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Regulatory Roundup: April 18-24

By:
S.J. Steinhardt
Published Date:
Apr 24, 2023

AICPA

AICPA Endorses Bipartisan Bill to Expand Use of 529 Savings Plan
April 19, 2023

CBO

Cost Estimate
H.R. 1338, SAT Streamlining Act
April 21, 2023
As ordered reported by the House Committee on Energy and Commerce on March 24, 2023

Cost Estimate
H.R. 1353, ALERT Parity Act
April 21, 2023
As ordered reported by the House Committee on Energy and Commerce on March 24, 2023

Cost Estimate
S. 509, Supporting Americans Wrongfully or Unlawfully Detained Abroad Act of 2023
April 21, 2023
As reported by the Senate Committee on Foreign Relations on March 9, 2023

Cost Estimate
S. 670, IMPACTT Human Trafficking Act
April 21, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 29, 2023

Blog Post
CBO to Release Updated Baseline Budget Projections on May 12
April 20, 2023
CBO will release a report updating its 10-year budget baseline on May 12, and an analysis of the President’s 2024 discretionary proposals on May 18. Also in May, CBO will release an updated report on federal debt and the statutory limit.

Cost Estimate
H.R. 1339, Precision Agriculture Satellite Connectivity Act
April 20, 2023
As ordered reported by the House Committee on Energy and Commerce on March 24, 2023

Cost Estimate
H.R. 1354, Information and Communication Technology Strategy Act
April 20, 2023
As ordered reported by the House Committee on Energy and Commerce on March 24, 2023

Cost Estimate
H.R. 675, Secure Space Act of 2023
April 20, 2023
As ordered reported by the House Committee on Energy and Commerce on March 24, 2023

Cost Estimate
H.R. 682, Launch Communications Act
April 20, 2023
As ordered reported by the House Committee on Energy and Commerce on March 24, 2023

Cost Estimate
Legislation considered under suspension of the Rules of the House of Representatives during the week of April 24, 2023
April 20, 2023
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
Report on the Troubled Asset Relief Program–April 2023
April 20, 2023
Lawmakers created the Troubled Asset Relief Program (TARP) in 2008 to stabilize financial markets. The TARP’s net cost will be $31 billion, CBO estimates—about the same as what the agency last reported in May 2022 and similar to OMB’s latest estimate.

Cost Estimate
H.R. 1109, Bank Service Company Examination Coordination Act of 2023
April 19, 2023
As ordered reported by the House Committee on Financial Services on February 28, 2023

Cost Estimate
S. 679, GAO Database Modernization Act of 2023
April 19, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 29, 2023

Report
CBO Describes Its Cost-Estimating Process
April 18, 2023
The Congressional Budget Act of 1974 requires CBO to prepare estimates of the cost of legislation at certain points in the legislative process. This document provides answers to questions about how CBO prepares those cost estimates.

Report
CBO Explains How It Develops the Budget Baseline
April 18, 2023
The Congressional Budget Act of 1974 requires CBO to produce an annual report on federal spending, revenues, and deficits or surpluses. This document provides answers to questions about how CBO prepares those baseline budget projections.

Blog Post
CBO Releases Updated Budget Primers and Interactive Tools
April 18, 2023
CBO is engaged in many efforts aimed at fostering transparency, such as providing additional information to help people understand the federal budget process and the agency’s role in that process.

Presentation
How Research Is Used to Assess Policy Proposals at CBO
April 18, 2023
Presentation by Tamara Hayford, Chief of CBO’s Health Policy Studies Unit, at the Stanford Institute for Economic Policy Research.

Cost Estimate
H.R. 1161, Aligning SEC Regulations for the World Bank’s International Development Association Act
April 17, 2023
As ordered reported by the House Committee on Financial Services on February 28, 2023

Cost Estimate
H.R. 1166, Public Health Emergency Medical Supplies Enhancement Act of 2023
April 17, 2023
As ordered reported by the House Committee on Financial Services on February 28, 2023

Cost Estimate
H.R. 1370, Communications Security Act
April 17, 2023
As ordered reported by the House Committee on Energy and Commerce on March 24, 2023

Cost Estimate
H.R. 1713, DOE and USDA Interagency Research Act
April 17, 2023
As ordered reported by the House Committee on Science, Space, and Technology on March 29, 2023

Cost Estimate
H.R. 783, a bill to designate the Department of Energy Integrated Engineering Research Center Federal Building located at the Fermi National Accelerator Laboratory in Batavia, Illinois, as the ‘‘Helen Edwards Engineering Research Center’’
April 17, 2023
As ordered reported by the House Committee on Transportation and Infrastructure on February 28, 2023

Cost Estimate
S. 108, Guidance Clarity Act of 2023
April 17, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 29, 2023

Cost Estimate
S. 132, Daniel J. Harvey Jr. and Adam Lambert Improving Servicemember Transition to Reduce Veteran Suicide Act
April 17, 2023
As ordered reported by the Senate Committee on Veterans’ Affairs on February 16, 2023

Cost Estimate
S. 467, CADETS Act
April 17, 2023
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on March 22, 2023

Cost Estimate
S. 66, NOTAM Improvement Act of 2023
April 17, 2023
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on March 22, 2023

Cost Estimate
S. 717, Clear and Concise Content Act of 2023
April 17, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 29, 2023

Cost Estimate
S. 824, National Risk Management Act of 2023
April 17, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 29, 2023

Cost Estimate
S. 884, Improving Digital Identity Act of 2023
April 17, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs
on March 29, 2023

Cost Estimate
S. 933, Federal Data Center Enhancement Act of 2023
April 17, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 29, 2023

Working Paper
The U.S. Dollar as an International Currency and Its Economic Effects: Working Paper 2023-04
April 17, 2023
The U.S. dollar’s status as an international currency has contributed to persistent U.S. trade deficits and, by lowering interest rates, to increased access to credit for U.S. households, businesses, and the federal government.

FASB

Representatives of the Financial Accounting Standards Board and the Accounting Standards Board of Japan Hold Biannual Meeting
April 18, 2023

GAO

Space Situational Awareness:
DOD Should Evaluate How It Can Use Commercial Data
GAO-23-105565
Published:
Publicly Released:
Historically, DOD has relied on its own systems to monitor objects in space and assess the potential for collisions with satellites. Tracking these objects is known as "space situational awareness." Commercial companies are collecting more and more data on space objects that DOD could use to maintain its awareness as the number of threats and objects in space grows. If available commercial data meets DOD's...

Defense Analysis:
Additional Actions Could Enhance DOD's Wargaming Efforts

GAO-23-105351
Published:
Publicly Released:
"Wargames" are simulations of conflict that DOD uses to prepare for actual warfare. Organizations within DOD and external providers—such as federally-funded research centers and contractors—provide wargames. But DOD hasn't assessed the risks of relying on external providers. We identified steps DOD takes to ensure quality wargames. However, DOD stores wargame information in systems that don't share data with others, which hinders collaboration. Also, none of...

Medicaid:
Characteristics of and Expenditures for Adults with Intellectual or Developmental Disabilities

GAO-23-105457
Published:
Publicly Released:
Medicaid's home- and community-based programs play an important role supporting beneficiaries with intellectual or developmental disabilities—such as Down syndrome—in their daily activities, like eating and bathing. We reviewed Medicaid data for 6 states from 2019 and found that: Over 45% of beneficiaries with such disabilities who were enrolled in these programs had an additional health condition—such as an anxiety disorder or high blood pressure. The...

Electronic Health Information Exchange:
Use Has Increased, but Is Lower for Small and Rural Providers

GAO-23-105540
Published:
Publicly Released:
"Electronic health information exchange" enables the sharing of medical records electronically among health care providers, and between providers and patients. The use of electronic exchange among hospitals and physicians has increased in recent years, partly due to federal funds that helped advance its use. However, we found that the use of electronic exchange among small and rural hospitals was lower than that of other hospitals...

High-Risk Series:
Efforts Made to Achieve Progress Need to Be Maintained and Expanded to Fully Address All Areas

GAO-23-106203
Published:
Publicly Released:
We issued our updated High Risk List in April 2023. The list highlights 37 areas across the federal government that are vulnerable to waste, fraud, abuse, and mismanagement, or that need broad reform. Overall, 16 areas on our list improved—including VA health care and the Postal Service. One area—DOD's business systems modernization—regressed. And we removed two existing areas—the 2020 decennial census and pension benefit programs...

Military Housing:
DOD Can Further Strengthen Oversight of Its Privatized Housing Program [Reissued with Revisions Apr. 20, 2023]

GAO-23-105377
Published:
Publicly Released:
Private-sector companies own and operate about 99% of homes at U.S. military installations. Laws put in place since 2019 increased DOD's responsibilities to oversee this housing. DOD has taken steps to address requirements but could do more. For example, DOD: Provided residents with a formal dispute resolution process and access to a tenant advocate, but should improve advocates' training, provide residents better information, and solicit...

Navy Ship Fires:
Ongoing Efforts to Improve Safety Should Be Enhanced

GAO-23-105481
Published:
Publicly Released:
Since 2008, fires on Navy ships that were undergoing maintenance have caused more than $4 billion in damages—and the loss of two ships. Maintenance repairs on ships can cause sparks in confined areas, leaving them at high risk of fire. The Navy has worked to improve fire safety, but we found that lessons learned from fires aren't being shared consistently across the service. And while...

U.S. Postal Service:
Action Needed to Improve Credibility of Cost Assumptions for Next Generation Delivery Vehicles

GAO-23-106677
Published:
Publicly Released:
USPS is replacing its fleet of 200,000 delivery vehicles. Its new vehicles will include features like air bags, collision sensors, and an electric vehicle option. USPS analyzed different factors, like fuel costs, to determine what proportion of gas and electric vehicles to purchase. In March 2022, USPS used a gas price of $2.71 in its analysis when actual gas prices were higher—affecting the decision to...

High-Risk Series:
Efforts Made to Achieve Progress Need to Be Maintained and Expanded to Fully Address All Areas

GAO-23-106674
Published:
Publicly Released:
This testimony discusses an update to our High Risk List—which highlights 37 areas across the federal government that are vulnerable to waste, fraud, abuse, and mismanagement, or that need broad reform. Overall, 16 areas on our list improved—including VA health care and the Postal Service. One area—DOD's business systems modernization—regressed. We also removed two existing areas—the 2020 decennial census and pension benefit programs. We added...

DHS Annual Assessment:
Major Acquisition Programs Are Generally Meeting Goals, but Cybersecurity Policy Needs Clarification

GAO-23-106701
Published:
Publicly Released:
This is our 8th annual assessment of the Department of Homeland Security's major acquisition programs. These programs acquire systems for operations like securing the border, screening travelers, and improving disaster response. We found that 18 of the 25 programs we reviewed were meeting their cost and schedule goals by the end of FY 2022. DHS also requires programs to identify their cybersecurity risks in a...

Aviation Workforce:
Supply of Airline Pilots and Aircraft Mechanics

GAO-23-106769
Published:
Publicly Released:
This testimony discusses our ongoing review of the workforce challenges facing commercial aviation and steps the industry is taking to address them. Increased demand for commercial airline travel heightens the need for pilots and mechanics. Although the number of pilots has grown in recent years, there may not be enough of them to meet the needs of airlines in the future. There also may not...

Veterans Affairs:
Observations for Proposed Legislation

GAO-23-106765
Published:
Publicly Released:
Congress is considering some legislation to help improve management at the Department of Veterans Affairs—including for some of its most expensive programs, such as Electronic Health Records Modernization and supply chain management. This testimony discusses some of our prior work that could help Congress as it considers this legislation. Improving health care for veterans and how the VA manages acquisitions are both areas on our...

Southwest Border:
DHS Coordinates with and Funds Nonprofits Serving Noncitizens

GAO-23-106147
Published:
Publicly Released:
Some noncitizens are released from custody while they wait for resolution of their immigration court cases. When the Department of Homeland Security releases them, it may coordinate with nonprofit organizations to help them with their immediate food, shelter, and travel needs. One DHS grant program offers funds for these nonprofits to help local communities better manage the costs of new arrivals. In fiscal years 2019...

Installation Management:
DOD Needs Better Data, Stronger Oversight, and Increased Transparency to Address Significant Infrastructure and Environmental Challenges

GAO-23-106725
Published:
Publicly Released:
The Department of Defense manages hundreds of military installations around the world, with facilities and infrastructure to support its mission and the people who live and work there. This testimony includes information from our prior reports and ongoing work on how DOD can better manage its installations to address challenges, such as: repair and environmental cleanup costs estimated at hundreds of billions of dollars potential...

Management Report:
Federal Housing Finance Agency Should Improve Controls over Personnel and Payroll Information

GAO-23-106487
Published:
Publicly Released:
We audit the Federal Housing Finance Agency's financial statements every year. During our 2022 audit, we identified issues with FHFA's internal controls related to the processing of personnel and payroll information. Internal controls are processes to reasonably assure that transactions are properly authorized and recorded. Specifically, we found instances where FHFA: Recorded the wrong employee benefits (i.e., life insurance and retirement plan) information Paid an...

Cybersecurity:
VA Needs to Address Privacy and Security Challenges

GAO-23-106412
Published:
Publicly Released:
Veterans Affairs relies on IT systems to receive and maintain sensitive data, including medical records. Federal law establishes requirements for protecting personally identifiable information and securing IT systems. VA partially implemented certain key privacy practices. For instance, it still needs to ensure that it is hiring and training enough staff to protect the privacy of its data. In addition, VA has struggled to safeguard its...

Coast Guard:
Opportunities Exist to Strengthen Foreign Port Security Assessment Program

GAO-23-105385
Published:
Publicly Released:
Terrorists and criminals can target the U.S. supply chain through security vulnerabilities in foreign ports. The Coast Guard's International Port Security Program aims to assess and strengthen the security of these ports. We reviewed the program, which resumed full operations in May 2021 after being impacted by the pandemic. We found that the Coast Guard could: More consistently assess security in countries that don't allow...

IASB

Call for members—IFRS Taxonomy Consultative Group
Appointment
24 Apr 2023

Join the staff—Technical Market Engagement Manager
Careers
21 Apr 2023

April 2023 ISSB Update now available
Update
20 Apr 2023

Join the staff—Office Director, Montreal
Careers
20 Apr 2023

ISSB prepares to consult on future priorities and international applicability of the SASB Standards
Meeting
19 Apr 2023

April 2023 Integrated Reporting and Connectivity Council agenda and meeting papers now available
Meeting
19 Apr 2023

March 2023 Global Preparers Forum meeting summary now available
Meeting
18 Apr 2023

Appointments made to the SME Implementation Group
18 Apr 2023

IRS

IRS seeks membership nominations for the 2024 Internal Revenue Service Advisory Council
IR-2023-91, April 24, 2023 — The Internal Revenue Service is accepting applications for the 2024 Internal Revenue Service Advisory Council (IRSAC). Applications are accepted through May 31, 2023.

IRS reminds tax-exempt organizations of annual May filing deadline
IR-2023-90, April 20, 2023 — The Internal Revenue Service today reminded thousands of tax-exempt organizations of their May 15, 2023, filing deadline.

Missed the April 18 filing deadline? File now to limit penalties and interest
IR-2023-89, April 19, 2023 — The IRS today urged taxpayers who missed Tuesday’s April 18 tax-filing deadline to file as soon as possible. Taxpayers who owe and missed the deadline without requesting an extension should file quickly to limit penalties and interest.

IRS: Indiana storm victims qualify for tax relief; April 18 deadline, other dates extended to July 31
IR-2023-88, April 18, 2023 — Indiana storm victims now have until July 31, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced.

IRS Tax Withholding Estimator helps people get ready for the 2024 filing season; make sure withholding is right on 2023 paychecks
IR-2023-87, April 18, 2023 — The IRS today suggested taxpayers who filed or are about to file their 2022 tax return use the IRS Tax Withholding Estimator to help update the amount of tax to have taken out of their 2023 pay.

IRS, DOL and HHS issue frequently asked questions about upcoming changes to COVID-19 coverage and payment requirements
IR-2023-86, April 18, 2023 — The Internal Revenue Service, Departments of Labor and Health and Human Services have jointly issued Frequently asked questions about the Affordable Care Act Implementation, Families First Coronavirus Response Act, Coronavirus Aid, Relief, and Economic Security Act, and Health Insurance Portability and Accountability Act Implementation Part 58 and Affordable Care Act and Coronavirus Aid, Relief, and Economic Security Act Implementation Part 59 to clarify how the COVID-19 coverage and payment requirements under the Families First Coronavirus Response Act, the Coronavirus Aid, Relief and Economic Security Act will change when the Public Health Emergency ends.

Turn to IRS.gov for help as tax filing deadline nears
IR-2023-85, April 17, 2023 — The IRS reminds taxpayers that IRS.gov provides last-minute tax return filers with the resources they need to get taxes done before the April 18 deadline.

SEC

SEC Charges Investment Adviser Betterment for Misstatements Concerning Tax Loss Harvesting Service
2023-80
Washington D.C., April 18, 2023 — The Securities and Exchange Commission today charged investment advisory firm Betterment LLC for material misstatements and omissions related to its automated tax loss harvesting service (TLH), failing to provide clients with notice of changes to contracts, and failing to maintain certain required books and records. To settle the charges, Betterment agreed to pay a $9 million penalty and to distribute funds to affected clients.

TIGTA

Implementation of the Taxpayer First Act Provision Regarding the Management and Purchase of Information Technology Resources Needs Improvement
Report Number 2023-25-017
April 19, 2023

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