Regulatory Roundup: Aug. 3-9

By:
Chris Gaetano
Published Date:
Aug 9, 2021

CBO

Report
Answers to Questions for the Record Following a Hearing on Options for Funding and Financing Highway Spending
August 6, 2021
The Senate Committee on Finance convened a hearing at which Joseph Kile, CBO’s Director of Microeconomic Analysis, testified. This document provides CBO’s answers to questions submitted for the record.

Report
Effects of Physical Infrastructure Spending on the Economy and the Budget Under Two Illustrative Scenarios
August 6, 2021
CBO examined two illustrative scenarios that would boost federal funding for a mix of types of physical infrastructure by $500 billion over 10 years. The two scenarios differ in how the additional spending would be financed.

Presentation
CBO’s Updated Budget Projections
August 5, 2021
Presentation by Christina Hawley Anthony, Chief of the Projections Unit in CBO’s Budget Analysis Division, to the National Conference of State Legislatures Base Camp.

Cost Estimate
Senate Amendment 2137 to H.R. 3684, the Infrastructure Investment and Jobs Act
August 5, 2021
As proposed on August 1, 2021

Cost Estimate
H.R. 3856, a bill to require the Comptroller General of the United States to conduct a study on disparities associated with race and ethnicity with respect to certain benefits administered by the Secretary of Veterans Affairs, and for other purposes
August 4, 2021
As ordered reported by the House Committee on Veterans’ Affairs on July 28, 2021

Report
The Distribution of Household Income, 2018
August 4, 2021
In 2018, average household income after accounting for means-tested transfers and federal taxes was $37,700 among households in the lowest quintile and $243,900 among households in the highest quintile.

 GAO

Capitol Attack
Special Event Designations Could Have Been Requested for January 6, 2021, but Not All DHS Guidance is Clear
GAO-21-105255
Published: Aug 09, 2021.
Publicly Released: Aug 09, 2021.
What GAO Found The Department of Homeland Security (DHS) has specific designations available for planned special events that bolster security-planning processes and coordination between federal, state, and local entities.
RELEASED ON AUG. 5, 2021

COVID-19
HHS's Collection of Hospital Capacity Data
GAO-21-600
Published: Aug 05, 2021.
Publicly Released: Aug 05, 2021.
What GAO Found During the COVID-19 pandemic, the Department of Health and Human Services (HHS) made frequent and significant changes to the collection of hospital capacity data.

Architect of the Capitol
Efforts Have Begun to Update Cannon House Office Building's Renovation Cost and Schedule Estimates
GAO-21-105363
Published: Aug 05, 2021.
Publicly Released: Aug 05, 2021.
What GAO Found The Architect of the Capitol (AOC) has substantially completed three of five planned phases to renovate the Cannon House Office Building (Cannon project).

Biodefense
After-Action Findings and COVID-19 Response Revealed Opportunities to Strengthen Preparedness
GAO-21-513
Published: Aug 04, 2021.
Publicly Released: Aug 04, 2021.
What GAO Found Key federal agencies, including the Departments of Homeland Security (DHS), Defense (DOD), Health and Human Services (HHS), and Agriculture (USDA), developed a range of interagency response plans to prepare for nationally significant biological incidents.

Human Trafficking
DOD Should Address Weaknesses in Oversight of Contractors and Reporting of Investigations Related to Contracts
GAO-21-546
Published: Aug 04, 2021.Publicly Released: Aug 04, 2021.
What GAO Found The U.S. government has a zero tolerance policy for human trafficking, as established in a presidential directive, but trafficking in persons (TIP) of foreign workers on U.S. government contracts overseas persists

 IRS

Treasury, IRS provide additional guidance to employers claiming the employee retention credit, including for the third and fourth quarters of 2021
IR-2021-165, August 4, 2021 — The Treasury Department and the IRS today issued further guidance on the employee retention credit, including guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and additional guidance on miscellaneous issues that apply to the employee retention credit in both 2020 and 2021. 

IRS reminds heavy vehicle owners of August 31 highway use tax return deadline 
IR-2021-164, August 4, 2021 — The Internal Revenue Service reminds those who have registered, or are required to register, large trucks and buses that it’s time to file Tax Year 2021 Form 2290, Heavy Highway Vehicle Use Tax Return. The deadline to file and pay is August 31, 2021, for vehicles used on the road during July 2021.

Security Summit: Tax Pros can help clients battle identity theft risk related to unemployment
IR-2021-163, August 3, 2021 — IRS Security Summit partners today outlined for tax professionals how they can assist clients who were victims of unemployment compensation fraud schemes that targeted state workforce agencies in 2020 and 2021.

SEC

SEC Charges Poloniex for Operating Unregistered Digital Asset Exchange
2021-147, Aug. 9, 2021 —The Securities and Exchange Commission today announced that Poloniex LLC has agreed to pay more than $10 million to settle charges for operating an unregistered online digital asset exchange in connection with its operation of a trading platform that facilitated buying and selling of digital asset securities.

SEC Awards $3.5 Million to Whistleblowers in Two Enforcement Actions
2021-146, Aug. 6, 2021 — The Securities and Exchange Commission today announced awards totaling more than $3.5 million to three individuals in two separate enforcement proceedings.

SEC Charges Decentralized Finance Lender and Top Executives for Raising $30 Million Through Fraudulent Offerings
2021-145, Aug. 6, 2021 — The Securities and Exchange Commission today charged two Florida men and their Cayman Islands company for unregistered sales of more than $30 million of securities using smart contracts and so-called “decentralized finance” (DeFi) technology, and for misleading investors concerning the operations and profitability of their business DeFi Money Market. 

Statement on the Commission’s Approval of Nasdaq’s Proposal for Disclosure about Board Diversity and Proposal for Board Recruiting Service 
Today, the Commission voted to approve Nasdaq’s proposed rule changes requiring issuers to disclose certain information about the diversity of the company’s board and to offer certain companies access to a complimentary board recruiting service.These rules will allow investors to gain a better understanding of Nasdaq-listed companies’ approach to board diversity, while ensuring that those companies have the flexibility to make decisions that best serve their shareholders.

SEC Charges Ernst & Young, Three Audit Partners, and Former Public Company CAO with Audit Independence Misconduct
2021-144, Aug. 2, 2021 —The Securities and Exchange Commission today charged accounting firm Ernst & Young LLP (EY), one of its partners, and two of its former partners with improper professional conduct for violating auditor independence rules in connection with EY's pursuit to serve as the independent auditor for a public company with nearly $5 billion in revenue (issuer). Separately, the Commission brought charges against the Issuer's then-Chief Accounting Officer for his role in the misconduct. All respondents have agreed to settle the charges and will collectively pay more than $10 million in monetary relief.

TIGTA

August 4, 2021
Review of the Independent Office of Appeals Collection Due Process Program

 

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