Mr. Chairman, I have an amendment at the desk. Mr. Chairman, my amendment to H.R. 4413 simply requires the Comptroller General of the United States to conduct a study of the efficiencies in leasing and rental costs at the Commodity Futures…
Mr. Chairman, I have an amendment at the desk.
Mr. Chairman, my amendment to H.R. 4413 simply requires the Comptroller General of the United States to conduct a study of the efficiencies in leasing and rental costs at the Commodity Futures Trading Commission.
The study would determine if the CFTC is violating any laws, including the Antideficiency Act, by entering into these leases, particularly those with more than 5-year terms and, if so, how it can avoid violating Federal law in the future.
In a recent report from the inspector general of the Commodity Futures Trading Commission, we found that the CFTC is currently using just one-third of its Kansas City regional office.
The CFTC is paying approximately $44,000 per month, meaning that, over the 10-year life of the lease, the CFTC will pay $5.3 million, with $3.6 million dedicated to vacant office space.
However, in this letter from the inspector general, we found that this is not limited to just the Kansas City office. In fact, over the life of the CFTC's current leases, more than $200 million will be spent with approximately $64 million dedicated to vacant office spaces.
This is simply outrageous, and it is the latest example of government waste of taxpayer money. In fact, the CFTC management, in its May 14 response to the inspector general, agreed that there is excess vacant space.
However, the CFTC argued the lease of so many vacant offices was a justifiable expense because future funding increases are within the ``realm of possibility.''
Mr. Chairman, Congress has appropriated approximately 66 percent of the CFTC's budget request. Let's just look over the last few years. In fiscal year 2012 and in fiscal year 2013, the CFTC requested $308 million and received $205 million. In fiscal year 2014, the CFTC requested $315 million and received $215 million.
I agree with the inspector general that the realm of possibility is not the standard taxpayers expect when the government deals with their money.
Mr. Chairman, is it really too much to ask agencies that are spending millions on rent to actually need and use this space?
The inspector general hit the nail on the head when he stated that:
The CFTC and the public are better served by the risk of a
temporary shortage of space than a 100 percent certainty of
spending substantial taxpayer dollars on the leases of vacant
spaces.
It is just common sense that, if you can't afford it, you don't buy it. For these reasons, I urge my colleagues to vote for this amendment and ensure that the CFTC stops relying on the realm of possibility as justification for wasting taxpayer dollars on empty office spaces.
With that, I reserve the balance of my time.
Mr. Chairman, I urge the support of the amendment, and I yield back the balance of my time.