Securities and Exchange Commission Real Estate Leasing Authority Revocation Act This bill revokes the authority of the Securities and Exchange Commission (SEC) to lease general purpose office space and instead provides for the General Services Administration to lease such space for the SEC. The bill's provisions do not affect those leases entered into by the SEC before this bill's enactment.The Government Accountability Office must (1) complete a review under which it shall update a 2016 report with respect to independent leasing authorities, and (2) report to Congress on the review.
Impact
If passed, HB 189 will amend existing federal law regarding the leasing of office space, effectively limiting the SEC's ability to independently manage its real estate needs. By transferring this responsibility to the Administrator, the bill aims to streamline operations and enhance accountability in the use and management of federal resources. The change is expected to have a considerable impact on the operational procedures of the SEC and could lead to a reevaluation of how federal entities manage leasing of office spaces in general.
Summary
House Bill 189, also known as the Securities and Exchange Commission Real Estate Leasing Authority Revocation Act, proposes significant changes to the leasing authority of the Securities and Exchange Commission (SEC). The bill seeks to revoke the SEC's power to lease general-purpose office space, transferring that authority to the Administrator under Chapter 585 of the United States Code. This legislative move is aimed at centralizing the leasing process and ensuring that the SEC does not operate with independent leasing authority, which proponents argue will lead to greater oversight and efficiency in government operations.
Sentiment
General sentiment around HB 189 appears to be supportive among those advocating for increased government oversight and accountability. Supporters believe that revoking independent leasing authority will mitigate potential mismanagement and encourage a more structured approach to federal leasing practices. However, there may be concerns from those who argue that this change could hinder the SEC's ability to respond swiftly to its own operational needs, potentially leading to inefficiencies.
Contention
The primary points of contention surrounding HB 189 include debates about the implications of centralizing leasing authority. While proponents argue that it will improve oversight, critics may view it as an unnecessary restriction that could limit the SEC's operational flexibility. Additionally, discussions may arise concerning the broader impact this has on other federal agencies and whether similar changes should be implemented across different departments dealing with real estate and leasing matters.
Securities and Exchange Commission Real Estate Leasing Authority Revocation Act This bill revokes the authority of the Securities and Exchange Commission (SEC) to lease general purpose office space and instead provides for the General Services Administration to lease such space for the SEC. The bill's provisions do not affect those leases entered into by the SEC before this bill's enactment. The Government Accountability Office must (1) complete a review under which it shall update a 2016 report with respect to independent leasing authorities, and (2) report to Congress on the review.
To amend the Securities Exchange Act of 1934 to require the Securities and Exchange Commission to disclose and report on non-material disclosure mandates, and for other purposes.
To require the Securities and Exchange Commission to revise certain thresholds related to smaller reporting companies, accelerated filers, and large accelerated filers, and for other purposes.
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121".
To amend the Securities Exchange Act of 1934 to specify certain registration statement contents for emerging growth companies, to permit issuers to file draft registration statements with the Securities and Exchange Commission for confidential review, and for other purposes.