Oct 05 2011
WASHINGTON, D.C. – U.S. Senator Jerry Moran (R-Kan.), Ranking Member of the Senate Appropriations Subcommittee on Financial Services and General Government, made the following comments regarding financial mismanagement at the Securities and Exchange Commission (SEC) and today’s release of a letter from the General Counsel of the Government Accountability Office (GAO) indicating that the SEC failed to appropriately account for its leasing of additional office space.
"The issues raised by the GAO are troubling and deserve a response from the Securities and Exchange Commission,” Sen. Moran said. “The annual appropriations process is a crucial forum for Congressional oversight and today's revelation that the SEC may be in violation of the Anti-deficiency Act is a sober reminder of our obligation."
The SEC has obligated $180,000 for the lease, while the GAO has indicated they should have accounted for the entire lease, totaling $371 million. According to the GAO, the SEC may very well lack the resources to account for the full obligation of the lease, which would require them to report a violation of the Anti-deficiency Act to the President and Congress.
Please find a full copy of the GAO’s decision attached.
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