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Regulatory Roundup: July 23-29

By:
Ruth Singleton
Published Date:
Jul 29, 2024

CBO

Report
Expired and Expiring Authorizations of Appropriations for Fiscal Year 2024
July 25, 2024
CBO reports annually on programs whose authorizations of appropriations have already expired or will expire.

Cost Estimate
H.R. 7151, Export Control Enforcement and Enhancement Act
July 25, 2024
As ordered reported by the House Committee on Foreign Affairs on July 10, 2024

Cost Estimate
H.R. 8645, Improved Screening for Veterans and Passengers with Disabilities Act
July 25, 2024
As ordered reported by the House Committee on Homeland Security on June 12, 2024

Presentation
CBO’s Projection of the Distribution of Wage Earnings
July 24, 2024
Presentation by James Pearce, an analyst in CBO’s Tax Analysis Division, at the NBER Summer Institute 2024: Economics of Social Security.

Cost Estimate
H.R. 3042, Millennium Challenge Corporation Candidate Country Reform Act
July 24, 2024
As ordered reported by the House Committee on Foreign Affairs on July 11, 2024

Cost Estimate
H.R. 7342, Veterans Accessibility Advisory Committee Act of 2024
July 24, 2024
As ordered reported by the House Committee on Veterans’ Affairs on May 1, 2024

Suspension Bill
Legislation considered under suspension of the Rules of the House of Representatives during the week of July 29, 2024
July 24, 2024
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.

Cost Estimate
S. 3854, International Freedom Protection Act
July 24, 2024
As reported by the Senate Committee on Foreign Relations on May 7, 2024

Cost Estimate
H.R. 3813, CDC Leadership Accountability Act of 2023
July 23, 2024
As ordered reported by the House Committee on Energy and Commerce on July 19, 2023

Report
Effects of the Immigration Surge on the Federal Budget and the Economy
July 23, 2024
An increase in immigration over the 2021–2026 period boosts federal revenues as well as mandatory spending and interest on the debt in CBO’s baseline projections, lowering deficits, on net, by $0.9 trillion over the 2024–2034 period.

Cost Estimate
H.J. Res. 124, a joint resolution providing for Congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency relating to “Principles for Climate-Related Financial Risk Management for Large Institutions”
July 23, 2024
As ordered reported by the House Committee on Financial Services on April 17, 2024

Cost Estimate
H.J. Res. 125, a joint resolution providing for Congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Board of Governors of the Federal Reserve System relating to “Principles for Climate-Related Financial Risk Management for Large Institutions”
July 23, 2024|
As ordered reported by the House Committee on Financial Services on April 17, 2024

Cost Estimate
H.J. Res. 126, a joint resolution providing for Congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Federal Deposit Insurance Corporation relating to “Principles for Climate-Related Financial Risk Management for Large Institutions”
July 23, 2024
As ordered reported by the House Committee on Financial Services on April 17, 2024

Cost Estimate
H.R. 2833, Pretrial Release Reporting Act
July 23, 2024
As ordered reported by the House Committee on the Judiciary on June 27, 2024

Cost Estimate
H.R. 619, NAPA Reauthorization Act
July 23, 2024
As reported by the House Committee on Energy and Commerce on May 24, 2024

Cost Estimate
S. 1897, Enhancing Southbound Inspections to Combat Cartels Act
July 22, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on April 10, 2024

Cost Estimate
H.J. Res. 100, a joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to “Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure”
July 22, 2024
As ordered reported by the House Committee on Financial Services on May 16, 2024

Cost Estimate
H.R. 6395, Recognizing the Importance of Critical Minerals in Healthcare Act of 2023
July 22, 2024
As ordered reported by the House Committee on Natural Resources on June 12, 2024

Cost Estimate
H.R. 8932, FAFSA Deadline Act
July 22, 2024
As ordered reported by the House Committee on Education and the Workforce on July 10, 2024

FASB

FASB Seeks Public Comment on Proposed Derivatives Scope Refinements 
July 23, 2024

GAO

Hypersonic Weapons:
DOD Could Reduce Cost and Schedule Risks by Following Leading Practices

GAO-24-106792
Published: . Publicly Released: .
The Department of Defense is working to quickly develop hypersonic weapons, which are capable of moving at least 5 times the speed of sound and have unpredictable flight paths that could give the military a tactical advantage. Most of DOD's efforts to develop hypersonic weapons aren't using modern digital engineering tools, such as virtual representations of physical products. By not following this leading practice, they...

Havana Syndrome:
Better Patient Communication and Monitoring of Key DOD Tasks Needed to Better Ensure Timely Treatment

GAO-24-106593
Published: . Publicly Released: .
In 2016, U.S. Embassy staff and their families in Havana, Cuba, suddenly began having symptoms such as head pain, tinnitus, blurry vision, vertigo, and more. These symptoms, once called "Havana Syndrome," have since been reported by personnel around the world and are now called "anomalous health incidents." Laws require DOD to treat current and former federal employees and family members diagnosed with this poorly understood...

Payment Scams:
Information on Financial Industry Efforts

GAO-24-107107
Published: . Publicly Released: .
Payment scams manipulate victims into sending money to scammers. Some scammers even use generative AI—such as deepfakes—to make scams harder to detect. Payment scams can cause significant financial losses and are a growing problem in the United States. This Q&A report covers the characteristics of payment scams and the role of financial institutions—like banks and payment apps—in preventing, detecting, and recovering from scams. Financial institutions...

Public Health Preparedness:
HHS Should Assess Jurisdictional Planning for Isolation and Quarantine

GAO-24-106705
Published: . Publicly Released: .
States and territories can use isolation and quarantine to keep people from spreading infectious diseases—as they did in the COVID-19 pandemic. It's easier to do this in the early stages of an emergency if a jurisdiction has a plan in place. The Department of Health and Human Services is supposed to help jurisdictions prepare for and respond to emergencies by providing guidance and funding. But... 

Supplemental Nutrition Assistance Program:
Estimated Eligibility and Receipt among Food Insecure College Students

GAO-24-107074
Published: . Publicly Released: .
About 3.8 million college students experienced food insecurity in 2020. A majority reported multiple instances of eating less than they should or skipping meals because they couldn’t afford enough food. Some college students may qualify for Supplemental Nutritional Assistance Program benefits—the nation's largest such program for low-income households, formerly known as "food stamps." But they must meet other eligibility criteria specifically for college students, such...

GAOverview:
FraudNet Activity Report for Fiscal Year 2023

GAO-24-107272
Published: . Publicly Released: .

Wind Energy:
Technologies and Approaches to Help Address Environmental Effects

GAO-24-106687
Published: . Publicly Released: .
Wind energy is one of the fastest-growing renewable energy sources globally. Getting electricity from wind can have significant environmental and public health benefits. But the development of wind energy facilities could also change the landscape, affect wildlife, and have other negative environmental effects. In this Technology Assessment, we identified technologies and approaches to help address these effects across a wind facility's life cycle. But challenges...

Financial Management Systems:
VA Should Improve Its Risk Response Plans

GAO-24-106858
Published: . Publicly Released: .
The Department of Veterans Affairs relies on a decades-old financial management system to help administer its veterans' benefit programs—including pensions, health care, and disability compensation. Since 1998, VA has been working on a replacement system. This Q&A report covers the system's rollout. VA has followed most leading practices. But the system continues to be delayed and costs have increased. Plus, VA doesn't have specific, detailed...

National Institute on Aging:
Leading Project Management Practices Are Important for Large-Scale Health Data Efforts

GAO-24-106886
Published: . Publicly Released: .
The National Institute on Aging's Real-World Data Platform aimed to improve research into Alzheimer's disease by compiling and analyzing real-world data. This data could come from people's health records, apps and sensors, pharmacy claims, and more. We found that NIA hadn't fully implemented leading project management or cost estimating practices for the platform. For example, NIA's cost estimate was anticipated at $312 million over 6...

Federal Facility Security:
Preliminary Results Show That Challenges Remain in Guard Performance and Oversight

GAO-24-107599
Published: . Publicly Released: .
Federal Protective Service's contracted guards control access to government facilities and screen visitors to detect prohibited items. We testified that our investigators conducted 27 covert tests at certain federal buildings in early 2024, and the guards failed to detect prohibited items—like pepper spray and batons—in about half of them. FPS is working to improve screening by increasing training and analyzing data to identify common causes...

Pandemic Unemployment Assistance:
States' Controls to Address Fraud

GAO-24-107471
Published: . Publicly Released: .
Earlier, we estimated that more than $100 billion was lost to fraud in unemployment insurance programs during the pandemic. We also found higher rates of fraud in the Pandemic Unemployment Assistance program. This Q&A report examines state efforts to fight fraud in this program. States were challenged to rapidly start the program and establish anti-fraud measures. Our survey found that states used multiple tools, such...

Immigration Enforcement:
Arrests, Removals, and Detentions Varied Over Time and ICE Should Strengthen Data Reporting

GAO-24-106233
Published: . Publicly Released: .
U.S. Immigration and Customs Enforcement enforces the nation's immigration laws by arresting, detaining, and removing noncitizens from the United States. We found that in its public reports, ICE understates the total number of people it detains. In its calculations, ICE excludes people who were first booked into certain temporary facilities before being transferred to immigration detention facilities for their time in detention. This exclusion amounts...

Transportation Equity:
DOT Could Improve Some Performance Goals to Better Assess Progress

GAO-24-105652
Published: . Publicly Released: .
People rely on the nation's transportation system to access jobs and more. But the system doesn't serve everyone equally, e.g., those in remote areas. The Department of Transportation has a new strategic goal to reduce inequities and established 14 performance goals to assess progress. One such goal is to increase transit grants for rural or tribal areas. We compared these goals against selected federal performance...

Tribal Energy:
Federal Assistance to Support Microgrid Development

GAO-24-106278
Published: . Publicly Released: .
Tribes may face difficulties obtaining reliable and affordable electricity. Microgrids—electricity systems that can operate independently from a traditional electricity grid—can deliver power to tribal communities and protect from grid disruptions due to severe weather. This Q&A report examines financial and technical challenges Tribes face with developing and operating a microgrid, including unique issues complicating efforts in remote Alaska. We explore available federal assistance and recent...

Ukraine Assistance:
Actions Needed to Properly Value Defense Articles Provided Under Presidential Drawdown Authority

GAO-24-106934
Published: . Publicly Released: .
Presidential Drawdown Authority allows the President to provide defense items such as ammunition and missiles from DOD's inventories to respond to foreign crises. In 2023, DOD notified Congress that it had misvalued items given to Ukraine in FYs 22 and 23 by about $6.2 billion. The law that includes this authority doesn't clearly define "value" as it relates to the authority. Also, DOD doesn't have...

IASB

July 2024 ISSB Update and podcast now available
Update
29 July 2024

Addendum to the June 2024 IFRIC Update now available
Update
29 July 2024

July 2024 IASB Update now available
Update
29 July 2024

July 2024 IFRS Taxonomy Consultative Group meeting summary now available
Meeting
26 July 2024

Q2 2024 ISSB Implementation Insights podcast now available
Podcast
25 July 2024

IASB proposes amendments for translating financial information into hyperinflationary currencies
Consultation
25 July 2024

Watch webcast Implementing IFRS 19—Insights from global preparers and IASB members
Webcast
24 July 2024

IASB completes technical decisions on three projects
Announcement
23 July 2024

Join the staff—Interim Director of Communications ISSB (parental leave cover)
Careers
23 July 2024

June 2024 Capital Markets Advisory Committee and Global Preparers Forum meeting summary now available
Meeting
23 July 2024

IRS

IRS shares more warning signs of incorrect claims for the Employee Retention Credit; urges businesses to proactively resolve erroneous claims to avoid penalties, interest, audit
IR-2024-198, July 26, 2024 — As the Internal Revenue Service intensifies work on the Employee Retention Credit, the agency today shared five new warning signs being seen on incorrect claims by businesses.

Updated frequently asked questions on New, Previously Owned and Qualified Commercial Clean Vehicle Credits now available from the IRS
IR-2024-197, July 26, 2024 — The Internal Revenue Service today updated frequently asked questions in Fact Sheet 2024-26 to provide guidance related to eligibility rules, income limitations, transfer rules and dealer registration for the New, Previously Owned and Qualified Commercial Clean Vehicle Credits.

IRS continues to expand taxpayer services and online tools, key milestones reached with Inflation Reduction Act funding
IR-2024-196, July 25, 2024 — As part of ongoing transformation efforts, the Internal Revenue Service announced today continued progress on a variety of taxpayer service and technology projects using Inflation Reduction Act (IRA) funding that expand online tools and digital services.

Registration still open for IRS Tax Forum in Baltimore, Dallas; 3-day conference features education and more for tax pros
IR-2024-195, July 24, 2024 — With several locations already sold out, the Internal Revenue Service today encouraged tax professionals to register soon for a spot at the upcoming IRS Nationwide Tax Forum in Baltimore, Aug. 13-15, or Dallas, Aug. 20-22.

IRS issues guidance for the procedures to claim a credit for utilization of carbon oxide
IR-2024-194, July 24, 2024 — The Internal Revenue Service today issued Notice 2024-60 to provide initial guidance on the credit for the sequestration of carbon oxide. This credit was amended significantly by the Inflation Reduction Act of 2022 (IRA).

Security Summit urges tax pros to watch out for identity theft red flags
IR-2024-193, July 23, 2024 — In the third part of a special series, the Internal Revenue Service and the Security Summit partners today urged tax professionals to learn the signs of data theft so they can respond quickly to protect their business and their clients.

IRS.gov offers Free File service, other resources; provides extension filers summertime help ahead of October deadline
IR-2024-192, July 22, 2024 — The Internal Revenue Service today encouraged taxpayers who requested an extension of time to file their taxes to consider using IRS Free File and other resources on IRS.gov to help them file over the summer rather than waiting for the October deadline. There’s no need to wait if taxpayers are ready to file.

IRS provides relief to Hurricane Beryl victims in Texas; various deadlines postponed to Feb. 3, 2025
IR-2024-191, July 22, 2024 — The Internal Revenue Service announced today tax relief for individuals and businesses in 67 Texas counties affected by Hurricane Beryl that began on July 5, 2024.

NYS

NYS Tax Department Encourages Capital Region STAR Credit Recipients to Enroll in Direct Deposit 
July 23, 2024

NYS Tax Department Encourages STAR Credit Recipients in Clinton County to Enroll in Direct Deposit
July 22, 2024

PCAOB

Annual Report on the Interim Inspection Program Related to Audits of Brokers and Dealers
July 25, 2034

Supplementary Information Related to Audits of Brokers and Dealers: Firms and Engagements Selected, and Inspection Results
July 25, 2024

SEC

SEC Awards Whistleblower More Than $37 Million          
2024-90
Washington D.C., July 26, 2024 — The Securities and Exchange Commission today announced an award of more than $37 million to a whistleblower whose information and assistance led to a successful SEC enforcement action.

SEC Charges Andrew Left and Citron Capital for $20 Million Fraud Scheme                 
2024-89
Washington D.C., July 26, 2024 — The Securities and Exchange Commission today announced charges against activist short seller Andrew Left and his firm, Citron Capital LLC, for engaging in a $20 million multi-year scheme to defraud followers by publishing false and misleading statements regarding his supposed stock trading recommendations.

SEC Charges Virginia Engineer with Orchestrating $30 Million Offering Fraud             
2024-88
Washington D.C., July 25, 2024 — The Securities and Exchange Commission today charged Babu Ramaraj, a resident of Aldie, Virginia, with defrauding more than 70 investors of approximately $31 million through his company, DAB Inspection and Consulting Services LLC.

Keith E. Cassidy Named Interim Acting Director of the Division of Examinations          
2024-87
Washington D.C., July 25, 2024 — The Securities and Exchange Commission today charged Babu Ramaraj, a resident of Aldie, Virginia, with defrauding more than 70 investors of approximately $31 million through his company, DAB Inspection and Consulting Services LLC.

TIGTA

Ninety-Five Percent of IRS and Contractor Employees Were Tax Compliant; However, There Were Some Tax Delinquencies or Prior Conduct/Performance Issues.
July 24, 2024

Review of the Internal Revenue Service’s Purchase Card Violations Report
July 23, 2024

Actions Have Been Taken to Improve Security Controls for the Planned Expanded Use of Login.gov; However, Additional Security Improvements Are Needed
July 23, 2024

The Internal Revenue Service Is Not Fully Complying With the 90- and 120-Day Requirements of the “No TikTok on Government Devices” Implementation Guidance
July 22, 2024

Click here to see more of the latest news from the NYSSCPA.