Reps move to tighten rules on sale of federal assets

Lawmakers in the House of Representatives are proposing a National Public Assets Management Commission to regulate the sale, leasing and disposal of federal assets. The proposed legislation aims to address gaps in public asset management by creating a central authority responsible for coordinating records, monitoring asset values and overseeing disposal processes.

The bill requires government institutions to register their assets in a central national database, disclose debts and obtain approval for any sales or leases. It also establishes a National Public Assets Register, a digital database containing detailed information about each asset, including its location, ownership and financial obligations.

The commission would have the authority to conduct inspections, impose directives and refer persistent violations to the President and the National Assembly. Transactions involving public assets would require independent valuation, competitive processes and adherence to value-for-money assessments to ensure fair market pricing.