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Regulatory Roundup December 13-19

S.J. Steinhardt
Published Date:
Dec 19, 2022


AICPA & CIMA Achieves Global Recognition as a Great Place To Work®
Dec 11, 2022


CBO’s 2022 Long-Term Projections for Social Security
December 16, 2022
In CBO’s projections, spending on Social Security exceeds revenues to the program in 2022 and increases relative to GDP over the next 75 years, while revenues remain stable. If combined, the program’s trust funds would be exhausted in 2033.

Working Paper
The Welfare Effects of Debt: Crowding Out and Risk Shifting: Working Paper 2022-10
December 16, 2022
This paper extends a 2019 analysis by Olivier Blanchard by separating total estimated welfare effects of debt into crowding-out and risk-shifting components and estimates the effects of those components under alternative assumptions about technology and preferences.

Working Paper
Current Work on the Distributional Analysis of Household Income Resulting From Policy Changes: Working Paper 2022-09
December 15, 2022
This paper introduces a standardized framework to analyze how policy changes alter the distribution of household income to complement CBO’s analyses of policy changes’ budgetary and economic effects.

Health Care Options for Reducing the Deficit
December 15, 2022
Presentation by Carrie Colla, Director of CBO's Health Analysis Division, and Chapin White, Deputy Director of CBO's Health Analysis Division, to the Committee for a Responsible Federal Budget.

Cost Estimate
Estimated Discretionary Appropriations Under Division A of the Further Continuing Appropriations and Extensions Act, 2023 (Rules Committee Print 117-72, the House Amendment to the Senate Amendment to H.R. 1437)
December 14, 2022
As posted on the Rules Committee Website (

Cost Estimate
H.R. 604, Rebuild America’s Schools Act of 2022
December 14, 2022
As ordered reported by the House Committee on Education and Labor on May 18, 2022

Emissions of Carbon Dioxide in the Electric Power Sector
December 13, 2022
CBO describes recent trends in carbon dioxide (CO2) emissions in the electric power sector, changes in how electric power is produced and the reasons for those changes, and expectations for future CO2 emissions in that sector.

Emissions of Carbon Dioxide in the Transportation Sector
December 13, 2022
CBO provides an overview of emissions of carbon dioxide (CO2, the most common greenhouse gas) in the transportation sector, describing the sources of and trends in such emissions and projecting their future path.

Cost Estimate
Estimated Pay-As-You-Go Effects of H.R. 5715, a bill to reauthorize the Morris K. Udall and Stewart L. Udall Trust Fund, and for other purposes
December 12, 2022
As posted on the website of the Clerk of the House on December 9, 2022


2023 GAAP Financial Reporting Taxonomy, SEC Reporting Taxonomy, and DQC Rules Taxonomy Now Available
December 16, 2022

FASB Improves Certain Transition Requirements in Long-Duration Insurance Guidance
December 15, 2022


Military Correctional Facilities:
Consistent Application of Standards and Improved Oversight Could Enhance Health and Safety

Publicly Released:
The U.S. military services operate a combined 36 military correctional facilities around the world. As of 2021, these facilities held 1,131 service members who were awaiting trial or had been sentenced by court-martial. Each service branch is responsible for ensuring the health and safety of the staff and incarcerated service members at their respective facilities. We found: Most of the branches routinely assess whether their...

Chief Data Officer Council:
Progress in Strengthening Federal Evidence-Based Policymaking

Publicly Released:
In 2019, the government created the position of Chief Data Officer at each federal agency, along with a government-wide council made up of these and other officials. Since that time, the Chief Data Officer Council has worked to improve how the federal government collects and uses data, and agencies have built on these efforts. For example, the Council released a training development guide in June...

Disaster Recovery:
Better Information Is Needed on the Progress of Block Grant Funds

Publicly Released:
Hurricanes and wildfires affected millions of people in the U.S. and its territories in 2017 and 2018—and the U.S. government provided billions of dollars in grants to help with recovery efforts. But funding for housing activities—such as home repairs—has been slow to reach affected communities. As of July 2022, states and territories that received the vast majority of the grants had disbursed only 28% of...

Federal Research and Development:
Funding Has Grown since 2012 and Is Concentrated within a Few Agencies

Publicly Released:
Innovation is critical to U.S. competitiveness, prosperity, and security. In the last 10 years, the federal government has increased funding for research and development (R&D)—investing $179.5 billion in FY 2021. DOD and the Department of Health and Human Services received 77% of the FY 2021 funding. COVID-19 stimulus funding led to large R&D increases for HHS. For example, an HHS agency that helps develop vaccines...

Recreational Boating:
How Vessel Users Contribute to and Benefit from a Federal Trust Fund

Publicly Released:
The Sport Fish Restoration and Boating Trust Fund, managed by the Fish and Wildlife Service, provides federal grants that support recreational boating activities such as safety programs and boat ramp installation. About half of the funding for the Trust Fund comes from taxes on motorboat fuel. Import duties and other taxes, such as taxes on sport fishing equipment, also support it. The taxes are imposed...

Telecommunications Workforce:
Additional Workers Will Be Needed to Deploy Broadband, but Concerns Exist About Availability

Publicly Released:
Recent legislation included big increases in federal funding for the deployment of broadband, which is increasingly critical to daily life, but unavailable in some areas. Our analysis found that thousands more skilled workers will be needed to deploy broadband and 5G funded by recent federal programs. If this work is spread over 10 years, at its peak, the funding would support about 23,000 additional workers...

Veterans Health Care:
Staffing Challenges Persist for Fully Integrating Mental Health and Primary Care Services

Publicly Released:
With the growing demand for mental health services, Veterans Health Administration facilities must make providers—like psychologists and psychiatrists—available within primary care settings to assess and treat veterans with mild-to-moderate symptoms and conditions, like anxiety or depression. But persistent staffing issues at some VHA facilities have negatively affected efforts to integrate these services into primary care settings. To address this, some facilities have offered flexible work...

2022 Tax Filing:
Backlogs and Ongoing Hiring Challenges Led to Poor Customer Service and Refund Delays

Publicly Released:
For three years, IRS has struggled with a backlog of work. During the 2022 filing season, IRS focused on reducing its correspondence backlog, which left most phone calls from taxpayers unanswered. IRS also prioritized processing its backlog of returns from 2021, but then had more than 12 million returns from 2022 to process as of late September. IRS hired the staff it needed with the...

Information Technology and Cybersecurity:
Evolving the Scorecard Remains Important for Monitoring Agencies' Progress

Publicly Released:
The federal government annually spends more than $100 billion on IT and cyber investments—many of which have been ineffectively managed. Congress passed laws to address these issues, including provisions such as the Federal Information Technology Acquisition Reform Act (FITARA). We testified that, since 2015, Congress has issued scorecards to monitor agencies' implementation of FITARA and key IT topics. The scorecards have evolved and served as...

Women in the Workforce:
The Gender Pay Gap Is Greater for Certain Racial and Ethnic Groups and Varies by Education Level

Publicly Released:
In recent years, women were underrepresented in management positions and the gender pay gap was greater for certain groups. Published Census Bureau data showed that in 2021: Women made up about 44% of the total workforce but only 41% of managers Overall, women earned about $.82 for every dollar men earned; Hispanic or Latina women earned about $.58 and Black women earned about $.63 for...

Structural Characteristics That Can Help Insulate HHS Agencies against Potential Political Interference

Publicly Released:
Four HHS agencies had key roles in the federal COVID-19 response. Our prior reports noted shortcomings to that response, including possible political interference. Some characteristics of an agency's structure may affect how insulated it is from potential political interference, including How many political appointees it hasWhether it has active advisory committees with experts to guide decisionsIf agency officials have fixed terms These characteristics varied by...

VA IT Contracting:
Observations on Trends, Competition, and Past Performance Information

Publicly Released:
From FYs 2017-2021, Veterans Affairs spent over $25 billion on IT products and services, including efforts to update its electronic health records system. Long-standing problems with IT acquisitions is one reason VA is on our High Risk list. Over the same period, VA awarded more dollars in IT contracts annually to fewer contractors. The growth in IT contract dollars was due in part to VA's...

GPS Disruptions:
DOT Could Improve Efforts to Identify Interference Incidents and Strengthen Resilience

Publicly Released:
GPS improves transportation safety, but is vulnerable to interference from radio signal jamming or other sources. The Department of Transportation is responsible for identifying GPS interference incidents and improving the transportation sector's ability to withstand and recover from them. We found that DOT's process for identifying incidents doesn't produce accurate or complete information and isn't documented. Also, DOT has efforts underway to improve the sector's...

Federal Protective Service:
More Collaboration on Hiring and Additional Performance Information Needed

Publicly Released:
The Federal Protective Service (FPS) protects about 9,000 federal facilities and their occupants. For the third time in almost 20 years, FPS has moved into a new agency within the Department of Homeland Security. This agency, the Management Directorate, is responsible for providing human capital and other services. FPS has experienced several benefits from the move, including more support from leadership. But FPS continues to...

COVID-19 Relief Funds:
Lessons Learned Could Improve Future Distribution of Federal Emergency Relief to Tribal Recipients

Publicly Released:
The public health and economic effects of COVID-19 on tribal nations have been especially severe. To help tribes recover, Congress's pandemic relief funding has included at least $43.6 billion to support new and existing programs that tribes could use to address their unique needs. While some agencies used existing programs to distribute funds quickly, others had to develop new ones. In some cases, these new...

COVID-19 in Nursing Homes:
Outbreak Duration Averaged 4 Weeks and Was Strongly Associated with Community Spread

Publicly Released:
From June 2020 through December 2021, nursing homes faced many separate COVID-19 outbreaks, with the average outbreak lasting 4 weeks. We found that certain factors increased the likelihood that a nursing home would have a longer outbreak. Specifically, transmission of COVID-19 in the community surrounding a nursing home had the strongest association, with nursing homes located in areas with high transmission more likely to have...

Private Health Insurance:
State and Federal Oversight of Provider Networks Varies

Publicly Released:
A majority of Americans are covered by private health insurance plans. Health plans set up provider networks—contracted doctors, other providers, and facilities—to provide medical care to enrollees. A provider network is considered "inadequate" if it doesn't have enough providers for enrollees to receive timely care nearby. Inadequate networks may lead enrollees to seek higher-cost care from out-of-network providers. Most states said they review plans for...

Federal Energy and Water Management:
Agencies Report Mixed Success in Meeting Efficiency Requirements, and Additional Data Are Needed

Publicly Released:
For decades the federal government has worked to improve energy and water efficiency at federal facilities. It remains the U.S.'s single largest energy consumer, and occupants of its about 350,000 buildings used 119 billion gallons of water in FY 2021. We looked at data for 27 agencies that report their energy and water use to the Department of Energy and their compliance with 6 energy...

Women in Special Operations:
Improvements to Policy, Data, and Assessments Needed to Better Understand and Address Career Barriers

Publicly Released:
Can gender discrimination, sexual harassment, and other barriers explain why women make up less than 10% of special operations forces? U.S. Special Operations Command may not have the information needed to fully assess barriers affecting women's careers in the command. For example, the command doesn't have full access to timely, complete data on its assigned personnel, including incidents of discrimination, harassment, and sexual assault. Collaborating...

Troubled Asset Relief Program:
Status of Remaining Housing Programs

Publicly Released:
Through the Troubled Asset Relief Program, Treasury provided $33 billion to 3 federal programs to help prevent home foreclosures. We reviewed the status of these programs. The Hardest Hit Fund ended in March 2022. The Short Refinance program is slated to wind down by the end of 2022. The Making Home Affordable (MHA) program is slated to wind down by early 2024. Treasury has already...

Online Exploitation of Children:
Department of Justice Leadership and Updated National Strategy Needed to Address Challenges

Publicly Released:
In 2008, Congress required the Department of Justice to create and implement a national strategy to combat the exploitation of children. The strategy must be updated every 2 years, led by an appointed senior official, and include 19 specific elements, such as setting measurable goals. But in the past 14 years, 9 detailees have rotated through the national coordinator position. DOJ has only issued a...

Thrifty Food Plan:
Better Planning and Accountability Could Help Ensure Quality of Future Reevaluations

Publicly Released:
Over 40 million people rely on the Supplemental Nutrition Assistance Program (SNAP), formerly known as "food stamps," to buy food. Benefits are based on the Thrifty Food Plan, which estimates how much it would cost a family of 4 to eat a healthy diet on a budget. In response to COVID-19, the U.S. Department of Agriculture expedited a planned update to the Thrifty Food Plan...

Commerce Working Capital Fund:
Policy and Performance Measure Enhancements Could Help Strengthen Management

Publicly Released:
Federal agencies need services like payroll and IT to support their work, and they can save money by sharing those services with other agencies. The Department of Commerce's Working Capital Fund finances some of these shared services. Since our last review in 2011, Commerce has taken many steps to more effectively manage the Fund. For example, it established performance standards for service providers. But it...

President's Emergency Plan For AIDS Relief:
State Has Taken Actions to Address Coordination Challenges, but Staffing Challenges Persist
Published:  . Publicly Released:  .
Since 2003, the President's Emergency Plan for AIDS Relief has provided over $100 billion for combating HIV/AIDS and saved an estimated 20 million lives. The State Department oversees about $6 billion a year in program spending across U.S. agencies in over 50 countries. Agencies have said that State's top-down culture and complex planning process have hampered program implementation. State has announced significant changes to improve...


December 2022 ISSB Update now available
19 Dec 2022

IASB Chair Andreas Barckow discusses IFRS 17 becoming effective from 1 January 2023
19 Dec 2022

December 2022 IASB Update now available and work plan updated
22 Dec 2022

Linda Mezon-Hutter appointed as IASB Vice-Chair
19 Dec 2022

Join the Staff—Enterprise Applications Manager
16 Dec 2022

ISSB announces guidance and reliefs to support Scope 3 GHG emission disclosures
15 Dec 2022

New members from Asia and Europe join the Global Preparers Forum
15 Dec 2022

ISSB describes concept of sustainability and its articulation with financial value creation plus plans on natural ecosystems and just transition
14 Dec 2022

Call for papers on hedge accounting requirements of financial instruments Accounting Standard
Call for papers
14 Dec 2022

ISSB deepens engagement with Global South jurisdictions to advance adoption of IFRS Sustainability Disclosure Standards
14 Dec 2022

Prepared remarks by IASB Chair Andreas Barckow at US SEC/AICPA conference
12 Dec 2022

Presentation on the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard at the WSS Conference 2022
12 Dec 2022


IRS announces new deputy chief for the Taxpayer Experience Office
IR-2022-222, December 16, 2022 — The Internal Revenue Service announced Courtney Kay-Decker as the new Deputy Chief Taxpayer Experience Officer today.

IRS presents its fiscal year 2022 Agency Financial Report
IR-2022-221, December 15, 2022 — The Internal Revenue Service published its most recent Financial Report on the website, which provides a glimpse at IRS operations during the recently completed fiscal year 2022.

IRS reminder: For many employers and self-employed people, deferred Social Security tax payment due Dec. 31
IR-2022-220, December 14, 2022 — The Internal Revenue Service today reminded employers and self-employed individuals that chose to defer paying part of their 2020 Social Security tax liability that their second annual installment of the deferred amount is due on December 31, 2022.

IRS Independent Office of Appeals selects new deputy chief
IR-2022-219, December 14, 2022 — The IRS Independent Office of Appeals has selected Elizabeth (Liz) Askey as its new deputy chief. In this role, she will provide leadership and direction over nationwide programs designed to fairly and impartially resolve tax controversies without litigation on behalf of the federal government and taxpayers.

Treasury and IRS set out procedures for manufacturers, sellers of clean vehicles
IR-2022-218, December 12, 2022 — The Treasury Department and Internal Revenue Service today issued a Revenue Procedure setting out key processes for manufacturers and sellers of clean vehicles. These processes are required for vehicles to be eligible for one or more clean vehicle tax incentives, including tax credits for new and previously owned clean vehicles, as well as for commercial clean vehicles.


Agencies Launch Week of Action to Enroll Older New Yorkers and Those With Disabilities Into Programs to Reduce Housing Costs
December 14, 2022


Superintendent Adrienne A. Harris Releases Virtual Currency Guidance for Banking Organizations
December 15, 2022

State Bank Supervisors Appoint New York Superintendent Adrienne A. Harris to FSOC
December 13, 2022


Randy L. Thornton Named PCAOB Chief Human Resources Officer
Dec. 16, 2022

PCAOB Secures Complete Access to Inspect, Investigate Chinese Firms for First Time in History
Dec. 15, 2022

FACT SHEET: PCAOB Secures Complete Access to Inspect, Investigate Chinese Firms for First Time in History
Dec. 15, 2022

Chair Williams Challenges Firms to Uphold the Highest Standards in Audit Quality
Dec. 12, 2022


SEC Charges Honeywell with Bribery Schemes in Algeria and Brazil
Washington D.C., Dec. 19, 2022 — The Securities and Exchange Commission today announced charges against Honeywell International Inc. for violations of the Foreign Corrupt Practices Act (FCPA) arising out of bribery schemes that took place in Brazil and Algeria. The company has agreed to pay more than $81 million to settle the SEC’s charges.

SEC Small Business Advocacy Office Releases Annual Report on Capital Raising
Washington D.C., Dec. 16, 2022 — The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation issued its 2022 Annual Report  to Congress and the Commission. The report details how entrepreneurs and investors are building companies together, from startups to small public companies.

SEC Charges Financial Services Professional and Associate in $47 Million Front-Running Scheme
Washington D.C., Dec. 14, 2022 — The Securities and Exchange Commission today announced fraud charges against Lawrence Billimek, an employee of a major asset management firm with securities portfolios worth billions of dollars, and Alan Williams, who previously worked at several financial industry firms, for perpetrating a multi-year front-running scheme that generated at least $47 million in illegal trading profits.

SEC Charges Four Individuals in Crypto Pyramid Scheme that Targeted Spanish-Speaking Communities
Washington D.C., Dec. 14, 2022 — The Securities and Exchange Commission today charged Francisley Valdevino Da Silva, Juan Antonio Tacuri Fajardo, Ramon Antonio Perez Arias, and Jose Ramiro Coronado Reyes for their roles in creating and promoting Forcount Trader Systems, Inc., a fraudulent crypto asset pyramid scheme that raised more than $8.4 million from hundreds of retail investors primarily from Spanish-speaking communities throughout the United States and other countries.

SEC Proposes Regulation Best Execution
Washington D.C., Dec. 14, 2022 — The Securities and Exchange Commission today proposed Regulation Best Execution, which would establish through Commission rules a best execution regulatory framework for brokers, dealers, government securities brokers, government securities dealers, and municipal securities dealers. While a best execution rule was first established in 1968 by the National Association of Securities Dealers, Inc., the predecessor to the Financial Industry Regulatory Authority, Inc., the proposed rule, if adopted, would create the first SEC-established rule concerning best execution.

SEC Proposes Rule to Enhance Competition for Individual Investor Order Execution
Washington D.C., Dec. 14, 2022 — The Securities and Exchange Commission today proposed a rule that would require certain orders of individual investors to be exposed to competition in fair and open auctions before such orders could be executed internally by any trading center that restricts order-by-order competition.

SEC Proposes Rules to Amend Minimum Pricing Increments and Access Fee Caps and to Enhance the Transparency of Better Priced Orders
Washington D.C., Dec. 14, 2022 — The Securities and Exchange Commission today proposed to amend certain rules under Regulation NMS to adopt variable minimum pricing increments, or “tick sizes,” for the quoting and trading of NMS stocks, reduce access fee caps for protected quotations, and accelerate the transparency of the best priced orders available in the market. The proposed amendments are designed to enhance trading opportunities for all investors and to help ensure that orders placed in the national market system reflect the best prices available for all investors.

SEC Proposes Amendments to Enhance Disclosure of Order Execution Information
Washington D.C., Dec. 14, 2022 — The Securities and Exchange Commission today proposed amendments that would update the disclosure required under Rule 605 of Regulation NMS for order executions in national market system stocks, which are stocks listed on a national securities exchange. Rule 605 was adopted in 2000 and provides visibility into execution quality at different market centers. It has not been substantively updated since it was adopted.

SEC Adopts Amendments to Modernize Rule 10b5-1 Insider Trading Plans and Related Disclosures
Washington D.C., Dec. 14, 2022 — The Securities and Exchange Commission today adopted amendments to Rule 10b5-1 under the Securities Exchange Act of 1934 and new disclosure requirements to enhance investor protections against insider trading. The amendments include updates to Rule 10b5-1(c)(1), which provides an affirmative defense to insider trading liability under Section 10(b) and Rule 10b-5. Collectively, the final rules aim to strengthen investor protections concerning insider trading and to help shareholders understand when and how insiders are trading in securities for which they may at times have material nonpublic information.

SEC Charges Eight Social Media Influencers in $100 Million Stock Manipulation Scheme Promoted on Discord and Twitter
Washington D.C., Dec. 14, 2022 — The Securities and Exchange Commission today announced charges against eight individuals in a $100 million securities fraud scheme in which they used the social media platforms Twitter and Discord to manipulate exchange-traded stocks.

SEC Charges Danske Bank with Fraud for Misleading Investors about Its Anti-Money Laundering Compliance Failures in Estonia
Washington D.C., Dec. 13, 2022 — The Securities and Exchange Commission today announced fraud charges against Danske Bank, a multinational financial services corporation headquartered in Denmark, for misleading investors about its anti-money laundering (AML) compliance program in its Estonian branch and failing to disclose the risks posed by the program’s significant deficiencies. Danske Bank agreed to pay $413 million to settle the SEC’s charges.

SEC Charges Samuel Bankman-Fried with Defrauding Investors in Crypto Asset Trading Platform FTX
Washington D.C., Dec. 13, 2022 — The Securities and Exchange Commission today charged Samuel Bankman-Fried with orchestrating a scheme to defraud equity investors in FTX Trading Ltd. (FTX), the crypto trading platform of which he was the CEO and co-founder. Investigations as to other securities law violations and into other entities and persons relating to the alleged misconduct are ongoing.

SEC Awards More Than $20 Million to Whistleblower
Washington D.C., Dec. 12, 2022 — The Securities and Exchange Commission today announced an award of more than $20 million to a whistleblower who provided information and assistance that significantly contributed to a successful enforcement action. The whistleblower provided new information, met with Enforcement Division staff multiple times, and remained cooperative throughout the investigation.

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