Federal

Securities and Exchange Commission Real Estate Leasing Authority Revocation Act

Source: Congress.gov · 586 words in original text

What This Bill Does

This bill removes the ability of the Securities and Exchange Commission (SEC) to lease office space on its own. Instead, a federal official called the Administrator will handle leasing office space for the SEC. The bill also requires a government official to study federal agencies that have independent leasing authority.

Who It Affects

The Securities and Exchange Commission (a federal agency that oversees stock markets and investments). Federal agencies with independent leasing authority. Congress committees overseeing transportation, infrastructure, the environment and homeland security.

Key Provisions

- The Securities and Exchange Commission may not lease general purpose office space starting after this law passes (Sec. 2(a)) - The Administrator may lease office space for the Securities and Exchange Commission under federal leasing rules (Sec. 2(a)) - Leases the SEC entered into before this law passed remain valid and are not affected (Sec. 2(b)) - The Comptroller General (a government auditor) must submit a report to Congress examining which federal agencies have independent leasing authority and how much space they lease (Sec. 3(a) and 3(b)) - The report must review whether federal agencies have given up their leasing authority and how much they use the General Services Administration (a federal office space provider) instead (Sec. 3(b))

What Changes

The SEC loses its independent power to lease office space. A federal administrator now controls SEC leasing decisions instead. Congress receives a detailed report on which other federal agencies still have independent leasing authority.

Important Definitions

Independent leasing authority: The legal power of an agency to lease office or warehouse space without getting permission from another federal official.

Effective Date

"On and after the date of enactment of this subsection" (Sec. 2(a)). The exact calendar date is not specified in the bill text.

IIB 118TH CONGRESS 1ST SESSION H. R. 388 IN THE SENATE OF THE UNITED STATES JANUARY 26, 2023 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To amend title 40, United States Code, to eliminate the leasing authority of the Securities and Exchange Com- mission, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 VerDate Sep 11 2014 00:09 Jan 27, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H388.RFS H388 kjohnson on DSK79L0C42PROD with BILLS 2 HR 388 RFS SECTION 1. SHORT TITLE. 1 This Act may be cited as the ‘‘Securities and Ex- 2 change Commission Real Estate Leasing Authority Rev- 3 ocation Act’’. 4 SEC. 2. LEASING OF SPACE FOR SECURITIES AND EX- 5 CHANGE COMMISSION. 6 (a) IN GENERAL.—Section 3304 of title 40, United 7 States Code, is amended by adding at the end the fol- 8 lowing: 9 ‘‘(e) LEASING OF SPACE FOR SECURITIES AND EX- 10 CHANGE COMMISSION.—Notwithstanding any other provi- 11 sion of law, on and after the date of enactment of this 12 subsection, the Securities and Exchange Commission may 13 not lease general purpose office space. The Administrator 14 may lease such space for the Securities and Exchange 15 Commission under section 585 and this chapter.’’. 16 (b) LIMITATION ON STATUTORY CONSTRUCTION.— 17 The amendment made by subsection (a) may not be con- 18 strued to invalidate or otherwise affect a lease entered into 19 by the Securities and Exchange Commission before the 20 date of enactment of this Act. 21 SEC. 3. INDEPENDENT LEASING AUTHORITIES. 22 (a) IN GENERAL.—The Comptroller General of the 23 United States shall submit to the Committee on Transpor- 24 tation and Infrastructure of the House of Representatives, 25 the Committee on Environment and Public Works of the 26 VerDate Sep 11 2014 00:09 Jan 27, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H388.RFS H388 kjohnson on DSK79L0C42PROD with BILLS 3 HR 388 RFS Senate, and the Committee on Homeland Security and 1 Governmental Affairs of the Senate a report on the review 2 described in subsection (b). 3 (b) REVIEW.—The Comptroller General shall com- 4 plete a review under which the Comptroller General shall 5 update the 2016 report of the Comptroller General (GAO– 6 16–648) with a specific focus on the following: 7 (1) Updating the information included in Ap- 8 pendix II: Federal Entities That Reported Having 9 Independent Leasing Authority for Domestic Offices 10 and Warehouses of such report. 11 (2) Determining to what extent Federal entities 12 with independent leasing authorities have had such 13 authorities rescinded or amended and the number 14 and amount of office and warehouse space such enti- 15 ties lease. 16 (3) Determining to what extent have agencies 17 with independent leasing authority utilized the Gen- 18 eral Services Administration for leasing, including 19 utilization of delegation of authority. 20 VerDate Sep 11 2014 00:09 Jan 27, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H388.RFS H388 kjohnson on DSK79L0C42PROD with BILLS 4 HR 388 RFS (4) Identifying progress made on implementing 1 the recommendations in such report. 2 Passed the House of Representatives January 25, 2023. Attest: CHERYL L. JOHNSON, Clerk. VerDate Sep 11 2014 00:09 Jan 27, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H388.RFS H388 kjohnson on DSK79L0C42PROD with BILLS

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