President Obama signing into law Federal Asset Sale & Transfer Act

Boston, MA IFMA statement on President Obama signing into law the Federal Asset Sale and Transfer Act and the Federal Property Management Reform Act:

“IFMA has released the following statement praising the bipartisan effort in the United States Congress to send two critical pieces of legislation to President Obama who signed them into law. The bills – H.R. 4465, the Federal Asset Sale and Transfer Act and H.R. 6451, the Federal Property Management Reform Act – were both top advocacy priorities for IFMA’s government affairs program and subjects of support at IFMA’s Advocacy Day and Public Policy Forum in Washington, D.C., for several years running.”

“IFMA joins leaders in the built environment from across the United States in applauding this bipartisan effort that will address a significant danger area in the federal budget,” said IFMA president and CEO Tony Keane. “In particular, we’d like to thank U.S. senator Tom Carper (D-DE) and U.S. congressman Jeff Denham (R-CA-10) for their tireless effort and leadership in Congress on this issue. By recognizing the true life cycle costs of buildings, this legislation will not only dispose of excess and underutilized property, but will also significantly reduce ongoing operational expenses. IFMA has long worked with decision makers and stakeholders around the world to advance common sense to public policy; this legislation will not only reduce waste but will bring the federal real estate portfolio more in line with recognized industry best practices.”

Together, these bills will:

• Establish an independent commission to evaluate, realign and dispose of excess federal property;

• Establish/codify a federal real property council to develop guidance and implementation strategies for improved management of federal real estate;

• Allow comparison of federal property portfolios against their private sector counterparts

• Reduce leased space;

• Provide annual portfolio information to Congress;

• Allow agencies to retain savings for disposal-related activities

The full text of the bills as passed can be found online.

H.R. 4465 – The Federal Asset Sale and Transfer Act: www.congress.gov/bill/114th-congress/house-bill/4465

H.R. 6451 – The Federal Property Management Reform Act: www.congress.gov/bill/114th-congress/house-bill/6451