Securities and Exchange Commission Real Estate Leasing Authority Revocation Act

S. 189, the Securities and Exchange Commission Real Estate Leasing Authority Revocation Act, would remove the Securities and Exchange Commission’s (SEC) authority to lease general purpose office space and shift that function to the General Services Administration (GSA). Specifically, after enactment, SEC may not lease general office space on its own; the GSA Administrator would be empowered to lease space for the SEC under the existing federal leasing framework (40 U.S.C. § 585). The bill preserves existing SEC leases entered into before enactment. In addition, the bill requires a follow-on review by the Comptroller General to update GAO’s 2016 assessment of federal independent leasing authorities, focusing on how many entities have such authority, how many leases they hold, whether they have delegated to or used GSA, and progress on implementing recommendations. The overall aim appears to be centralized management of federal office space through the GSA, potentially enhancing cost efficiency and standardization while limiting individual agencies’ leasing autonomy. The accompanying reporting requirement is intended to inform Congress about the broader landscape of independent leasing authorities and any policy changes needed.