Norton renews push to revoke SEC's independent leasing authority

As reported by the Washington Business Journal, Del. Eleanor Holmes Norton has reintroduced legislation to revoke the Securities and Exchange Commission’s independent leasing authority, transferring its real estate decision-making to GSA’s Public Buildings Service. Norton argues the SEC’s missteps have cost taxpayers millions, citing the agency’s controversial $500 million lease in 2011 and the recent termination of a $1.4 billion headquarters deal in NoMa due to financing issues.

Congress granted the SEC independent leasing authority in 1990, allowing it to bypass GSA for office space procurement. Norton contends this arrangement is inefficient and redundant given GSA’s expertise. While the SEC would retain input under the bill, GSA would make final leasing decisions.

The SEC’s search for a new headquarters remains unresolved, as its lease at Station Place, adjacent to Union Station in DC, expires in 2028. Norton’s legislation also calls for GAO to update its 2016 review of independent leasing authority across federal agencies, including how often such authority has been rescinded.