H.R. 3534 (112th): Security in Bonding Act of 2012

112th Congress, 2011–2013. Text as of May 16, 2012 (Referred to Senate Committee).

Status & Summary | PDF | Source: GPO

IIB

112th CONGRESS

2d Session

H. R. 3534

IN THE SENATE OF THE UNITED STATES

May 16, 2012

Received; read twice and referred to the Committee on Homeland Security and Governmental Affairs

AN ACT

To amend title 31, United States Code, to revise requirements related to assets pledged by a surety, and for other purposes.

1.

Short title

This Act may be cited as the Security in Bonding Act of 2012.

2.

Surety bond requirements

Chapter 93 of subtitle VI of title 31, United States Code, is amended—

(1)

by adding at the end the following:

9310.

Individual sureties

If another applicable law or regulation permits the acceptance of a bond from a surety that is not subject to sections 9305 and 9306 and is based on a pledge of assets by the surety, the assets pledged by such surety shall—

(1)

consist of eligible obligations described under section 9303(a); and

(2)

be submitted to the official of the Government required to approve or accept the bond, who shall deposit the assets with a depository described under section 9303(b).

; and

(2)

in the table of contents for such chapter, by adding at the end the following:

9310. Individual sureties.

.

3.

GAO study

(a)

Study

The Comptroller General of the United States shall carry out a study on the following:

(1)

All instances during the 10-year period prior to the date of the enactment of this Act in which a surety bond proposed or issued by a surety in connection with a Federal project was—

(A)

rejected by a Federal contracting officer; or

(B)

accepted by a Federal contracting officer, 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 the instances described under paragraph (1).

(3)

The percentages of all Federal contracts that were awarded to small disadvantaged businesses (as defined under section 124.1002(b) of title 13, Code of Federal Regulations) and disadvantaged business enterprises (as defined under section 26.5 of title 49, Code of Federal Regulations) as prime contractors in the 2-year period prior to and the 2-year period following the date of enactment of this Act, and an assessment of the impact of this Act and the amendments made by this Act upon such percentages.

(b)

Report

Not later than the end of the 3-year period beginning on the date of the enactment of this Act, the Comptroller General shall issue a report to the Committee on the Judiciary of the House of Representatives and the Committee on Homeland Security and Government Affairs of the Senate containing all findings and determinations made in carrying out the study required under subsection (a).

Passed the House of Representatives May 15, 2012.

Karen L. Haas,

Clerk