Representative Eleanor Holmes Norton introduces H.R. 189: Securities and Exchange Commission Real Estate Leasing Authority Revocation Act

We have received text from H.R. 189: Securities and Exchange Commission Real Estate Leasing Authority Revocation Act. This bill was received on 2025-01-03, and currently has no cosponsors.

Here is a short summary of the bill:

This bill, known as the Securities and Exchange Commission Real Estate Leasing Authority Revocation Act, proposes to make changes regarding the leasing authority of the U.S. Securities and Exchange Commission (SEC). The key provisions of the bill are as follows:

1. Elimination of SEC's Leasing Authority

The bill aims to amend Title 40 of the United States Code, prohibiting the SEC from leasing general purpose office space. Instead, the bill allows the Administrator (presumably a position within the General Services Administration or GSA) to lease office space on behalf of the SEC. This change means that the SEC would no longer have direct authority to handle its leasing arrangements.

2. Existing Leases

The bill specifies that this new restriction on leasing authority does not affect any leases that the SEC has already entered into before the enactment of this bill. Essentially, existing agreements would remain valid, but any future leases would have to go through the Administrator.

3. Review by the Comptroller General

In addition to restricting the SEC's leasing capability, the bill requires the Comptroller General of the United States to conduct a review. This review will involve:

• Updating a previous report from 2016 concerning federal entities that have independent leasing authority.
• Assessing whether any federal entities have had their independent leasing authorities rescinded or changed.
• Examining how often these independent authorities utilized the General Services Administration in their leasing decisions.
• Tracking progress on implementing any recommendations made in the earlier report.

Overall Implications

This legislation could establish more centralized control over how the SEC acquires office space, potentially streamlining the leasing process by placing it under the oversight of the Administrator. However, it also limits the SEC's autonomy in managing its own real estate needs.

Relevant Companies

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