Securities and Exchange Commission Real Estate Leasing Authority Revocation Act

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Bill ID: 119/hr/189

Last Updated: July 12, 2026

Securities and Exchange Commission Real Estate Leasing Authority Revocation Act

HR. 189, 119th Congress — read as touching Real Estate.

The sponsor

Del. Norton, Eleanor Holmes [D-DC-At Large]

Every bill has someone who introduced it. That name is where the paper trail starts.

The money

$44,100 raised

20 itemised contributions to this sponsor, pulled from FEC filings.

The alignment

70% match to Project 2025

This bill's text tracks the "Financial Regulatory Agencies" section, p. 866-868 of the Mandate for Leadership.

Bill's Journey to Becoming a Law

Track this bill's progress through the legislative process

Latest Action

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

January 13, 2025

Introduced

Committee Review

Floor Action

Passed House

Senate Review

📍 Current Status

Next: Both chambers must agree on the same version of the bill.

🎉

Passed Congress

🖊️

Presidential Action

⚖️

Became Law

📚 How does a bill become a law?

1. Introduction: A member of Congress introduces a bill in either the House or Senate.

2. Committee Review: The bill is sent to relevant committees for study, hearings, and revisions.

3. Floor Action: If approved by committee, the bill goes to the full chamber for debate and voting.

4. Other Chamber: If passed, the bill moves to the other chamber (House or Senate) for the same process.

5. Conference: If both chambers pass different versions, a conference committee reconciles the differences.

6. Presidential Action: The President can sign the bill into law, veto it, or take no action.

7. Became Law: If signed (or if Congress overrides a veto), the bill becomes law!

Bill Summary

Summary Style:

The Securities and Exchange Commission Real Estate Leasing Authority Revocation Act, HR 189. A bill that, on the surface, appears to be a minor tweak to the SEC's leasing authority. But, as is often the case in Washington, the devil lies in the details.

**Main Purpose & Objectives:** This bill aims to eliminate the Securities and Exchange Commission's (SEC) independent leasing authority, effectively forcing them to rely on the General Services Administration (GSA) for their real estate needs. A seemingly innocuous move, but one that could have far-reaching implications for my interests.

**Key Provisions & Changes to Existing Law:** The bill amends Section 3304 of Title 40, United States Code, by adding a new subsection that prohibits the SEC from leasing general-purpose office space on its own. Instead, the GSA will be responsible for securing and managing the SEC's real estate needs. This change could lead to increased costs, reduced flexibility, and diminished control over their physical operations.

**Affected Parties & Stakeholders:** The primary stakeholders in this bill are the SEC, the GSA, and federal agencies with independent leasing authorities. However, as a savvy investor and entrepreneur, I recognize that this bill's impact will be felt far beyond these immediate parties. The real estate industry, construction companies, and even my own business interests could be affected by this shift in policy.

**Potential Impact & Implications:** From my perspective, this bill represents an opportunity to consolidate power and influence within the federal government. By stripping the SEC of its independent leasing authority, Congress is effectively increasing the GSA's control over federal real estate decisions. This could lead to a more streamlined, efficient process – but also one that is more susceptible to bureaucratic red tape and regulatory capture.

As someone who has invested heavily in the real estate sector, I see this bill as a potential threat to my interests. The increased reliance on the GSA could lead to reduced competition, higher costs, and decreased flexibility for federal agencies. However, it's also possible that this shift could create new opportunities for savvy investors like myself to capitalize on the changing landscape.

In conclusion, HR 189 is a bill that warrants close attention from those of us who understand the intricacies of power and influence in Washington. While its immediate impact may seem minor, the long-term implications could be significant – and potentially lucrative – for those who are prepared to adapt and capitalize on this shift in policy.

Generated using Llama 3.1 70B (billionaire personality)

Let's get this over with. As I taught you in 8th grade, a bill is a proposed law that goes through a series of steps before it can be enacted. This particular bill, HR 189, aims to amend title 40 of the United States Code to eliminate the leasing authority of the Securities and Exchange Commission (SEC). Remember when we learned about the different branches of government and how they interact? Well, this bill is an example of Congress exercising its legislative power.

**Main Purpose & Objectives:** The main purpose of HR 189 is to revoke the SEC's authority to lease general-purpose office space. The bill's objectives are straightforward: to prevent the SEC from leasing space independently and instead require it to use the General Services Administration (GSA) for leasing purposes.

**Key Provisions & Changes to Existing Law:** The bill amends section 3304 of title 40, United States Code, by adding a new subsection that prohibits the SEC from leasing general-purpose office space. This change effectively limits the SEC's autonomy in managing its own real estate needs. Additionally, the bill requires the Comptroller General to submit a report on independent leasing authorities within federal entities.

**Affected Parties & Stakeholders:** The primary affected party is the Securities and Exchange Commission (SEC), which will no longer have the authority to lease office space independently. Other stakeholders include the General Services Administration (GSA), which will likely see an increase in its workload as a result of this change, and federal entities with independent leasing authorities, which may be subject to review and potential changes.

**Potential Impact & Implications:** The impact of this bill is relatively narrow, but it could have broader implications for the management of federal real estate. By revoking the SEC's leasing authority, Congress is asserting its oversight role and potentially setting a precedent for other agencies. The report required by the Comptroller General may also shed light on the extent to which federal entities are utilizing independent leasing authorities, which could lead to further reforms.

As I'm sure you recall from middle school civics, the system of checks and balances is designed to prevent any one branch of government from becoming too powerful. In this case, Congress is exercising its authority to limit the SEC's autonomy in managing its real estate needs. It's a straightforward example of how the legislative process can shape the operations of federal agencies.

Generated using Llama 3.1 70B (civics_teacher personality)

My fellow truth-seekers, gather 'round and behold the veil of deceit lifted from HR 189! This seemingly innocuous bill is, in fact, a Trojan horse for a far more sinister agenda.

**Main Purpose & Objectives** On the surface, this bill appears to revoke the Securities and Exchange Commission's (SEC) authority to lease general purpose office space. But, my friends, don't be fooled! The real objective here is to consolidate power and control over federal agencies' leasing authorities.

**Key Provisions & Changes to Existing Law** The bill amends Section 3304 of Title 40, United States Code, by adding a new subsection that prohibits the SEC from leasing office space. But what's really going on here? This change effectively transfers the SEC's leasing authority to the General Services Administration (GSA). Ah-ha! Now we're getting somewhere.

Notice how Section 3 requires the Comptroller General to submit a report reviewing independent leasing authorities across federal agencies? This is where things get interesting. The report will focus on updating information from a 2016 report, which just so happens to coincide with the Obama administration's efforts to centralize control over federal real estate.

**Affected Parties & Stakeholders** The SEC, of course, is directly impacted by this bill. But let's not forget about the GSA, which stands to gain significant power and influence over federal agencies' leasing decisions. And what about the Comptroller General? Suddenly, they're tasked with conducting a review that will likely lead to further consolidation of authority.

**Potential Impact & Implications** Now we get to the juicy part! By revoking the SEC's leasing authority, this bill sets a precedent for other federal agencies to follow suit. It's a slippery slope, folks! Before you know it, all leasing decisions will be funneled through the GSA, giving them unparalleled control over the federal government's real estate portfolio.

But that's not all – this bill also paves the way for further centralization of power and erosion of agency autonomy. Mark my words: this is just the beginning of a larger effort to concentrate authority in the hands of a select few.

Wake up, sheeple! HR 189 may seem like a minor tweak to existing law, but it's actually a cleverly disguised attempt to consolidate control over federal agencies and further entrench the Deep State. Stay vigilant, my friends – the truth is out there, hidden in plain sight.

Generated using Llama 3.1 70B (conspiracy_uncle personality)

(Deep breath) Folks, gather 'round, we've got a real doozy of a bill on our hands here. HR 189, the Securities and Exchange Commission Real Estate Leasing Authority Revocation Act – try saying that five times fast! (smirk)

**Main Purpose & Objectives:** This bill is all about "freedom" – freedom from bureaucratic red tape, freedom from wasteful government spending, and freedom to... well, you get the idea. In essence, it's a cleverly crafted piece of legislation aimed at revoking the Securities and Exchange Commission's (SEC) authority to lease general-purpose office space. That's right, folks; no more fancy offices for those pesky regulators! (wink)

**Key Provisions & Changes to Existing Law:** The bill amends title 40 of the United States Code by adding a new subsection that prohibits the SEC from leasing office space. But don't worry, it's not all doom and gloom – the Administrator can still lease space for the SEC under certain conditions. (smirk) Because, you know, freedom.

**Affected Parties & Stakeholders:** Well, this one's a no-brainer. The SEC is the obvious loser here, but let's be real, they're just a bunch of elitist bureaucrats trying to stifle American ingenuity and entrepreneurship. (eyeroll) On the other hand, we've got the brave men and women in Congress who are fighting for our freedom by... revoking leasing authority? (chuckle)

**Potential Impact & Implications:** Now, this is where things get really interesting. By stripping the SEC of its leasing authority, we're essentially hamstringing their ability to regulate the financial industry effectively. But hey, who needs effective regulation when you've got "freedom"? (air quotes) I mean, it's not like this will lead to any unintended consequences or create a power vacuum that could be exploited by... oh wait, it totally will. (wink)

In all seriousness, folks, this bill is a masterclass in performative outrage and partisan posturing. It's a solution in search of a problem, designed to appease the base and generate some good old-fashioned conservative outrage. So, let's all take a deep breath, put on our best "concerned citizen" faces, and pretend like this bill is actually about something meaningful. (smirk)

Generated using Llama 3.1 70B (fox_host personality)

Another brilliant example of congressional incompetence, masquerading as "legislation." Let's dissect this mess, shall we?

**Main Purpose & Objectives:** The Securities and Exchange Commission Real Estate Leasing Authority Revocation Act (HR 189) claims to eliminate the leasing authority of the SEC. Wow, what a bold move! I'm sure it has nothing to do with the fact that the SEC is actually doing its job, regulating the financial industry, and some politicians want to clip their wings.

**Key Provisions & Changes to Existing Law:** The bill amends Section 3304 of title 40, United States Code, by adding a new subsection (e) that prohibits the SEC from leasing general purpose office space. Oh, but don't worry, it's not like they'll actually have to move out; the Administrator can still lease space for them under section 585 and this chapter. Yeah, because that's exactly what we need – more bureaucratic red tape.

**Affected Parties & Stakeholders:** The SEC, of course, is the primary target of this bill. But let's not forget the real stakeholders: the politicians who want to strangle the SEC, the lobbyists who are probably behind this bill, and the voters who will be duped into thinking this is a good idea.

**Potential Impact & Implications:** The impact? Minimal, at best. This bill is just a symbolic gesture, a Band-Aid on a bullet wound. It won't actually change anything significant about how the SEC operates or regulates the financial industry. But hey, it's a great way to waste taxpayer money and create more bureaucratic inefficiencies.

Now, let's get to the real diagnosis: this bill is suffering from a bad case of " Politician-itis" – a disease characterized by an excessive need for self-aggrandizement, a complete disregard for facts, and a healthy dose of stupidity. The symptoms? A desperate attempt to appear relevant, a lack of understanding of how government agencies actually work, and a willingness to waste taxpayer money on pointless legislation.

Treatment? I'd prescribe a strong dose of reality, followed by a healthy dose of skepticism, and a dash of common sense. But let's be real, this bill will probably pass, because that's what happens when you have a bunch of incompetent politicians trying to "govern" the country.

Generated using Llama 3.1 70B (Dr. Haus personality)

**Bill Summary: HR 189 - Securities and Exchange Commission Real Estate Leasing Authority Revocation Act**

**Main Purpose & Objectives:** The primary objective of this bill is to eliminate the leasing authority of the Securities and Exchange Commission (SEC) for general purpose office space. The legislation aims to consolidate leasing responsibilities under the General Services Administration (GSA), promoting efficiency and reducing costs.

**Key Provisions & Changes to Existing Law:**

1. **Repeal of SEC Leasing Authority:** Section 2 amends Title 40, United States Code, by adding a new subsection that prohibits the SEC from leasing general purpose office space on or after the date of enactment. 2. **GSA Responsibility:** The GSA is authorized to lease such space for the SEC under existing law (Section 585 and this chapter). 3. **Limitation on Statutory Construction:** Existing leases entered into by the SEC before the bill's enactment are not affected.

**Affected Parties & Stakeholders:**

1. **Securities and Exchange Commission (SEC):** The primary agency impacted, as it will no longer have independent leasing authority. 2. **General Services Administration (GSA):** Will assume responsibility for leasing general purpose office space for the SEC. 3. **Congressional Committees:** Specifically, the Committee on Transportation and Infrastructure of the House of Representatives, the Committee on Environment and Public Works of the Senate, and the Committee on Homeland Security and Governmental Affairs of the Senate will receive a report from the Comptroller General.

**Potential Impact & Implications:**

1. **Consolidation of Leasing Responsibilities:** The bill aims to streamline leasing processes and reduce costs by centralizing responsibilities under the GSA. 2. **Increased Efficiency:** By eliminating redundant leasing authorities, the government can optimize resource allocation and improve overall efficiency. 3. **Potential Cost Savings:** Consolidating leasing responsibilities may lead to reduced administrative burdens and lower costs for the SEC and other federal agencies.

Overall, HR 189 aims to promote efficient use of resources by consolidating leasing authority under the GSA, while ensuring continuity in existing leases entered into by the SEC.

Generated using Llama 3.1 70B (neutral personality)

Let's dive into this congressional bill, bro. HR 189 is all about revoking the Securities and Exchange Commission's (SEC) leasing authority for general purpose office space. Yeah, it sounds like a total snooze-fest, but stick with me, dude.

**Main Purpose & Objectives:** The main goal of this bill is to eliminate the SEC's ability to lease its own office space. Instead, they'll have to go through the General Services Administration (GSA) for all their leasing needs. It's like when you're trying to catch a gnarly wave, but your bro takes over and starts calling the shots.

**Key Provisions & Changes to Existing Law:** The bill amends Section 3304 of Title 40, United States Code, by adding a new subsection that prohibits the SEC from leasing general purpose office space. This means they'll have to rely on the GSA for all their office space needs. It's like when you're trying to find a sick spot to set up your beach umbrella, but someone else is already calling the shots.

The bill also requires the Comptroller General to submit a report reviewing independent leasing authorities across federal agencies. This report will update information from 2016 and provide insight into how these agencies are using their leasing powers. It's like when you're trying to figure out where all the best surf spots are, but someone else has already done the research.

**Affected Parties & Stakeholders:** The SEC is the main party affected by this bill, bro. They'll have to adapt to a new way of doing things and rely on the GSA for their office space needs. Other federal agencies with independent leasing authorities might also be impacted by the report required in Section 3.

**Potential Impact & Implications:** This bill could lead to some gnarly changes, dude. By taking away the SEC's leasing authority, it might reduce costs and increase efficiency in the long run. However, it could also create some bureaucratic hurdles for the SEC and other agencies. The report required by Section 3 could shed some light on how federal agencies are using their leasing powers and identify areas for improvement.

In conclusion, HR 189 is all about revoking the SEC's leasing authority and making them rely on the GSA. It's a chill way to streamline things, but it might also create some waves in the process. Just remember, bro, when it comes to public policy, even the most seemingly mundane bills can have some far-out implications.

Generated using Llama 3.1 70B (surfer personality)

**Bill Analysis: HR 189 - Securities and Exchange Commission Real Estate Leasing Authority Revocation Act**

**Main Purpose & Objectives:** The primary objective of HR 189 is to revoke the Securities and Exchange Commission's (SEC) authority to lease general purpose office space. This bill aims to consolidate leasing powers under the General Services Administration (GSA), potentially reducing costs and increasing efficiency.

**Key Provisions & Changes to Existing Law:**

1. Section 2(a) of the bill amends Title 40, United States Code, by adding a new subsection that prohibits the SEC from leasing general purpose office space. 2. The amendment allows the GSA Administrator to lease space for the SEC under existing authorities. 3. Section 3 requires the Comptroller General to submit a report on independent leasing authorities within federal agencies, including an update on the status of entities with such authorities and their utilization of GSA services.

**Affected Parties & Stakeholders:**

1. **Securities and Exchange Commission (SEC):** The primary affected party, as the bill revokes its leasing authority. 2. **General Services Administration (GSA):** Will gain increased responsibility for leasing space for federal agencies, including the SEC. 3. **Federal Agencies:** Other agencies with independent leasing authorities may be impacted by the report required under Section 3.

**Potential Impact & Implications:**

1. **Cost Savings:** Consolidating leasing powers under GSA could lead to reduced costs and improved efficiency in managing federal real estate assets. 2. **Increased Oversight:** The report required under Section 3 will provide insight into the use of independent leasing authorities across federal agencies, potentially leading to further reforms. 3. **Potential Industry Impact:** Real estate companies and property managers may be affected by changes in federal leasing practices.

**Monied Interest Analysis:** While there is no direct evidence of industry influence on this specific bill, it's worth noting that the National Association of Realtors (NAR) and the Building Owners and Managers Association International (BOMA) have historically been involved in shaping real estate-related policies. As the bill progresses, it will be essential to monitor any potential lobbying efforts from these groups or other interested parties.

**Committee Capture:** The bill has been referred to the Senate Committee on Banking, Housing, and Urban Affairs, which has a history of being influenced by financial industry interests. However, in this case, the primary focus is on real estate leasing authority rather than financial regulations.

Generated using Llama 3.1 70B (whistleblower personality)

💰 Campaign Finance Network

Del. Norton, Eleanor Holmes [D-DC-At Large]

Congress 119 • 2024 Election Cycle

Total Contributions

$44,100

18 donors

PACs

Organizations

Committees

Individuals

$44,100

No PAC contributions found

No organization contributions found

No committee contributions found

LEWIS, JACQUELINE

2 transactions

$6,600

DONOHOE, BERT

1 transaction

$3,300

OTONI, RAFAELA

1 transaction

$3,300

REID, JACK

1 transaction

$3,300

BARRY, DAVID E. JR

1 transaction

$2,500

POLASKI, MICHAEL

1 transaction

$2,500

GRUNLEY, KENNETH

1 transaction

$2,500

BRUCH, CHRIS

1 transaction

$2,300

EARNEST, JAMES M.

1 transaction

$2,300

PHILLIPS, JULIE O'BRIEN

1 transaction

$2,300

HAPP, DAVID

1 transaction

$2,200

DONOHOE, JAMES

1 transaction

$2,000

PALEOLOGOS, NICK

1 transaction

$2,000

PENNY, THOMAS

1 transaction

$2,000

BAHN, PATRICK R.

2 transactions

$2,000

HALL, RICHARD

1 transaction

$1,000

JOHNSON, ROBERT

1 transaction

$1,000

PEARSON, KERRY S.

1 transaction

$1,000

Donor Network - Del. Norton, Eleanor Holmes [D-DC-At Large]

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Hub layout: Politicians in center, donors arranged by type in rings around them.

Showing 27 nodes and 20 connections (29 secondary connections hidden)

Total contributions: $44,100

Top Donors - Del. Norton, Eleanor Holmes [D-DC-At Large]

Showing top 18 donors by contribution amount

18 Individuals

Industry Impact

Which industries are materially affected by specific provisions in this bill. 1 harmed.

−Real Estateconfidence 0.90
Section 2(a) amends 40 U.S.C. § 3304 to prohibit the SEC from leasing general purpose office space, directly affecting real estate leasing demand for federal tenants.

Project 2025 Policy Matches

This bill shows semantic similarity to the following sections of the Project 2025 policy document.AI-enhanced analysis provides detailed alignment ratings.

Financial Regulatory Agencies

Moderate

Vector: 61%

Pages: 866-868AI Enhanced

AI Analysis:

"HR 189 focuses on consolidating SEC leasing authority under GSA to improve efficiency and reduce costs, which shares the Project 2025 goal of streamlining SEC operations and reducing bureaucratic redundancy, though it does not address enforcement, IT spending, or investigative timelines directly."

Key themes:efficiencycentralizationcost reductionadministrative streamlining

Department of Housing and Urban Development

Moderate

Vector: 61%

Pages: 545-547AI Enhanced

AI Analysis:

"Both the bill and the HUD section emphasize streamlining federal operations, reducing redundancy, and cutting costs through centralized management and administrative reform, though the bill applies to the SEC rather than HUD directly."

Key themes:government efficiencyconsolidation of servicescost reductionadministrative reformeliminating waste

— 513 — Department of Housing and Urban Development ENDNOTES 1. At a 1998 Senate hearing, then-HUD Secretary Andrew Cuomo acknowledged that the department “faced a competence gap” and had “the dubious distinction of being the only federal agency designated as ‘high risk’ by the General Accounting [now Government Accountability] Office (GAO),” even referencing the Section 8 rental subsidy as “on the brink of becoming the next savings and loan scandal,” and explained how the department was stepping up enforcement efforts “focused on closing the competence gap by eliminating waste, fraud, and abuse.” See “Testimony of Secretary Andrew Cuomo before the House Appropriations Subcommittee on VA, HUD, and Independent Agencies,” March 25, 1998, https://archives.hud.gov/ testimony/1998/tst32598.cfm (accessed March 4, 2023). 2. H.R. 7984, Housing and Urban Development Act of 1965, Public Law No. 89-117, 89th Congress, August 10, 1965, https://www.congress.gov/89/statute/STATUTE-79/STATUTE-79-Pg451.pdf (accessed March 4, 2023). 3. U.S. Department of Housing and Urban Development, 2023 Budget in Brief, pp. 2 and 7, https://www.hud.gov/ sites/dfiles/CFO/documents/2023_BudgetInBriefFINAL.pdf (accessed March 4, 2023). 4. For example, the Special Applications Center (SAC) located in Chicago, Illinois, was established in 1998 as a division of the Office of Public and Indian Housing to accept, review, and approve all nonfunded, noncompetitive applications and plans for demolition, disposition, and conversion of land subject to an annual contributions contract (ACC) in public housing. 5. The Secretary has delegated full authority for the Administration and enforcement of the Fair Housing Act to the Assistant Secretary of the Office of Fair Housing and Equal Opportunity but also has delegated limited assignment and decision-making authority to the General Counsel. 6. Effectively the HUD Chief Operating Officer and appointed by the President with Senate advice and consent. 7. The Office of Hearings and Appeals (OHA) is an independent adjudicatory office within the Office of the Secretary. Led by a Director who is appointed by the Secretary, it supervises the Administrative Judges of the Office of Appeals, the administrative law judges of the Office of Administrative Law Judges, and the OHA support staff. The HUD Secretary appoints administrative judges and administrative law judges in accordance with the Administrative Procedure Act, 5 U.S.C. Chapter 5, https://www.law.cornell.edu/uscode/text/5/part-I/ chapter-5 (accessed March 4, 2023). 8. HUD currently has a Departmental Equity Assessment Working Group, supported with five FTEs funded by the OSDBU, “as part of the President’s Executive Order 13985, Executive Order On Advancing Racial Equity and Support for Underserved Communities Through the Federal Government.” See U.S. Department of Housing and Urban Development, 2023 Congressional Justifications, p. 35-15, https://www.hud.gov/sites/ dfiles/CFO/documents/2023HUDCongressionalJustificationsFINALelectronicversion.pdf (accessed March 4, 2023), and President Joseph R. Biden Jr., Executive Order 13985, “Advancing Racial Equity and Support for Underserved Communities Through the Federal Government,” January 20, 2021, in Federal Register, Vol. 86, No. 14 (January 25, 2021), pp. 7009–7013, https://www.govinfo.gov/content/pkg/FR-2021-01-25/pdf/2021- 01753.pdf (accessed March 4, 2023). 9. Interestingly, “[t]he 2023 President’s Budget requests $748 thousand for CFBNP, which is $436 thousand less than the 2022 Annualized CR level. The Budget reflects total funding (carryover and new authority) of $1.2 million, $448 thousand less than 2022 total funding.” U.S. Department of Housing and Urban Development, 2023 Congressional Justifications, p. 35-16. 10. See H.R. 558, Stewart B. McKinney Homeless Assistance Act, Public Law No. 100-77, 100th Congress, July 22, 1987, https://www.govinfo.gov/content/pkg/STATUTE-101/pdf/STATUTE-101-Pg482.pdf (accessed March 5, 2023). Later renamed the McKinney–Vento Homeless Assistance Act. 11. Established under the Housing and Community Development Act of 1974, 42 U.S.C. §§ 5301 et seq., https:// www.law.cornell.edu/uscode/text/42 (accessed March 4, 2023). 12. S. 566, Cranston–Gonzalez National Affordable Housing Act, Public Law No. 101-625, 101st Congress, November 28, 1990, Title II, https://www.congress.gov/101/statute/STATUTE-104/STATUTE-104-Pg4079.pdf (accessed March 5, 2023). 13. S. 1, Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, Public Law No. 91-646, 91st Congress, January 2, 1971, https://www.congress.gov/91/statute/STATUTE-84/STATUTE-84-Pg1894.pdf (accessed March 4, 2023). “The URA establishes the minimum Federal requirements for the acquisition of real property for Federally-funded programs and projects, and for the relocation of persons who must move from — 514 — Mandate for Leadership: The Conservative Promise their homes, businesses, or farms as a direct result of acquisition, rehabilitation, or demolition for a Federally- funded program or project.” U.S. Department of Housing and Urban Development, HUD Exchange, “49 CFR Part 24–URA Regulations,” published February 2005, https://www.hudexchange.info/resource/804/ura-and- real-property-acquisition-policies-act-49-cfr-part-24/ (accessed March 4, 2023). HUD is one of the 18 federal departments and agencies that “are subject to the Uniform Act.” U.S. Department of Transportation, Federal Highway Administration, “Uniform Relocation Assistance and Real Property Acquisition for Federal and Federally Assisted Programs,” Federal Register, Vol. 84, No. 243 (December 18, 2019), pp. 69466–69521, esp. p. 69484, https://www.govinfo.gov/content/pkg/FR-2019-12-18/pdf/2019-25558.pdf (accessed March 4, 2023). 14. H.R. 3219, Native American Housing Assistance and Self-Determination Act of 1996, Public Law No. 104-330, 104th Congress, October 26, 1996, https://www.congress.gov/104/plaws/publ330/PLAW-104publ330.pdf (accessed March 4, 2023). 15. U.S. Department of Housing and Urban Development, 2023 Congressional Justifications, p. 6-1. The U.S. Housing Act of 1937 (Wagner–Steagall Act) established the origins of locally chartered housing agencies that administer federal funding for various rental assistance programs—a quintessentially progressive New Deal–era policy that expanded the administrative state’s powers to the housing market—with the primary legislative intent of eradicating slum housing in urban areas, boosting jobs, and providing housing for the working poor. 42 U.S.C. §§ 1437 et seq., https://www.law.cornell.edu/uscode/text/42 (accessed March 4, 2023). A decade later, the Housing Act of 1949 codified federal standards for housing livability—a rationale that HUD and federal legislators have continued to use to justify federal intervention in housing—establishing as a national policy objective the provision of a minimum standard of housing quality for all Americans. This legislation also statutorily established many of the rural housing programs that are administered at USDA and expanded programs facilitating the removal of slum housing in urban areas. 42 U.S.C. §§ 1441 et seq., https:// www.law.cornell.edu/uscode/text/42 (accessed March 4, 2023). 16. U.S. Department of Housing and Urban Development, 2023 Congressional Justifications, pp. 1-2 and 2-2. 17. The National Housing Act of 1934 established the FHA and the statutory authority for the secondary market. The main stated premise was to stimulate jobs and facilitate the housing and construction sector during the Great Depression. 42 U.S.C. §§ 1701 et seq., https://www.law.cornell.edu/uscode/text/12 (accessed March 4, 2023). 18. 42 U.S.C. §§ 2000d et seq., https://www.law.cornell.edu/uscode/text/42 (accessed March 4, 2023). 19. 29 U.S.C. §§ 701 et seq., https://www.law.cornell.edu/uscode/text/29 (accessed March 4, 2023). 20. HUD’s Departmental Enforcement Center (DEC) is led by a Director. It was established in 1998 as part of a broader effort to streamline and consolidate functions at HUD and was later merged with the Office of General Counsel. The DEC “is comprised of the Office of the Director, the Compliance Division, the Operations Division and five Satellite Offices” and describes its mission as “assuring the highest standards of ethics, management and accountability in the resolution of HUD's troubled properties.” U.S. Department of Housing and Urban Development, Departmental Enforcement Center, “Program Offices: Departmental Enforcement Center,” https://www.hud.gov/program_offices/enforcement (accessed March 4, 2023). 21. H.R. 5334, Housing and Community Development Act of 1992, Public Law No. 102-1017, 102nd Congress, October 28, 1992, Title X, https://www.congress.gov/102/statute/STATUTE-106/STATUTE-106-Pg3672.pdf (accessed March 4, 2023). 22. H.R. 8588, Inspector General Act of 1978, Public Law No. 95-452, 95th Congress, October 12, 1978, https://www. congress.gov/95/statute/STATUTE-92/STATUTE-92-Pg1101.pdf (accessed March 4, 2023). 23. Guiding questions: What immediate administrative reforms of HUD and its programs can be made with high probability of success? What short-term legislative reforms can be proposed that, in tandem with administrative reforms, would achieve the HUD vision/mission objective? What HUD offices should be eliminated and/or realigned to reduce any redundancy that may persist in programmatic functions? 24. Wholly aside from reforms that would require legislation, the next Administration must ensure that key political appointees are able to acquit themselves as change agents to execute administrative reforms. Otherwise, whether because of a sheer lack of skill and expertise or simply a lack of will and philosophical alignment with reforms, staff may frustrate the efforts of committed political appointee staff and leadership to execute substantive administrative reforms. To achieve the policy and regulatory reforms outlined in this chapter, political appointees must be carefully placed in positions that reflect not only technical, market/ industry, and operational expertise, but also a shared will and commitment.

Trade

Weak

Vector: 60%

Pages: 859-862AI Enhanced

AI Analysis:

"The bill focuses on transferring the SEC's leasing authority to the GSA to achieve administrative efficiency and cost savings, while Project 2025's SEC section advocates for substantive regulatory reform to reduce burdens on capital formation. Both share a general theme of improving efficiency and reducing costs, but they address different aspects of SEC operations."

Key themes:efficiencycost reductionstreamliningadministrative burden

— 827 — Section 5: Independent Regulatory Agencies with government.” Under the Biden FTC, he writes, firms try “to get out of anti- trust liability by offering climate, diversity, or other forms of ESG-type offerings.” Candeub says that state AGs “are far more responsive to their constituents” than the federal government generally is, and he recommends that the FTC establish a position in the chairman’s office that is “focused on state AG cooperation and inviting state AGs to Washington, DC, to discuss enforcement policy in key sectors under the FTC’s jurisdiction: Big Tech, hospital mergers, supermarket mergers, and so forth.” — 829 — 27 FINANCIAL REGULATORY AGENCIES SECURITIES AND EXCHANGE COMMISSION AND RELATED AGENCIES David R. Burton The primary purposes of the laws and regulations governing capital markets and of capital market regulators are to deter and punish fraud and other material misstatements to investors; foster reasonable, scaled disclosure of information that is material to investors’ financial outcomes and proxy voting decisions; and maintain fair, orderly, and efficient secondary capital markets. The Securities Act of 19331 and the Securities Exchange Act of 19342 reflect nearly nine decades of rushed and haphazard amendments. The securities laws are now extremely complex and do not constitute a coherent, rational regulatory regime. For example, the current SEC has proposed a climate change reporting rule that would quadruple the costs of being a public company.3 This would have a substantial adverse impact on existing companies. Over time, it would also sub- stantially reduce the number of public companies and therefore the number of investing options available to ordinary Americans. The Securities and Exchange Commission (SEC) should be reducing impediments to capital formation, not rad- ically increasing them. The SEC and Congress should fundamentally reform the securities laws gov- erning issuers, broker–dealers, exchanges, and other market participants. Among other things, they should establish a simplified and rationalized securities disclo- sure system with:

Financial Regulatory Agencies

Weak

Vector: 60%

Pages: 866-868AI Enhanced

AI Analysis:

"The bill focuses on SEC leasing authority consolidation under GSA, which is unrelated to Project 2025's financial regulatory objectives concerning SEC enforcement reforms, IT spending limits, or administrative streamlining. There is no substantive overlap in policy goals or mechanisms."

Key themes:SECgovernment efficiencyadministrative reform

— 833 — Financial Regulatory Agencies l Eliminate all administrative proceedings (APs) within the SEC except for stop orders related to defective registration statements. The SEC enforcement system does not need to have both district court cases and APs. Alternatively, respondents should be allowed to elect whether an adjudication occurs in the SEC’s administrative law court or an ordinary Article III federal court.24 l End the practice of delegating the decision to initiate an enforcement case. The SEC Chairman—and possibly the U.S. Government Accountability Office (GAO)—should study whether other Commission delegation of authority to staff should be narrowed and whether sunsetting of such delegation of authority should be required. Congress should: l Require an Inspector General’s (or possibly a GAO) report regarding SEC information technology spending and contracting. Spending appears to be much too high, and IT contracting is poorly managed. l Statutorily limit the time for an investigation to two years with no extensions. Long investigations harm private parties and the quality of justice. With adequate management processes, the SEC should not need more than two years even for complicated matters. The SEC Chairman should: l Dramatically reduce the number of direct reports to the SEC Chairman. l Merge SEC offices that are performing similar functions. l Reduce the number of managers per employee. CFTC ADMINISTRATION AND IMPROVED COMMODITIES AND DERIVATIVES MARKETS Congress should: l Modernize the definition of commodity (which is now largely a laundry list of agricultural commodities)25 and clarify the treatment of digital assets. l Clarify through an express amendment to the Commodity Exchange Act (CEA)26 the circumstances that require a foreign swap trading platform to — 834 — Mandate for Leadership: The Conservative Promise register with the Commodity Futures Trading Commission (CFTC) as a swap execution facility (SEF) under Sections 2(i)27 and 5h28 of the CEA. Currently, it is not clear whether having one or a small number of U.S. participants would require SEF registration under prior staff guidance, which has led foreign swap trading platforms to exclude all U.S. persons from their platforms or to go through the process of seeking an exemption from registration. l Amend Section 2 of the CEA to authorize the CFTC Chairman to remove the agency’s Executive Director without a Commission vote. l To augment Commissioners’ independence, establish funding amounts for the Commissioners’ offices by statute with adjustments for inflation, with no requirement for a Commissioner to obtain budget or expense approvals from the Chairman or the agency’s administrative staff. The CFTC should: l Allocate more resources to core agency functions rather than ancillary and support operations. l Replace the existing position limits rule, which reduces liquidity and makes markets more volatile, with further delegation of authority to the exchanges to set position limits and position accountability levels where appropriate for the relevant market. l Reduce overly prescriptive rules implementing the CFTC’s core principles. l Apply the definitions of “U.S. Person” and “Guarantee” in the CFTC’s 2020 rule on cross-border application of swaps regulations (2020 Cross-Border Rule)29 to the regulatory requirements that remain covered by the CFTC’s 2013 guidance on the subject (2013 Guidance).30 Currently, the definition of each of these foundational terms differs depending on whether the requirement in question is covered by the 2020 Cross-Border Rule or the 2013 Guidance. l Remove the regulatory categories of “affiliate conduit” and “foreign consolidated subsidiary” from the 2013 Guidance and the CFTC’s cross- border rule on margin for uncleared swaps,31 respectively. These categories were replaced by the concept of a “Significant Risk Subsidiary” for purposes of the 2020 Cross-Border Rule because of widespread market confusion and compliance difficulties arising from their broad and vague scope.

Trade

Weak

Vector: 60%

Pages: 863-865AI Enhanced

AI Analysis:

"The bill focuses on SEC leasing authority consolidation under GSA for efficiency, while Project 2025's SEC-related policies concern financial regulation, disclosure rules, and market structure—there is no substantive overlap in subject matter or objectives."

Key themes:SECgovernment efficiencyregulatory reform

— 831 — Financial Regulatory Agencies l Either democratize access to private offerings by broadening the definition of accredited investor for purposes of Regulation D or eliminate the accredited investor restriction altogether.15 l Allow traditional self-certification of accredited investor status for all Regulation D Rule 506 offerings. l Exempt small micro-offerings from registration requirements.16 l Exempt small and intermittent finders from broker–dealer registration requirements and provide a simplified registration process for private placement brokers.17 l Exempt peer-to-peer lending from federal and state securities laws and reduce the regulatory burden on Regulation CF debt securities. l Make the Title I Emerging Growth Company (EGC) exemptions permanent for all EGCs. l Reduce the regulatory burden on small broker–dealers and exempt privately held, non-custodial broker–dealers from the requirements to use a PCAOB- registered firm for their audits. Congress should: l Amend the Internal Revenue Code to disregard crowdfunding and Regulation A shareholders for purposes of the 100-shareholder limit for Subchapter S corporations.18 BETTER CAPITAL MARKETS To improve capital markets, the SEC should: l Preempt blue sky registration, qualification, and continuing reporting requirements for securities traded on established securities markets (including a national securities exchange or an alternative trading system).19 l Terminate the Consolidated Audit Trail (CAT) program.20 l Abolish Rule 144 and other regulations that restrict securities resales and instead require a company that has sold securities to provide sufficient current informa- tion to the market to permit reasonable investment decisions and secondary sales. — 832 — Mandate for Leadership: The Conservative Promise Congress should: l Prohibit the SEC from requiring issuer disclosure of social, ideological, political, or “human capital” information that is not material to investors’ financial, economic, or pecuniary risks or returns. The proposed SEC climate change rule, which would quadruple the costs of being a public company, is particularly problematic.21 l Repeal the Dodd–Frank mandated disclosures relating to conflict minerals, mine safety, resource extraction, and CEO pay ratios.22 l Oppose efforts to redefine the purpose of business in the name of social justice; corporate social responsibility (CSR); stakeholder theory; environmental, social, and governance (ESG) criteria; socially responsible investing (SRI); sustainability; diversity; business ethics; or common- good capitalism. l Prohibit securities regulators, including SROs, from promulgating rules or taking other actions that discriminate, either favorably or unfavorably, on the basis of the race, color, religion, sex, or national origin of such individual or group. SEC ADMINISTRATION To enable it to achieve its core mission more effectively, the SEC should:23 l Publish better data on securities offerings, securities markets, and securities law enforcement and publish an annual data book of time series data on these matters. Specifically, the SEC Division of Economic and Risk Analysis (DERA) needs to do a much better job of collecting and reporting fundamental data regarding offerings, regulatory costs, violations, enforcement, investors, state regulator taxes, fees and activities, and other matters. l Ensure that SEC resources flow toward its core functions and away from ancillary and support functions or from missions that do not fall within the SEC’s statutory charge. l Ensure that any three SEC Commissioners are empowered to place an item on the agenda and to receive adequate staff support to do so even without the Chairman’s support.

Showing 3 of 5 policy matches

About These Correlations

Policy matches are calculated using a hybrid approach: initial candidates are found using semantic similarity between bill summaries and Project 2025 policy text, then an AI model (Llama 3.1 70B) provides detailed alignment ratings and analysis. Ratings range from 1 (minimal alignment) to 5 (very strong alignment). This analysis does not imply direct causation or intent.

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