U.S. Congress - H.R.3534 Security in Bonding Act of 2011
H.R.3534 - Security in Bonding Act of 2011
To amend title 31, United States Code, to revise requirements related to assets pledged by a surety, and for other purposes. view all titles (5)
All Bill Titles
- Official: To amend title 31, United States Code, to revise requirements related to assets pledged by a surety, and for other purposes. as introduced.
- Short: Security in Bonding Act of 2011 as introduced.
- Short: Security in Bonding Act of 2011 as reported to house.
- Short: Security in Bonding Act of 2012 as passed house.
- Short: Security in Bonding Act of 2012 as reported to house.
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Official Summary
5/15/2012--Passed House amended. (This measure has not been amended since it was reported to the House on April 27, 2012. The summary of that version is repeated here.) Security in Bonding Act of 2012 - Revises requirements related to assets pledged by a surety. Declares that if another apOfficial Summary
5/15/2012--Passed House amended. (This measure has not been amended since it was reported to the House on April 27, 2012. The summary of that version is repeated here.) Security in Bonding Act of 2012 - Revises requirements related to assets pledged by a surety. Declares that if another applicable law or regulation permits the acceptance of a bond from a surety that is not subject to specified federal law, and is based on a pledge of assets by the surety, the assets pledged by such surety shall:(1) consist of eligible obligations given as security instead of surety bonds; and
(2) be submitted to the government official required to approve or accept the bond, who shall deposit the assets with a depository (the Secretary of the Treasury, a federal reserve bank, or a depository designated by the Secretary). Requires the Comptroller General to study:
(1) all instances during the 10-year period before the enactment of this Act in which a surety bond proposed or issued by a surety in connection with a federal project was rejected by a federal contracting officer, or accepted but was later found to have been backed by insufficient collateral or to be otherwise deficient or with respect to which the surety did not perform;
(2) the consequences to the federal government, subcontractors, and suppliers of such instances, and
(3) the percentages of all federal contracts that were awarded to small disadvantaged businesses and disadvantaged business enterprises as prime contractors in the two-year period before and after the enactment of this Act, and an assessment of its impact upon such percentages.
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Organizations Supporting H.R.3534
- National Association of Surety Bond Producers
- The Surety & Fidelity Association of America
- American Subcontractors Association, Inc. (ASA)
- American Insurance Association (AIA)
- Associated General Contractors of America
- Mechanical Contractors Association of America
- ...and 7 more. See all.
Organizations Opposing H.R.3534
- Barbour Group, LLC
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