Securities and Exchange Commission Real Estate Leasing Authority Revocation Act

Floor Speech

Mr. Speaker, I rise in support of H.R. 189, the Securities and Exchange Commission Real Estate Leasing Authority Revocation Act.

This bill revokes the independent real estate leasing authority of the Securities and Exchange Commission, or SEC. Congress granted the SEC independent leasing authority in 1990, which means the SEC does not use the GSA, the General Services Administration, for its real estate needs, as many government agencies do.

While some Federal agencies have used their independent real estate leasing authority successfully, since securing their own authority, the SEC has wasted time and taxpayer dollars with failed procurements.

For example, in 2010, after the SEC leased 900,000 square feet of space in the Constitution Center building in Washington, D.C., the SEC's own inspector general found that the SEC had overestimated the amount of space needed, attempted to eliminate competition among building owners, and violated the Antideficiency Act.

After this incident, the SEC pledged to Congress that the agency would use the GSA to handle its real estate procurements, but the SEC has yet to follow through on that pledge and has since canceled procurements, had lawsuits, and wasted taxpayer dollars.

Congresswoman Norton introduced an identical bill during the 118th Congress. That bill, H.R. 388, passed both the Committee on Transportation and Infrastructure and the House of Representatives on voice votes. Unfortunately, H.R. 388 was not even considered by the Senate.

It is time for Congress to return the SEC's leasing authority to the GSA, the Federal Government's civilian real estate arm.

Mr. Speaker, I urge my colleagues to support this bill, and I reserve the balance of my time.

BREAK IN TRANSCRIPT

Ms. HOYLE of Oregon. Norton).

BREAK IN TRANSCRIPT

Ms. HOYLE of Oregon. Mr. Speaker, since securing its own real estate leasing authority, the SEC has wasted time and money with failed procurements. It is past time for the SEC to cede that authority back to the GSA.

My colleague, Congresswoman Holmes Norton, has explained this very thoroughly and clearly.

Mr. Speaker, I support H.R. 189, and I urge my colleagues to do the same. I yield back the balance of my time.

BREAK IN TRANSCRIPT

Source