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Regulatory Roundup: May 7-13

By:
S.J. Steinhardt
Published Date:
May 13, 2024

AICPA

AICPA & CIMA to sponsor EAA 2024 Annual Congress in Bucharest, Romania
May 13, 2024

CBO

Presentation
The Outlook for the Budget and the Economy
Presentation by Phillip Swagel, CBO’s Director, at the American Enterprise Institute.

Cost Estimate
H.R. 3325, Recruit and Retain Act of 2024
As reported by the House Committee on the Judiciary on May 6, 2024

Cost Estimate
H.R. 6951, College Cost Reduction Act
As ordered reported by the House Committee on Education and the Workforce on January 31, 2024

Cost Estimate
H.R. 5403, CBDC Anti-Surveillance State Act
As reported by the House Committee on Financial Services on May 7, 2024

Cost Estimate
H.R. 7710, Locally Led Development and Humanitarian Response Act
As ordered reported by the House Committee on Foreign Affairs on March 21, 2024

Cost Estimate
Legislation considered under suspension of the Rules of the House of Representatives during the week of May 13, 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. 138, Promoting a Resolution to the Tibet-China Dispute Act
As reported by the Senate Committee on Foreign Relations on May 7, 2024

Cost Estimate
S. 618, United States Foundation for International Conservation Act of 2024
As reported by the Senate Committee on Foreign Relations on May 7, 2024

Report
Budgetary Outcomes Under Alternative Assumptions About Spending and Revenues
CBO provides information about how its most recent budget projections would change under different assumptions about future legislated policies.

Cost Estimate
H.R. 4596, Upper Colorado and San Juan River Basins Endangered Fish Recovery Programs Reauthorization Act of 2023 As ordered reported by the House Committee on Natural Resources on September 20, 2023

Cost Estimate
H.R. 7643, Veterans Congressional Work Study Act of 2024
As ordered reported by the House Committee on Veterans’ Affairs on May 1, 2024

Report
Monthly Budget Review: April 2024
The federal budget deficit was $857 billion in the first seven months of fiscal year 2024, CBO estimates—$68 billion less than the deficit recorded during the same period last fiscal year.

Report
Testimony on the Congressional Budget Office’s Request for Appropriations for Fiscal Year 2025
CBO’s Director, Phillip Swagel, testifies before the Senate Appropriations Committee’s Subcommittee on the Legislative Branch.

Cost Estimate
H.R. 1555, a bill to designate the facility of the United States Postal Service located at 2300 Sylvan Avenue in Modesto, California, as the “Corporal Michael D. Anderson Jr. Post Office Building
As ordered reported by the House Committee on Oversight and Accountability on April 10, 2024

Cost Estimate
H.R. 1823, a bill to designate the facility of the United States Postal Service located at 207 East Fort Dade Avenue in Brooksville, Florida, as the “Specialist Justin Dean Coleman Memorial Post Office Building
As ordered reported by the House Committee on Oversight and Accountability on April 10, 2024

Cost Estimate
H.R. 3354, a bill to designate the facility of the United States Postal Service located at 220 North Hatcher Avenue in Purcellville, Virginia, as the “Secretary of State Madeleine Albright Post Office Building
As ordered reported by the House Committee on Oversight and Accountability on April 10, 2024

Cost Estimate
H.R. 5867, a bill to designate the facility of the United States Postal Service located at 109 Live Oaks Boulevard in Casselberry, Florida, as the “Colonel Joseph William Kittinger II Post Office Building
As ordered reported by the House Committee on Oversight and Accountability on April 10, 2024

Cost Estimate
H.R. 6633, a bill to designate the facility of the United States Postal Service located at 9355 113th Street in Seminole, Florida, as the “Army SSG Ryan Christian Knauss Memorial Post Office Building
As ordered reported by the House Committee on Oversight and Accountability on April 10, 2024

Cost Estimate
H.R. 7180, a bill to designate the facility of the United States Postal Service located at 80 1st Street in Kingsland, Arkansas, as the “Kingsland ‘Johnny Cash’ Post Office
As ordered reported by the House Committee on Oversight and Accountability on April 10, 2024

Cost Estimate
H.R. 7199, a bill to designate the facility of the United States Postal Service located at S74w16860 Janesville Road, in Muskego, Wisconsin, as the “Colonel Hans Christian Heg Post Office
As ordered reported by the House Committee on Oversight and Accountability on April 10, 2024

Cost Estimate
H.R. 7385, a bill to designate the facility of the United States Postal Service located at 29 Franklin Street in Petersburg, Virginia, as the “John Mercer Langston Post Office Building
As ordered reported by the House Committee on Oversight and Accountability on April 10, 2024

Cost Estimate
H.R. 7417, a bill to designate the facility of the United States Postal Service located at 135 West Spring Street in Titusville, Pennsylvania, as the “Edwin L. Drake Post Office Building
As ordered reported by the House Committee on Oversight and Accountability on April 10, 2024

Cost Estimate
H.R. 7423, a bill to designate the facility of the United States Postal Service located at 103 Benedette Street in Rayville, Louisiana, as the “Luke Letlow Post Office Building
As ordered reported by the House Committee on Oversight and Accountability on April 10, 2024

Cost Estimate
H.R. 7581, Improving Law Enforcement Officer Safety and Wellness Through Data Act of 2024
As ordered reported by the House Committee on the Judiciary on April 17, 2024

Cost Estimate
H.R. 7606, a bill to designate the facility of the United States Postal Service located at 1087 Route 47 South in Rio Grande, New Jersey, as the “Carlton H. Hand Post Office Building
As ordered reported by the House Committee on Oversight and Accountability on April 10, 2024

Cost Estimate
H.R. 7607, a bill to designate the facility of the United States Postal Service located at Block 1025, Lots 18 & 19, Northeast Corner of U.S. Route 9 South and Main Street in the Township of Middle, County of Cape May, New Jersey, as the “George Henry White Post Office Building
As ordered reported by the House Committee on Oversight and Accountability on April 10, 2024

Cost Estimate
H.R. 8146, Police our Border Act
As reported by the House Committee on the Judiciary on May 6, 2024

Cost Estimate
H.R. 262, ALERT Act
As ordered reported by the House Committee on Oversight and Accountability on February 6, 2024

Cost Estimate
Estimated Budgetary Effects of Senate Amendment 1911 to H.R. 3935, the FAA Reauthorization Act of 2024
As posted on the Senate Amendment Tracking System on May 1, 2024

Cost Estimate
H.R. 7109, Equal Representation Act
As reported by the House Committee on Oversight and Accountability on April 29, 2024

Cost Estimate
H.R. 7653, Veterans Employment Readiness Yield Act of 2024
As ordered reported by the House Committee on Veterans’ Affairs on May 1, 2024

FASB

Registration Opens for June 10 FASB Webcast for Private Companies and Not-for-Profit Organizations
May 7, 2024

GAO

Cyber Personnel:
Navy Needs to Address Accuracy of Workforce Data
GAO-24-106879
Published:  . Publicly Released:  .
DOD has faced numerous challenges ensuring that its workforce can respond to cybersecurity threats. For instance, the Navy has had issues with its workforce data. The Navy's civilian cyber workforce data are stored in two different data systems, and the data in both systems differ. This has caused, among other things, civilian workforce data to show inaccurately high vacancy rates. We've previously reported on similar...

Southwest Border:
CBP Could Take Additional Steps to Strengthen Its Response to Incidents Involving Its Personnel
GAO-24-106148
Published:  . Publicly Released:  .
While performing their duties, Customs and Border Protection personnel may be involved in incidents. Those resulting in a serious injury or death are known as "critical incidents." In 2022, CBP disbanded Border Patrol teams that responded to and investigated critical incidents and assigned the responsibility to its Office of Professional Responsibility. The office is doubling its investigator workforce, and more than half of its new...

Military Spouse Employment:
Part-Time Workforce Characteristics and Perspectives [Reissued with revisions on May 9, 2024]

GAO-24-106263
Published:
Publicly Released: For spouses of military service members, finding or keeping a job is a top concern. This Q&A report examines the demographics, employment experiences, and well-being of military spouses who worked part time. Of approximately 270,000 military spouses who were employed, about a third worked part time in 2021, based on our estimates from DOD data. Military spouses we interviewed said they worked part time because...

College Athletics:
Education Should Improve Its Title IX Enforcement Efforts

GAO-24-105994
Published:
Publicly Released:
In 1972, Title IX required equity for women in college athletics. Yet 50 years later, women still participate in college athletics at lower rates than men—despite enrolling in college at higher rates. The Department of Education enforces Title IX. It obtains agreements from some colleges to resolve potential compliance issues and monitors their actions. In some of the 26 cases we reviewed, Education took over...

Federal Housing Finance Agency:
Improvements Needed in Controls over Management Reviews and Information Systems Access

GAO-24-107219
Published:
Publicly Released:  
Each year, we audit the Federal Housing Finance Agency's financial statements. During our 2023 audit, we found issues with FHFA's internal controls over its review of the draft consolidated financial statements and information systems access. Internal controls are processes to reasonably assure that transactions are properly authorized and recorded. We considered one of the issues to be a "significant deficiency" when combined with a related...

GAOverview:
Understanding Waste in Federal Programs

GAO-24-107198
Published:
Publicly Released:  
In this "GAOverview," we discuss types of waste in federal programs and strategies to address it. Waste is when individuals or organizations spend government resources carelessly, extravagantly, or without purpose. Federal programs may be vulnerable to waste for a number of reasons, including asset mismanagement. For instance, it can be difficult to track the purchase and use of goods and services at an agency, which...

Federal Housing Finance Agency Office of Inspector General:
Improvements Needed in Review Procedures for Payroll Accounting

GAO-24-107430
Published:
Publicly Released: Each year, we audit the Federal Housing Finance Agency's financial statements. While independent from FHFA's operations, the FHFA Office of Inspector General's financial activities are included in those statements. During our 2023 audit, we found an issue with the internal controls over the Office of Inspector General's payroll accounting. Internal controls are processes to reasonably assure that transactions are properly authorized and recorded. We considered...

U.S. Territories:
Coordinated Federal Approach Needed to Better Address Data Gaps

GAO-24-106574
Published:
Publicly Released: We report in this Q&A on gaps in federal data for the U.S. territories (American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, the Commonwealth of Puerto Rico, and the U.S. Virgin Islands). At each agency we reviewed, a majority of statistical reports excluded at least one of the territories. Data gaps can limit the government's understanding of territory needs and how to best...

DOJ Grants Management:
Further Steps Could Improve Efforts Taken to Address Early Grants IT Modernization Challenges

GAO-24-106501
Published:
Publicly Released: In 2020, the Department of Justice launched a new system—JustGrants—to modernize grants management for its offices as well as Tribal and other applicants and grantees. Some of the system's features didn't perform as expected. For example, some grant recipients couldn't access funds or submit financial reports to DOJ. DOJ has been working to address these and other issues like technical glitches. DOJ used a change...

Fiscal Year 2025 Budget Request:
U.S. Government Accountability Office

GAO-24-107527
Published:
Publicly Released:  
In fiscal year 2023, GAO's work yielded $70.4 billion in financial benefits. Our average return on investment for the past 6 years is $133 for every $1 invested in GAO. In this testimony before the Senate Subcommittee on Legislative Branch Appropriations, U.S. Comptroller General Gene L. Dodaro discusses GAO's FY 2025 budget request. Our budget request will enable GAO to continue to meet key areas...

Medicare Hospice:
CMS Needs to Fully Implement Statutory Provisions and Prioritize Certain Overdue Surveys

GAO-24-106442
Published: Publicly Released: Medicare is required to monitor hospices through surveys every 3 years. Surveys can find serious quality issues, raising concerns about the adequacy of care and triggering additional monitoring. About 15% of hospices were cited with serious quality issues from 2020 through 2022. Medicare is working on, but hasn't fully implemented, enforcement tools—such as fines—to help bring hospices like these into compliance. In addition, as of...

Priority Open Recommendations:
Office of the Comptroller of the Currency

GAO-24-107276
Published:
Publicly Released:  
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Office of the Comptroller of the Currency outlines 2 open recommendations that it should prioritize. For example, OCC should coordinate with other federal financial regulators to identify and address blockchain risks. OCC did not...

Priority Open Recommendations:
Federal Deposit Insurance Corporation

GAO-24-107275
Published:
Publicly Released:  
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Federal Deposit Insurance Corporation outlines 2 open recommendations that it should prioritize. For example, FDIC should coordinate with other federal financial regulators to identify and address blockchain risks. FDIC did not implement these same...

Coast Guard Acquisitions:
Opportunities Exist to Improve Shipbuilding Outcomes

GAO-24-107488
Published:
Publicly Released: We testified on the Coast Guard's primary challenge as it invests billions of dollars in its highest priority programs—developing stable ship designs. The design of the Polar Security Cutter, a heavy icebreaker, is more complex and taking over 3 years longer than expected—delaying delivery of the lead ship by about 5 years. And the program's costs increased by more than $2 billion due to these...

Navy Shipbuilding:
Increased Use of Leading Design Practices Could Improve Timeliness of Deliveries

GAO-24-105503
Published:
Publicly Released: Rapidly changing maritime threats compel the Navy to deliver ships faster. But the Navy falls short on design practices that reduce leading companies' shipbuilding time. For example, companies: Use existing ship designs—limiting changes to a section of the ship—to create new designs, allowing companies to stabilize designs sooner and better estimate schedules Empower a small group of decision makers to use their expertise to get...

Military Justice:
Actions Needed to Help Ensure Success of Judge Advocate Career Reforms

GAO-24-106165
Published:
Publicly Released:  
The military justice system relies on experienced attorneys to try cases involving military personnel. But DOD and Congress have raised concerns about the litigators' experience and whether they have the needed skills to try complex cases, including sexual assault. DOD required the military services to create career paths for attorneys—known as judge advocates—to specialize as military justice litigators. But some issues may affect the success...

Public Health Preparedness:
HHS Should Address Strategic National Stockpile Coordination Challenges

GAO-24-106260
Published:
Publicly Released: The federal government coordinates with states, localities, territories, and Tribes to distribute life-saving medicines and supplies from the Strategic National Stockpile during public health emergencies. But during recent public health responses, such as COVID-19 and mpox, jurisdictions weren't clear on how and from whom to request supplies, causing confusion and delays. Additionally, some Tribal officials cited challenges with having the facilities needed to receive and...

IASB

New webcast: Proposed improvement to the impairment test for goodwill
Webcast
13 May 2024

May 2024 International Accounting Standards Board agenda and meeting papers now available
Meeting
10 May 2024

Join the staff—Internal Communications Associate
Careers
9 May 2024

May 2024 Emerging Economies Group agenda and meeting papers now available
Meeting
9 May 2024

IASB simplifies financial reporting for eligible subsidiary companies with new IFRS Accounting Standard
IFRS Standard
9 May 2024

Join the staff—HR Business Partner, Operations
Careers
8 May 2024

Your views on evolving the IFRS Foundation’s digital offering
Survey
8 May 2024

May 2024 International Sustainability Standards Board agenda and meeting papers now available
Meeting
8 May 2024

IASB proposes amendments for renewable electricity contracts
Consultation
8 May 2024

ISSB Standards now available in Simplified Chinese
7 May 2024

IRS

Interest rates remain the same for the third quarter of 2024
IR-2024-138, May 9, 2024 — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2024.

IRS: Home improvements could help taxpayers qualify for home energy credits
IR-2024-137, May 9, 2024 — The Internal Revenue Service reminds taxpayers that making certain energy efficient updates to their homes could qualify them for home energy credits.

To protect against identity theft, IRS adds additional protections to Centralized Authorization File, Transcript Delivery System; changes designed to protect sensitive tax pro, taxpayer information
IR-2024-136, May 8, 2024 — With identity theft and refund fraud an ongoing concern, the Internal Revenue Service today highlighted additional protections for tax professionals being taken to increase security for the Centralized Authorization File (CAF) program and placed new guidelines on requesting client transcripts by phone.

IRS encourages tax-exempt organizations to file their taxes ahead of May 15 deadline
IR-2024-135, May 6, 2024 — The Internal Revenue Service encouraged thousands of tax-exempt organizations today to file their taxes ahead of their filing deadline.

Two IRS teams named finalists for Service to America Medals during Public Service Recognition Week; honored for paperless processing, $3.4 billion cryptocurrency seizure
IR-2024-134, May 6, 2024 — To help celebrate this year’s Public Service Recognition Week, the Internal Revenue Service today recognized two IRS teams that reached the finals for the 2024 Samuel J. Heyman Service to America Medals.

IRS final reminder: Time to claim $1 billion in tax refunds from 2020 expires May 17
IR-2024-133, May 6, 2024 ― The Internal Revenue Service today reminded the 1 million people who didn’t file their tax year 2020 returns they may be eligible for a refund if they file by the May 17 deadline.

PCAOB

At May 13 Open Meeting, PCAOB to Consider Adopting New Standards on General Responsibilities of the Auditor, Quality Control
May 8, 2024

PCAOB Sanctions Three Auditors for Failures Relating to Audit Evidence, Skepticism, and Other Violations
May 7, 2024

SEC

SEC, FinCEN Propose Customer Identification Program Requirements for Registered Investment Advisers and Exempt Reporting Advisers
2024-54
Washington D.C., May 13, 2024 — Today the Securities and Exchange Commission and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) jointly proposed a new rule that would require SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to establish, document, and maintain written customer identification programs (CIPs). The proposal is designed to prevent illicit finance activity involving the customers of investment advisers by strengthening the anti-money laundering and countering the financing of terrorism (AML/CFT) framework for the investment adviser sector.

SEC Charges Pennsylvania Resident with Insider Trading in Dick’s Sporting Goods Securities
2024-53
Washington D.C., May 10, 2024 — The Securities and Exchange Commission today charged Gibsonia, PA resident Frank T. Poerio, Jr. with insider trading for misappropriating material, nonpublic information concerning Dick’s Sporting Goods Inc. and trading on that information, realizing illegal profits of more than $800,000.

TIGTA

Taxpayer Assistance Centers Generally Provided Quality Service, but Additional Actions Are Needed to Reduce Taxpayer Burden
May 10. 2024

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