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Regulatory Roundup: April 25–May 1

By:
S.J. Steinhardt
Published Date:
May 1, 2023

AICPA

More than half of finance professionals are considering changing jobs to boost career development, according to a new study
April 26, 2023

CBO

Report
How Changes in Economic Conditions Might Affect the Federal Budget: 2023 to 2033
April 28, 2023
To show how variations in economic conditions might affect its budget projections, CBO analyzed how revenues, outlays, and deficits might change if the values of key economic variables differed from those in the agency’s forecast.

Report
Expired and Expiring Authorizations of Appropriations for Fiscal Year 2023
April 27, 2023
CBO reports annually on programs whose authorizations of appropriations have already expired or will expire.

Report
The Medicare and Medicaid Improvement Funds: Budgetary History and Projections
April 27, 2023
CBO describes features of the Medicare and Medicaid improvement funds and how the funds are accounted for in CBO’s baseline and cost estimates.

Report
An Evaluation of CBO’s Projections of Outlays From 1984 to 2021
April 26, 2023
In this report, CBO uses various measures to assess the quality of its past projections of federal outlays. The analysis focuses on three fiscal years within each projection period: the budget year, the 6th year, and the 11th year.

Cost Estimate
CBO’s Estimate of the Budgetary Effects of Amendment 22 to H.R. 2811, the Limit, Save, Grow Act of 2023
April 26, 2023
As adopted by the House Committee on Rules on April 26, 2023

Report
CBO’s Estimate of the Budgetary Effects of Medicaid Work Requirements Under H.R. 2811, the Limit, Save, Grow Act of 2023
April 26, 2023
CBO estimates that Medicaid work requirements under H.R. 2811 would lead to lower federal costs, an increase in the number of uninsured people, no change in employment or hours worked by Medicaid recipients, and a rise in state costs.

Cost Estimate
Estimated Direct Spending Effects of Senate Amendment 88 to S. 326, the Elizabeth Dole Veterans Programs Improvement Act of 2023
April 26, 2023
As posted to the Senate Amendment Tracking System on April 26, 2023

Report
Testimony on Social Security’s Finances
April 26, 2023
CBO’s Director, Phillip Swagel, testifies about the agency’s projections of Social Security’s finances before the House Ways and Means Committee’s Subcommittee on Social Security.

Cost Estimate
CBO’s Estimate of the Budgetary Effects of H.R. 2811, the Limit, Save, Grow Act of 2023
April 25, 2023
As posted on the website of the House Committee on Rules on April 19, 2023

Working Paper
Effects of Fiscal Policy on Inflation: Implications of Supply Disruptions and Economic Slack: Working Paper 2023-05
April 25, 2023
This paper provides evidence that supply disruptions, low economic slack, and the interaction of restrained supply with low slack each amplify the effects of expansionary fiscal policies on inflation.

Cost Estimate
S. 709, Federal Agency Performance Act of 2023
April 24, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 29, 2023

FAF

Financial Accounting Foundation Trustees Enhance Stakeholder Feedback Procedures and Transparency for Standard-Setting Boards
April 26, 2023

FASB

Financial Accounting Foundation Trustees Enhance Stakeholder Feedback Procedures and Transparency for Standard-Setting Boards
April 26, 2023

GAO

Bank Regulation:
Preliminary Review of Agency Actions Related to March 2023 Bank Failures

GAO-23-106736
Published:
Publicly Released:
In March 2023, Silicon Valley Bank and Signature Bank suffered two of the largest bank failures in U.S. history. Risky business strategies, weak risk management practices, and weak liquidity drove the failures. Both banks grew rapidly from 2019-2021—which can signal risk. Further, the growth was fueled heavily by deposits that weren't federally insured. Federal regulators raised concerns about these risks with the banks but didn't...

Airline Passenger Protections:
Observations on Flight Delays and Cancellations, and DOT's Efforts to Address Them

GAO-23-105524
Published:
Publicly Released: When demand for air travel dropped during the COVID-19 pandemic, commercial airlines took steps to cut costs, such as suspending hiring and reducing staff. The industry has largely recovered, but cancellations and delays have persisted—affecting millions of passengers. Generally, cancellations and delays in late 2021 were due to factors that were within an airline's control, such as airplane maintenance or lack of crew. The Department...

Civil Monetary Penalties:
Federal Agencies' Compliance with the 2022 Annual Inflation Adjustment Requirements

GAO-23-106485
Published:
Publicly Released:
When enforcing regulations, federal agencies use fines to punish willful violators and to deter future violations. However, if agencies don't regularly adjust these fines for inflation, they may become less effective as a deterrent. Congress enacted the Federal Civil Penalties Inflation Adjustment Act of 1990 partly to address this issue. In 2015, Congress amended the act to require GAO to annually review agencies' compliance with...

Tribal Programs:
Actions Needed to Improve Interior's Management of Trust Services

GAO-23-105356
Published:
Publicly Released:
The federal government holds billions of dollars in trust for Tribes and individuals. In 2020, the Department of the Interior created the Bureau of Trust Funds Administration to take over managing these funds from the Office of the Special Trustee for American Indians. The transfer followed some, but not all, of our leading practices for agency reforms. For example, Interior established a team to implement...

Professional Standards Update No. 88
Published:
Publicly Released:

Special Operations Forces:
Actions Needed to Assess Performance of the Preservation of the Force and Family Program

GAO-23-105644
Published:
Publicly Released:
Multiple deployments and busy training schedules can stress U.S. special operations forces and their families. To help, DOD established the Preservation of the Force and Family program, which offers services like physical therapy and counseling. But it's unclear whether this program is achieving its purpose because DOD hasn't fully defined its performance goals and measures. For example, DOD lists "neurocognitive assessments" as a way to...

Antibiotic Resistance:
Federal Agencies Have Taken Steps to Combat the Threat, but Additional Actions Needed

GAO-23-106776
Published:
Publicly Released:
Antibiotic-resistant infections can be difficult or impossible to treat. This testimony covers our work on federal efforts to address the following challenges: Surveillance—CDC doesn't have enough data on antibiotic-resistant infections in health care settings Diagnostics—More studies are needed to help develop and promote the use of tests to diagnose resistance New treatments—The pipeline of new antibiotics is inadequate and not fully federally incentivized Antibiotic use—Federal...

Personnel Practices:
OPM Can Improve Oversight and Transparency of Agencies' Hiring of Political Appointees into Career Federal Positions

GAO-23-105066
Published:
Publicly Released:
The Office of Personnel Management reviews federal agency requests to hire current or recent political appointees for permanent career positions. OPM approved 129 of 187 such requests from Mar. 2016-Jan. 2021. This process helps assure fair competition—free from political influence. But identifying which applicants are current or recent political appointees isn't always easy for agencies. A new law requires OPM to maintain a public website...

Immigration Courts:
Actions Needed to Address Workforce, Performance, and Data Management Challenges

GAO-23-105431
Published:
Publicly Released:
Immigration judges at the Justice Department's Executive Office for Immigration Review hold hearings to decide whether foreign nationals may be removed from the U.S. Despite our 2017 recommendation to develop a strategic workforce plan to address current and future staffing needs, EOIR hasn't done so—even though it had a significant and growing backlog of 1.8 million pending cases at the start of FY 2023, more...

Tax Administration:
IRS Oversight of Hospitals' Tax-Exempt Status

GAO-23-106777
Published:
Publicly Released:
This testimony covers our work on nonprofit community hospitals' tax exemptions. Hospitals can be exempt if they: Meet legal requirements, e.g., set billing and collection limits Provide community benefits, e.g., run an emergency room that's open to all—regardless of ability to pay While the legal requirements are easy for IRS to confirm, it's harder to verify community benefits because the law isn't specific about which...

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

GAO-23-106686
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...

American Rescue Plan Act:
Implementation of Economic Development, Environment, and Wildlife Provisions

GAO-23-105795
Published:
Publicly Released:
As part of the pandemic response, the American Rescue Plan Act of 2021 appropriated funds to three agencies: $3 billion to the Economic Development Administration, $100 million to the Environmental Protection Agency, and $105 million to the Fish and Wildlife Service. The funds would help the agencies create jobs and improve public health. We looked at how the agencies have used the funds so far...

DOD Construction Contracts:
Contractor Proximity to Work Sites Varied

GAO-23-106035
Published:
Publicly Released:
DOD spends billions on U.S. military installation construction projects, such as building barracks and road repairs. DOD must consider factors like promoting competition and small businesses when awarding construction contracts. However, it's not required to consider whether a contractor is local—i.e., whether they are located within 60 miles of the project site. We reviewed construction contracts at 7 military installations. We found that about half...

Broadband Speed:
F
CC Should Improve Its Communication of Advanced Telecommunications Capability Assessments

GAO-23-105655
Published:
Publicly Released:
The Federal Communications Commission ensures access to broadband—high-speed internet—is deployed across the U.S. It uses a speed benchmark to assess whether broadband speeds are adequate and may take action to improve availability in areas where they aren't. FCC annually assesses and reports on whether the benchmark should be updated to meet public needs. But FCC's reporting has been inconsistent over the years. For example, the...

Customs and Border Protection:
Actions Needed to Enhance Acquisition Management and Knowledge Sharing

GAO-23-105472
Published:
Publicly Released:
U.S. Customs and Border Protection invests billions of dollars each year on systems like software and boats to support its missions. But CBP's purchases have frequently cost more and taken longer to arrive than expected. Using lessons learned from past mistakes may help CBP keep future programs on track. We looked at 10 CBP acquisition programs and found that they didn't consistently collect or share...

NOAA Acquisitions:
Fully Aligning Procedures with Best Practices Could Improve the Reliability of Cost Estimates

GAO-23-105808
Published:
Publicly Released:
The National Oceanic and Atmospheric Administration estimates costs before purchasing acquisitions, such as satellites, ships, computers, and facilities. The reliability of these cost estimates can be improved by using the best practices outlined in GAO's cost estimating guide. The cost estimating procedures used by 2 NOAA offices that buy satellites and facilities weren't fully aligned with GAO's best practices. And 2 offices that purchase ships...

Supply Chain:
Updated Freight Handbook Could Enhance Stakeholder Decision-Making

GAO-23-106072
Published:
Publicly Released:
The COVID-19 pandemic caused congestion of cargo containers at U.S. maritime ports. Many ports struggled to unload large cargo ships in a timely manner, which delayed the delivery of goods. To help deliver goods more efficiently, freight stakeholders, such as port authorities and railroads, build inland facilities where they transfer cargo containers between trains and trucks. The Department of Transportation's Freight and Land Use Handbook...

GASB

Financial Accounting Foundation Trustees Enhance Stakeholder Feedback Procedures and Transparency for Standard-Setting Boards
April 26, 2023

IASB

May 2023 Due Process Oversight Committee meeting papers now available
Meeting
28 Apr 2023

IASB supplementary meeting on international tax reform and SME Accounting Standard
Meeting
28 Apr 2023

Help shape the future of ifrs.org by taking this short survey
Survey
28 Apr 2023

Transition Implementation Group on IFRS S1 and IFRS S2—Call for candidates
Appointment
28 Apr 2023

April 2023 ISSB podcast now available
24 Apr 2023

IRS

IRS highlights information and free resources in recognition of National Small Business Week
IR-2023-93, April 28, 2023 — As part of National Small Business Week, April 30 to May 6, the Internal Revenue Service is highlighting tax benefits and resources to help those looking to start a business.

IRS seeking applications for TCE and VITA grants; organizations provide free tax return help for seniors, underserved
IR-2023-92, April 28, 2023 — The IRS is accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant, which allows eligible organizations to apply for annual funding to provide free federal tax return preparation assistance for up to three years.

NYS

New York State Department of Financial Services Announces the Results from the Review of the Supervision and Closure of Signature Bank
April 28, 2023

Five Arrested in Major Contraband Cigarette and Cigar Trafficking Case
April 27, 2023

Governor Hochul Updates New Yorkers on State Resources Deployed to Assist Local Governments Following Tornado in Sullivan County
April 27, 2023

DOS CONSUMER ALERT: New York Department of State’s Division of Consumer Protection Releases Guide with Scam Prevention Tips for Homeowners
April 25, 2023

SEC

SEC Reopens Comment Period for Proposed Rule Amendments to Modernize Beneficial Ownership Reporting
2023-83
Washington D.C., April 28, 2023 — The Securities and Exchange Commission today reopened the comment period for its proposed amendments to modernize the rules governing beneficial ownership reporting, and the staff of the Commission’s Division of Economic and Risk Analysis released a memorandum that provides supplemental data and analysis related to the proposed amendments’ economic effects.

SEC’s Division of Investment Management to Host Inaugural Conference on Emerging Trends in Asset Management
2023-82
Washington D.C., April 26, 2023 — The Securities and Exchange Commission’s Division of Investment Management today announced it will host virtually an inaugural Conference on Emerging Trends in Asset Management on Friday, May 19, 2023. The conference will bring together a variety of asset management industry participants and academics to discuss emerging trends in asset management. The full agenda with a list of speakers is available here.

Eric R. Werner Named Director of Fort Worth Regional Office
2023-81
Washington D.C., April 25, 2023 — The Securities and Exchange Commission today announced that Eric R. Werner has been named Regional Director of the Fort Worth Regional Office, effective immediately. Mr. Werner is currently the Acting Co-Regional Director and has served as the Associate Regional Director of Enforcement in the Fort Worth office since 2018. He succeeds David L. Peavler, who left the agency in December.

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