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Regulatory Roundup: October 17-23

By:
S.J. Steinhardt
Published Date:
Oct 23, 2023

AICPA


AICPA & CIMA call for the skilling of finance and accounting professionals to better support ESG practices in Africa
Oct 19, 2023

AICPA & CIMA call for education and action to prepare Ghana for ESG opportunities
Oct 19, 2023

Nigerian students compete in the CGMA Business Leader Challenge
Oct 19, 2023

Finance teams set to play greater role in driving business performance says new AICPA & CIMA report
Oct 18, 2023

AICPA Honors Robert Herz with the Gold Medal of Distinction
Oct 17, 2023

CBO

Cost Estimate
H.R. 4655, Businesses Over Activists Act

October 20, 2023
As ordered reported by the House Committee on Financial Services on July 27, 2023

Cost Estimate
H.R. 4693, Tennessee Valley Authority Salary Transparency Act

October 20, 2023
As ordered reported by the House Committee on Transportation and Infrastructure on July 27, 2023

Cost Estimate
H.R. 929, Puyallup Tribe of Indians Land Into Trust Confirmation Act of 2023
October 20, 2023
As ordered reported by the House Committee on Natural Resources on September 20, 2023

Cost Estimate
S. 595, Rio San José and Rio Jemez Water Settlements Act of 2023
October 20, 2023
As ordered reported by the Senate Committee on Indian Affairs on March 29, 2023

Cost Estimate
S. 608, Deerfield River Wild and Scenic River Study Act of 2023
October 20, 2023
As order reported by the Senate Committee on Energy and Natural Resources on September 21, 2023

Cost Estimate
H.R. 1069, Clean Energy Demonstration Transparency Act of 2023
October 19, 2023
As reported by the House Committee on Science, Space, and Technology on September 21, 2023

Cost Estimate
H.R. 3397, WEST Act of 2023
October 19, 2023
As ordered reported by the House Committee on Natural Resources on June 21, 2023

Cost Estimate
H.R. 4428, Guidance Clarity Act
October 19, 2023
As ordered reported by the House Committee on Oversight and Accountability on September 20, 2023

Presentation
Health Care and the Federal Budget
October 19, 2023
Presentation by Chapin White, CBO’s Director of Health Analysis, to the MITRE Health Advisory Council.

Cost Estimate
S. 2032, Legacy IT Reduction Act of 2023
October 19, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on July 26, 2023

Cost Estimate
S. 474, REPORT Act
October 19, 2023
As reported by the Senate Committee on the Judiciary on June 6, 2023

Report
Testimony on the Status of the Highway Trust Fund: 2023 Update
October 18, 2023
Chad Shirley, a principal analyst at CBO, testifies on the status of the Highway Trust Fund before the House Transportation Committee’s Highway and Transit Subcommittee.

Cost Estimate
H.R. 3446, Sunshine for Regulatory Decrees and Settlements Act of 2023
October 18, 2023
As ordered reported by the House Committee on the Judiciary on June 14, 2023

Cost Estimate
H.R. 4469, No Fuel Credits for Batteries Act of 2023
October 18, 2023
As reported by the House Committee on Energy and Commerce on September 1, 2023

Cost Estimate
S. 1207, EARN IT Act of 2023
October 18, 2023
As reported by the Senate Committee on the Judiciary on May 15, 2023

Report
Testimony on Alternative Payment Models and the Slowdown in Federal Health Care Spending
October 18, 2023
CBO’s Director of Health Analysis, Chapin White, testifies on alternative payment models and the slowdown in federal health care spending.

Cost Estimate
Additional Information on the Estimate of Rescinding Funding for Tax Enforcement
As posted on the Website of the Secretary of the Senate
https://ats.senate.gov/Display.aspx?ID=1226

Cost Estimate
H.R. 3556, Increasing Financial Regulatory Accountability and Transparency Act
October 16, 2023
As ordered reported by the House Committee on Financial Services on May 24, 2023

Cost Estimate
Senate Amendment 1092 to H.R. 4366, the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act, 2024
October 16, 2023
Senate Amendment 1092 to H.R. 4366 would provide appropriations and authorities for 2024 for the agencies covered by 3 of the 12 annual appropriation acts

FASB

Representatives of the Financial Accounting Standards Board and the Accounting Standards Board of Japan Hold Biannual Meeting
October 18, 2023

Financial Accounting Standards Advisory Council Meeting Recap—September 21, 2023
October 17, 2023

GAO

Aviation Security:
TSA Could Better Ensure Detection and Assess the Potential for Discrimination in Its Screening Technologies

GAO-24-107094
Published:
Publicly Released: This testimony discusses our prior work on Transportation Security Administration screening technologies. The technologies help screen passengers and their baggage for explosives or prohibited items. TSA must continually assess if its screening operations are effective. But TSA has had issues with ensuring that the technologies consistently meet detection standards after being put into service. And advanced imaging technology scans can result in certain people—like people...

COVID-19:
Key Elements of Fraud Schemes and Actions to Better Prevent Fraud

GAO-24-107122
Published: Publicly Released: From March 2020 through June 2023, at least 1,399 individuals or businesses were found guilty or liable in fraud cases involving federal COVID-19 programs—with more charges pending. We testified that many fraud schemes in these programs included beneficiary fraud —lying to obtain benefits—or identity fraud —stealing someone else's personal information to obtain benefits. To do this, fraudsters manipulated documents, made false declarations, and created fictitious...

Broadband Infrastructure:
Middle-Mile Grant Program Lacked Timely Performance Goals and Targeted Measures
GAO-24-106131
Published: Publicly Released: Broadband internet is critical for work, school, and daily life. "Middle-mile" infrastructure connects networks serving homes and businesses with global networks to deliver broadband. The National Telecommunications and Information Administration was authorized to set up a $1 billion grant program to improve this infrastructure's nationwide availability. While NTIA followed some leading practices for the program, it didn't set measurable goals with specific targets—which would allow...

VA Whistleblowers:
Retaliation Claim Investigations and Settlement Agreements

GAO-24-107090
Published: Publicly Released:
Federal employees who are whistleblowers can help fight fraud, waste, and abuse, so laws protect them from retaliation, such as demotion and firing. We're looking into whistleblower retaliation cases at the Department of Veterans Affairs. This testimony covers our prior and ongoing work. Amid an uptick in all cases reported to the VA, whistleblower retaliation cases have increased from 577 in FY 2020 to 736...

Southwest Border:
Cultural and Natural Resource Impacts from Barrier Construction

GAO-24-107127
Published: Publicly Released: In this statement for the record, we wrote that from 2017 through Jan. 2021, federal agencies built about 450 miles of barriers along the U.S. Southwest border. To expedite construction, they waived federal environmental and other laws. The construction harmed some cultural and natural resources, e.g., by blasting at a tribal burial site and altering water flows. Before building, the agencies assessed some potential effects...

Disability Insurance:
SSA Faces Ongoing Challenges with Overpayments

GAO-24-107113
Published: Publicly Released:
We testified about the Social Security Administration's challenges with overpaying disability insurance benefits. Individuals can receive benefits if their disabilities prevent them from working. But if they return to work and SSA doesn't adjust the benefits, they might have been overpaid. This is a problem for beneficiaries—who may have to repay benefits—and SSA, as some overpayments are never paid back at all. SSA has made...

Immigration Courts:
Actions Needed to Address Workforce Planning and Other Management Challenges

GAO-24-107046
Published: Publicly Released: This testimony discusses workforce planning and management challenges at the Justice Department's Executive Office for Immigration Review. Immigration judges at EOIR hold hearings to decide whether foreign nationals may be removed from the U.S. As of July 2023, EOIR had a significant and growing backlog of nearly 2.2 million pending cases. Despite this, EOIR hasn't developed a strategic workforce plan to address its staffing needs...

Military and Veteran Support:
Programs to Help Servicemembers and New Veterans Transition to Civilian Life Could Be Enhanced

GAO-24-107083
Published: Publicly Released: We testified about issues we previously found in federal programs that help servicemembers transition to civilian life. DOD has 2 programs to help servicemembers get civilian credentials for their military training, but doesn't have enough evidence to show that the programs work The Transition Assistance Program helps servicemembers find jobs or pursue education after service, but nearly 25% of those who needed the most help...

Defense Management:
Action Needed to Advance Progress on Reform Efforts

GAO-24-105793
Published: Publicly Released: This Q&A report reviews how the Department of Defense is managing and reforming its business operations. DOD spends billions of dollars each year to maintain business systems and processes, such as those for contracts and financial management. DOD has updated its approach to managing its business operations. The agency has also begun using more data to help make business decisions, including using a data analytics...

Medicare:
Performance-Based and Geographic Adjustments to Physician Payments

GAO-24-107106
Published: Publicly Released: For decades, Congress and Medicare have worked on improving how Medicare pays health care providers to incentivize high quality, efficient care for beneficiaries. In this testimony, we discussed our prior work on Medicare's Quality Payment Program, which includes: The Merit-based Incentive Payment System, which adjusts Medicare payments based on factors like cost and quality of care The Advanced alternative payment model, in which payments can...

Nuclear Waste Cleanup:
Army Corps Could Benefit from Following Leading Practices for Program Management for Contaminated Sites

GAO-23-105968
Published: Publicly Released: Decades of nuclear energy research and weapons development created radioactive waste at sites in the Midwest and Northeast U.S.—leading to environmental risks for nearby communities. The U.S. Army Corps of Engineers is cleaning up 19 sites at an estimated cost of $2.6 billion. But the Corps isn't using opportunities to manage this work in a coordinated centralized way. The Corps could use its resources more...

Defense Industrial Base:
DOD Needs Better Insight into Risks from Mergers and Acquisitions

GAO-24-106129
Published: Publicly Released: Mergers and acquisitions affect the companies directly involved—and their customers. When the customer is the Department of Defense, mergers can affect competition for defense contracts, increase prices, or reduce innovation. DOD assesses only a portion of defense mergers and acquisitions each year, generally when the antitrust agencies—the Department of Justice and Federal Trade Commission—ask for DOD's input for antitrust reviews of these transactions. In these...

K–12 Education:
Better Planning Could Help DOD Schools Implement Changes to Standardized Testing

GAO-24-106322
Published: Publicly Released: This Q&A report reviews standardized testing practices in the Department of Defense's school system. DOD operates schools around the world, primarily for military families. Like public schools, DOD schools administer standardized tests. Our study found that students in DOD schools spent more time on average taking standardized tests compared to students in 9 school districts near military bases. A DOD working group has found ways...

IASB

Join the staff—HR Manager (12-month full-time contract for maternity cover)
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23 Oct 2023

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23 Oct 2023

Brazil adopts ISSB global baseline, as IFRS Foundation Trustees meet in Latin America
Announcement
20 Oct 2023

October 2023 Emerging Economies Group agenda and meeting papers now available
20 Oct 2023
Meeting

October 2023 Sustainability Standards Advisory Forum agenda and meeting papers now available
Meeting
20 Oct 2023

IRS

IRS: Beware of fake charities; check before donating
IR-2023-196, Oct. 23, 2023 — With the tragic crises and natural disasters happening around the globe, many are responding to the call to give what they can to help. The Internal Revenue Service today warned taxpayers to be wary of criminals soliciting donations and falsely posing as legitimate charities.

Volunteers needed across the country for free tax services
IR-2023-195, Oct. 23, 2023 — The Internal Revenue Service’s Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs are currently recruiting volunteers for the upcoming filing season.

IRS launches new initiatives using Inflation Reduction Act funding to ensure large corporations pay taxes owed; continues to improve service and modernize technology with launch of business tax account
IR-2023-194, Oct. 20, 2023 — Following a dramatically improved 2023 filing season thanks to Inflation Reduction Act (IRA) investments, the Internal Revenue Service has targeted IRA resources on strengthening enforcement, with announcements on new initiatives to pursue high-income, high-wealth individuals who do not pay overdue tax bills and complex partnerships.

IRS announces withdrawal process for Employee Retention Credit claims; special initiative aimed at helping businesses concerned about an ineligible claim amid aggressive marketing, scams
IR-2023-193, Oct. 19, 2023 — As part of a larger effort to protect small businesses and organizations from scams, the IRS today announced the details of a special withdrawal process to help those who filed an Employee Retention Credit (ERC) claim and are concerned about its accuracy.

IRS advances innovative Direct File project for 2024 tax season; free IRS-run pilot option projected to be available for eligible taxpayers in 13 states
IR-2023-192, Oct. 17, 2023 — As part of larger transformation efforts underway, the Internal Revenue Service announced today key details about the Direct File pilot for the 2024 filing season with several states planning to join the innovative effort.

IRS announces 2024 Tax Counseling for the Elderly and Volunteer Income Tax Assistance Program Grants
IR-2023-191, Oct. 16, 2023 — The Internal Revenue Service recently awarded $51 million in Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grants to organizations that provide free federal tax return preparation.

Most popular seminars at the 2023 IRS Nationwide Tax Forums now available online
IR-2023-190, Oct. 16, 2023 — Tax professionals who missed the 2023 IRS Nationwide Tax Forums last summer are now able to view and earn continuing education credits for 18 of the most popular seminars presented there.

For California storm victims, IRS postpones tax-filing and tax-payment deadline to Nov. 16
IR-2023-189, Oct. 16, 2023 — The Internal Revenue Service today further postponed tax deadlines for most California taxpayers to Nov. 16, 2023. In the wake of last winter’s natural disasters, the normal spring due dates had previously been postponed to Oct. 16.

NYS

Superintendent Adrienne A. Harris Announces $15 Million Penalty On Metropolitan Commercial Bank For Compliance Deficiencies In Third-Party Debit Card Program
Oct. 19, 2023

Governor Hochul Announces Partnership With Code for America and IRS on First-of-Its-Kind Tool to Help New Yorkers File Taxes Directly for Free
Oct. 17, 2023

SEC

SEC Proposes Rule to Address Volume-Based Exchange Transaction Pricing for NMS Stocks
2023-225
Washington D.C., Oct. 18, 2023 — The Securities and Exchange Commission today proposed a new rule that would prohibit national securities exchanges from offering volume-based transaction pricing in connection with the execution of agency or riskless principal (“agency-related”) orders in NMS stocks. The proposal also would require national securities exchanges to have certain anti-evasion rules and written policies and procedures and disclose certain information if they offer volume-based transaction pricing for member proprietary volume in NMS stocks.

Joint Readout of Principals’ Meeting of U.S. and UK Authorities Regarding Central Counterparty Resolution
2023-224
Washington D.C., Oct. 17, 2023 — Senior officials from the Securities and Exchange Commission, Federal Deposit Insurance Corporation, Commodity Futures Trading Commission, Federal Reserve Board, and Bank of England convened a hybrid meeting today to discuss certain issues relating to the resolution of a central counterparty (CCP). This meeting was one of a regular series of senior-level meetings held since 2017 to share views on CCP resolution and review the progress of an ongoing program of joint work among the agencies.

SEC Obtains Emergency Relief To Halt Nearly $130 Million Fraud Targeting Indian American Community
2023-223
Washington D.C., Oct. 16, 2023 — The Securities and Exchange Commission today announced that it obtained a temporary restraining order, asset freeze, and other emergency relief to halt an ongoing fraud targeting the Indian American community that has raised nearly $130 million since April 2021. The fraud is allegedly being conducted by Nanban Ventures LLC, its three founders Gopala Krishnan (aka GK), Manivannan Shanmugam, and Sakthivel Palani Gounder (collectively, Founders), and three other entities that the Founders control.

SEC Division of Examinations Announces 2024 Priorities
2023-222
Washington D.C., Oct. 16, 2023 — The Securities and Exchange Commission’s Division of Examinations today released its 2024 examination priorities to inform investors and registrants of the key risks, examination topics, and priorities that the Division plans to focus on in the upcoming year. This year’s examinations will prioritize areas that pose emerging risks to investors or the markets in addition to core and perennial risk areas.

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