Sell Excess Federal Property

  • Potential 10 Year Savings: $15 Billion
  • Sponsor: Rep. Jason Chaffetz
  • Legislation:
  • Status: Voted on House Floor

The Office of Management and Budget estimated in 2007 that the federal government is holding $18 billion in real property that it does not need. Rather than selling this property, however, Federal law usually requires that it first be offered, often at no cost, to other government agencies, to state and local governments, to non-profits, and others. The federal government has conveyed at no cost: a building in Las Vegas that is intended to house the "mob museum," land in Massachusetts for a private high school where tuition is over $29,000 a year, and a building in Florida that the federal government now leases back at a cost of over $100,000 a year. This proposal would amend federal law to require an expedited process for selling unneeded federal property with 80% of the proceeds used to reduce the deficit.

ERIC CANTOR