Mary Schapiro, Chairman of the Securities and Exchange Commission testified at a hearing of the Financial Services Committee of House on the reform of the financial regulation to the Capitol in Washington, June 16, 2011.
Credit: Reuters/Jason ReedWASHINGTON. Wednesday, July 6, 2011 2: 00 pm EDT
WASHINGTON (AFP) - the Securities and Exchange Commission began discussions to hand in large part off the coast of its rental activities after being accused of bungling a real estate deal to award more half a billion dollars.
Chairman of the SEC, Mary Schapiro said that it is negotiating with the General Services Administration, which manages real estate of the Federal Government, to take over the responsibilities.
The transfer would come after an Inspector General SEC report concluded in May that the SEC is facing a request for $ 94 million after he made numerous errors by obtaining a 10 year deal rental of 556.8 million for a space in Washington.
The expected SEC it needs room for additional staff to implement the law of financial supervision Dodd-Frank, but congressional budget disputes forced to try and return of the lease.
Schapiro said in prepared testimony for a hearing in Congress Wednesday that she is "ultimately responsible for the actions of the Agency" and that she is an urgent need to reduce the financial impact of the lease agreement.
Part of the solution in the long term is to outsource leasing, said Schapiro.
"Leasing is not part of the central mission of the Commission and we cannot allow to impede this mission", said Schapiro.
Rental SEC woes were of great interest to legislators and provided ammunition to some Republicans seeking to deny the extra money for the SEC to conduct Dodd-Frank.
(Reporting by Emily Stephenson; written by Karey Wutkowski; editing by Tim Dobbyn)
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