Securities and Exchange Commission today charged Peter L. Coker Sr., Peter L. Coker Jr., and James T. Patten for their roles in orchestrating fraudulent manipulative securities trading schemes. These schemes included artificially inflating the share price of Hometown International, which operated a New Jersey deli producing less than $40,000 in annual revenue, from approximately $1 per share in October 2019 to nearly $14 per share by April 2021, leading to a grossly inflated market capitalization of $100 million.

TIGTA

Cloud Services Were Implemented Without Key Security Controls, Placing Taxpayer Data at Risk
September 27, 2022

Fiscal Year 2022 Statutory Audit of Compliance With Legal Guidelines Restricting the Use of Records of Tax Enforcement Results
September 27, 2022

The End-User Incident Management Process Can Be Improved
September 26, 2022

Reporting on the Use of Coronavirus Response Funding Could Be Enhanced
September 22, 2022

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