H.R. 776: Security in Bonding Act of 2013

Introduced:
Feb 15, 2013
Status:
Referred to Committee
Prognosis
12% chance of being enacted
Track this bill
Sponsor
Richard Hanna
Representative for New York's 22nd congressional district
Party
Republican
Text
Read Text »
Last Updated
Feb 15, 2013
Length
2 pages
Related Bills
H.R. 3534 (112th) was a previous version of this bill.

Passed House
Last Action: May 15, 2012

 
Status

This bill was assigned to a congressional committee on February 15, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Progress
Introduced Feb 15, 2013
Referred to Committee Feb 15, 2013
Reported by Committee ...
Passed House ...
Passed Senate ...
Signed by the President ...
Prognosis

86% chance of getting past committee.
12% chance of being enacted.

Only 11% of bills made it past committee and only about 3% were enacted in 2011–2013. [show factors | methodology]

 
Full Title

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

Summary

No summaries available.

Cosponsors
5 cosponsors (3R, 2D) (show)
Committees

House Small Business

House Judiciary

Regulatory Reform, Commercial, and Antitrust Law

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


2/15/2013--Introduced.
Security in Bonding Act of 2013 - 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).
Amends the Small Business Investment Act of 1958 with respect to any Small Business Administration (SBA) guarantee or agreement to indemnify a surety under the Small Business Investment Program against loss from a breach of the terms of a bid bond, payment bond, performance bond, or ancillary bonds, by a principal on any total work order or contract amount at the time of bond execution that does not exceed $ 6.5 million, as adjusted for inflation.
Increases from 70% to 90% of the loss incurred and paid by a surety authorized to issue bonds subject to SBA guarantee the SBA's maximum obligation to pay the surety under the guarantee or agreement to indemnify.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

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