# Plain Language Summary: Securities and Exchange Commission Real Estate Leasing Authority Revocation Act

Right now, the Securities and Exchange Commission (SEC)—the federal agency that oversees stock markets and investments—has the power to lease office space on its own without going through the normal government process. This bill takes away that independent power. Starting when the bill becomes law, the SEC would no longer be allowed to directly lease office space for its operations. Instead, the General Services Administration (GSA), which is the federal government's central real estate and property management agency, would handle all leasing for the SEC. Think of it like this: instead of the SEC shopping around for its own office buildings, the GSA would do the shopping for them.

The bill doesn't affect any leases the SEC already has in place—those continue as normal. It only prevents the SEC from signing new independent leases going forward. This is part of a broader effort to centralize how federal agencies handle real estate, potentially to save money and create consistency across government operations.

The bill also requires the Government Accountability Office (basically Congress's independent auditor) to study which other federal agencies still have their own independent leasing powers and report back to Congress. This appears to be laying groundwork for potentially eliminating leasing authority from other agencies too, consolidating all federal real estate decisions through the GSA rather than having individual agencies make their own deals.

Securities and Exchange Commission Real Estate Leasing Authority Revocation Act

Norton, Eleanor Holmes

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.