Securities and Exchange Commission Real Estate Leasing Authority Revocation Act
Floor Speech
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Mr. GRAVES. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 189) to amend title 40, United States Code, to eliminate the leasing authority of the Securities and Exchange Commission, and for other purposes.
The Clerk read the title of the bill.
The text of the bill is as follows: H.R. 189
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE.
This Act may be cited as the ``Securities and Exchange Commission Real Estate Leasing Authority Revocation Act''. SEC. 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. SEC. 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(2) Determining to what extent Federal entities with independent leasing authorities have had such authorities rescinded or amended and the number and amount of office and warehouse space such entities lease.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.
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Mr. GRAVES. 189.
Mr. Speaker, in 2012, the Securities and Exchange Commission violated Federal law by signing a lease for 1.4 million square feet that cost taxpayers over $566 million.
Investigations conducted by the Transportation and Infrastructure Committee, as well as SEC's inspector general, found that the SEC had exceeded its authority with this lease. Investigations also found that the SEC had a history of mismanaging its leasing authority.
Recent actions taken by the SEC seem to indicate that the agency has not learned from the past. This is why I urge support of H.R. 189, which would revoke the SEC's leasing authority for general office space and bring them in line with current leasing practices through the General Services Administration.
Mr. Speaker, I urge support for the bill, and I reserve the balance of my time.
Mr. Speaker, by ensuring that the SEC continues to use GSA for its space needs, H.R. 189 is going to help reduce costs and protect taxpayers against wasteful spending.
Mr. Speaker, I thank the gentlewoman from the District of Columbia (Ms. Norton) for her work on this bill. The legislation was agreed to in the House last Congress under suspension of the rules, so I look forward to seeing that happen again.
Mr. Speaker, I urge support of the bill, and I yield back the balance of my time.
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