March 2nd, 2011
06:03 AM ET
By CNN Wire Staff
WASHINGTON (CNN) –President Barack Obama is proposing the creation of a panel that will recommend how the federal government can sell off properties it no longer needs, an administration official said Wednesday.
The independent board would include public and private sector members who will develop a plan for matching the government's real estate holdings with its core missions and programs, the official said on condition of anonymity.
The sale, consolidation or other reconfiguring of government real estate holdings is expected to bring in $15 billion over the first three years of the board's operation, according to the administration official.
Currently, the government wastes billions of dollars maintaining or otherwise keeping properties it doesn't need, including about 14,000 buildings and structures designated as excess and thousands of others that are underutilized, the administration official added.