Bill Overview
Title: Securities and Exchange Commission Real Estate Leasing Authority Revocation Act
Description: 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.
Sponsors: Del. Norton, Eleanor Holmes [D-DC-At Large]
Target Audience
Population: Employees of the Securities and Exchange Commission and related contractors
Estimated Size: 5000
- The direct impact of this bill is on the management and operational procedures of the SEC, a U.S. government agency.
- The SEC currently has around 4,600 employees, all of whom could be affected by changes in leasing arrangements.
- Indirectly, GSA employees involved in the leasing process will also see changes in their workloads and responsibilities.
- This bill impacts contractors and businesses that provide leasing services to the SEC, as they may need to adjust contracts and operational processes to deal with the GSA instead of the SEC.
Reasoning
- The policy affects SEC's operational management structure, which influences its employees, primarily those involved in office logistics.
- GSA employees may experience an increase in workload, but this will likely align with their expertise, potentially having minimal to positive effects on their operations.
- Contractors involved in leasing may face transitional challenges and might experience some minor disruptions as processes shift from SEC to GSA.
- The budget limitation suggests that massive overhauls won't occur swiftly; thus, effects will be gradual, impacting related operational and administrative roles more subtly over time.
- Wellbeing impact is assessed based on perceived job security, workload adaptation, and potential for operational disruptions or improvements.
Simulated Interviews
SEC Employee (Washington, D.C.)
Age: 45 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 3.0 years
Commonness: 3/20
Statement of Opinion:
- I think this change will bring some uncertainty at first, but eventually, it'll balance out with GSA's expertise.
- I'm hopeful that this transition will streamline our office space management, leading to better resource allocation.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 7 |
| Year 2 | 6 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 8 |
| Year 10 | 7 | 8 |
| Year 20 | 7 | 8 |
GSA Employee (New York City, NY)
Age: 38 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 5/20
Statement of Opinion:
- I am looking forward to managing SEC leases; it could lead to career growth opportunities.
- The added responsibility will be a challenge, but it's exciting to work with another critical government agency.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
SEC Contractor (Atlanta, GA)
Age: 29 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 2.0 years
Commonness: 4/20
Statement of Opinion:
- Transitioning from SEC to GSA leasing could be complicated.
- Our contracts might undergo changes, which could mean adapting to new systems or processes.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 4 | 5 |
| Year 2 | 4 | 5 |
| Year 3 | 5 | 5 |
| Year 5 | 5 | 6 |
| Year 10 | 5 | 6 |
| Year 20 | 5 | 6 |
Real Estate Broker (Dallas, TX)
Age: 51 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 1.0 years
Commonness: 8/20
Statement of Opinion:
- The shift sounds administrative and might not affect us much unless GSA changes procurement rules.
- Any chance to work with GSA is a big opportunity, they have a robust system.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 8 |
| Year 20 | 7 | 8 |
Office Space Manager (San Francisco, CA)
Age: 32 | Gender: other
Wellbeing Before Policy: 8
Duration of Impact: 0.0 years
Commonness: 10/20
Statement of Opinion:
- We monitor these changes in case they affect our engagement with government clients.
- Such policy shifts mostly influence internal operations of government entities and not external leasing markets.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
HR Specialist at SEC (Seattle, WA)
Age: 40 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 3.0 years
Commonness: 3/20
Statement of Opinion:
- I expect this will streamline processes, potentially improving employee workflow.
- Some initial confusion might occur as we adjust to GSA protocols, but I'm hopeful.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
IT Support for SEC (Chicago, IL)
Age: 37 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 2.0 years
Commonness: 6/20
Statement of Opinion:
- Technology changes in leasing management can happen; however, it's primarily administrative.
- Adaptation is part of the job, and GSA's involvement could mean better-structured IT processes.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 8 |
| Year 20 | 7 | 8 |
GSA Policy Analyst (Houston, TX)
Age: 55 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 5/20
Statement of Opinion:
- Our analyses will adapt to consider SEC spaces; it's within our expertise.
- I see this as a straightforward transition within our everyday operations.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 8 |
| Year 20 | 7 | 8 |
Financial Analyst (Los Angeles, CA)
Age: 50 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 0.0 years
Commonness: 7/20
Statement of Opinion:
- Changes in government leasing processes are interesting but won't alter the macro market.
- GSA has a significant operational presence and manages transitions well.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 9 | 8 |
| Year 20 | 9 | 9 |
Leasing Attorney (Boston, MA)
Age: 43 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 0.0 years
Commonness: 9/20
Statement of Opinion:
- Legal perspectives on leases won't change dramatically; the policy is procedural over structural.
- Government-related real estate is minimally impacted beyond contract specifics.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 8 |
| Year 10 | 7 | 8 |
| Year 20 | 8 | 8 |
Cost Estimates
Year 1: $1500000 (Low: $1000000, High: $2000000)
Year 2: $300000 (Low: $200000, High: $500000)
Year 3: $300000 (Low: $200000, High: $500000)
Year 5: $300000 (Low: $200000, High: $500000)
Year 10: $300000 (Low: $200000, High: $500000)
Year 100: $300000 (Low: $200000, High: $500000)
Key Considerations
- The initial cost for GAO reports and GSA's adjusted responsibilities.
- Potential long-term savings from centralized leasing authority through GSA.
- Minimal macroeconomic impact expected with possible indirect effects on local real estate markets.