Securities and Exchange Commission Real Estate Leasing Authority Revocation Act

Bill Number

H.R. 189

Origin Chamber

House

Congress

119th Congress, Session 1

Policy Area

Government Operations and Politics

Status

Passed House

Latest Action

2025-01-14: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Last Updated

2026-07-10T19:28:26Z

AI-Generated Summary

Purpose of the Legislation

This bill, titled the "Securities and Exchange Commission Real Estate Leasing Authority Revocation Act," aims to revoke the Securities and Exchange Commission's (SEC) independent authority to lease office space, requiring it to rely on the General Services Administration (GSA) for such needs. It also mandates a review of independent leasing authorities across other federal agencies to promote centralized management of government real estate.

Key Provisions

• Revocation of SEC Leasing Authority:
• Amends Section 3304 of Title 40, U.S. Code, to add a new subsection (e), prohibiting the SEC from leasing general purpose office space starting from the date of enactment.
• Allows the GSA Administrator to lease space on behalf of the SEC under existing authorities in Section 585 and related chapters of Title 40.
• Protection for Existing Leases:
• The change does not affect any leases the SEC entered into before the enactment date.
• Report on Independent Leasing Authorities:
• Directs the Comptroller General of the United States (head of the Government Accountability Office, or GAO) to update a 2016 GAO report (GAO-16-648) and submit findings to specified congressional committees: House Transportation and Infrastructure, Senate Environment and Public Works, and Senate Homeland Security and Governmental Affairs.
• The updated review focuses on:
• Current list of federal entities with independent leasing authority for domestic offices and warehouses.
• Changes since 2016, including any rescissions or amendments of such authorities, and the volume and cost of space leased by these entities.
• How often agencies with independent authority use GSA services for leasing, including through delegated powers.
• Progress in implementing recommendations from the 2016 report.

Significant Changes to Existing Law

• Elimination of SEC Autonomy: Removes the SEC's ability to independently lease office space, shifting control to the GSA, which manages federal real estate centrally. This aligns with broader efforts to standardize government property management under Title 40.
• No Retroactive Impact: Existing SEC leases remain valid, ensuring continuity without immediate disruption.
• GAO Review Expansion: Builds on the 2016 GAO report by requiring an update that tracks changes in independent leasing powers across the federal government, potentially informing future reforms.

Potential Impacts

• On Government Agencies: The SEC will lose flexibility in securing office space, potentially leading to delays or higher costs if GSA processes are slower. Other agencies with independent leasing may face scrutiny or reforms based on the GAO report, promoting efficiency but possibly reducing operational autonomy.
• On Citizens: Indirect effects include more efficient use of taxpayer funds through centralized GSA oversight, which could lower overall federal real estate costs. No direct impact on public services or rights.
• On International Relations: None apparent, as the bill focuses on domestic federal property management.

Main Stakeholders Affected

• Securities and Exchange Commission (SEC): Primary target; loses independent leasing power, affecting its administrative operations.
• General Services Administration (GSA): Gains expanded responsibility for leasing on behalf of the SEC and potentially other agencies.
• Congressional Committees: House and Senate committees overseeing transportation, infrastructure, environment, and government affairs will receive the GAO report, influencing future policy.
• Other Federal Agencies: Those with independent leasing authorities may be reviewed and affected by any subsequent changes recommended in the GAO report.
• Taxpayers: Benefit from potential cost savings through centralized management.

Notable Legal, Constitutional, or Political Implications

• Legal: Reinforces the GSA's role under Title 40 as the central authority for federal real estate (a "public buildings" chapter), without challenging constitutional separations of powers. The non-retroactive clause avoids contract disputes under existing lease agreements.
• Constitutional: No direct implications; the bill operates within Congress's enumerated powers to regulate federal property and appropriations.
• Political: Signals a push for fiscal accountability and reduced agency independence, potentially part of broader efforts to streamline government operations. The GAO report could spark debates on balancing agency autonomy with centralized efficiency, especially amid concerns over federal spending.

This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.

Sponsor

Del. Norton, Eleanor Holmes [D-DC-At Large]

Recent Actions

• 2025-01-14: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• 2025-01-13: Motion to reconsider laid on the table Agreed to without objection.
• 2025-01-13: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H104)
• 2025-01-13: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H104)
• 2025-01-13: DEBATE - The House proceeded with forty minutes of debate on H.R. 189.
• 2025-01-13: Considered under suspension of the rules. (consideration: CR H104-105)
• 2025-01-13: Mr. Graves moved to suspend the rules and pass the bill.
• 2025-01-04: Referred to the Subcommittee on Economic Development, Public Buildings, and Emergency Management.
• 2025-01-03: Referred to the House Committee on Transportation and Infrastructure.
• 2025-01-03: Introduced in House
• 2025-01-03: Sponsor introductory remarks on measure. (CR E1)
• 2025-01-03: Introduced in House

Bill Versions

• Securities and Exchange Commission Real Estate Leasing Authority Revocation Act — issued 2025-01-13 — PDF (6 pages)
• Securities and Exchange Commission Real Estate Leasing Authority Revocation Act — issued 2025-01-03 — PDF (3 pages)
• Securities and Exchange Commission Real Estate Leasing Authority Revocation Act — issued 2025-01-14 — PDF (4 pages)