Eleanor Holmes Norton: “I thank the gentleman for yielding me more time. By July 2019, GSA had received final bids, resolved all protests, and…”

“I thank the gentleman for yielding me more time. By July 2019, GSA had received final bids, resolved all protests, and even selected a final bidder. A month later, the SEC canceled the occupancy agreement, citing concerns about the value of the purchase option, which SEC refused to document to Congress. The SEC effectively vetoed the entire 3-year procurement process despite not having the authority or funding to exercise the purchase option without GSA's involvement. Finally, after much back and forth between the two agencies, GSA entered into a lease agreement for a new SEC headquarters in September 2021. The SEC says it will continue to have GSA do its leasing in the future, but the SEC's history of egregious leasing conduct, having squandered hundreds of millions of dollars, makes this bill necessary. These public blunders also risk undermining the reputation of GSA and the Federal Government among developers and building owners who participate in Federal lease procurements. The threat of uncertainty ultimately drives up the cost of all GSA real estate procurements. It is time for Congress to return the SEC's leasing authority to GSA, the Federal Government's civilian real estate arm. As the SEC has demonstrated over three decades, it is incredibly inefficient, wasteful, and redundant to have the SEC involved in real estate procurements when GSA exists for that very reason.…”