Securities and Exchange Commission Real Estate Leasing Authority Revocation Act
Officially: “Securities and Exchange Commission Real Estate Leasing Authority Revocation Act” Read the full text
What it does
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1Short title
This section would let the Act be called the Securities and Exchange Commission Real Estate Leasing Authority Revocation Act.
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1. Short title This Act may be cited as the Securities and Exchange Commission Real Estate Leasing Authority Revocation Act .
2Leasing of space for Securities and Exchange Commission
This section would add a new subsection to section 3304 of title 40, United States Code. Starting on the date this Act becomes law, the Securities and Exchange Commission would no longer be allowed to lease general purpose office space on its own. Instead, the Administrator of General Services could lease that space for the Securities and Exchange Commission under section 585 of title 40 and the rest of that chapter. This section would not cancel or otherwise affect any lease the Securities and Exchange Commission entered into before the date this Act becomes law.
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2. Leasing of space for Securities and Exchange Commission (a) In general Section 3304 of title 40, United States Code, is amended by adding at the end the following: (e) Leasing of space for Securities and Exchange Commission Notwithstanding any other provision of law, on and after the date of enactment of this subsection, the Securities and Exchange Commission may not lease general purpose office space. The Administrator may lease such space for the Securities and Exchange Commission under section 585 and this chapter. . (b) Limitation on statutory construction The amendment made by subsection (a) may not be construed to invalidate or otherwise affect a lease entered into by the Securities and Exchange Commission before the date of enactment of this Act.
3Independent leasing authorities
This section would require the Comptroller General of the United States to submit a report to the House Committee on Transportation and Infrastructure, the Senate Committee on Environment and Public Works, and the Senate Committee on Homeland Security and Governmental Affairs. The report would cover a review updating the Comptroller General's 2016 report (GAO-16-648), focusing on four things: updating the information in that report's Appendix II listing federal entities that reported having independent leasing authority for domestic offices and warehouses; determining to what extent federal entities with independent leasing authority have had that authority rescinded or amended, and the number and amount of office and warehouse space those entities lease; determining to what extent agencies with independent leasing authority have used the General Services Administration for leasing, including through delegation of authority; and identifying progress made on implementing the recommendations in the 2016 report.
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3. Independent leasing authorities (a) In general The Comptroller General of the United States shall submit to the Committee on Transportation and Infrastructure of the House of Representatives, the Committee on Environment and Public Works of the Senate, and the Committee on Homeland Security and Governmental Affairs of the Senate a report on the review described in subsection (b). (b) Review The Comptroller General shall complete a review under which the Comptroller General shall update the 2016 report of the Comptroller General (GAO–16–648) with a specific focus on the following: (1) Updating the information included in Appendix II: Federal Entities That Reported Having Independent Leasing Authority for Domestic Offices and Warehouses of such report. (2) Determining to what extent Federal entities with independent leasing authorities have had such authorities rescinded or amended and the number and amount of office and warehouse space such entities lease. (3) Determining to what extent have agencies with independent leasing authority utilized the General Services Administration for leasing, including utilization of delegation of authority. (4) Identifying progress made on implementing the recommendations in such report. Passed the House of Representatives January 13, 2025. Kevin F. McCumber, Clerk.
Where it is
In the House.