112TH CONGRESS 

2D SESSION H. R. 3534 

AN ACT 

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

other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 
2 

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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Security in Bonding 

3 Act of 2012’’. 

4 SEC. 2. SURETY BOND REQUIREMENTS. 

5 Chapter 93 of subtitle VI of title 31, United States 

6 Code, is amended— 

7 (1) by adding at the end the following: 

8 ‘‘§ 9310. Individual sureties 

9 ‘‘If another applicable law or regulation permits the 

10 acceptance of a bond from a surety that is not subject 

11 to sections 9305 and 9306 and is based on a pledge of 

12 assets by the surety, the assets pledged by such surety 

13 shall— 

14 ‘‘(1) consist of eligible obligations described 

15 under section 9303(a); and 

16 ‘‘(2) be submitted to the official of the Govern17 ment required to approve or accept the bond, who 

18 shall deposit the assets with a depository described 

19 under section 9303(b).’’; and 

20 (2) in the table of contents for such chapter, by 

21 adding at the end the following: 

‘‘9310. Individual sureties.’’. 

22 SEC. 3. GAO STUDY. 

23 (a) STUDY.—The Comptroller General of the United 

24 States shall carry out a study on the following: 
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1 (1) All instances during the 10-year period 

2 prior to the date of the enactment of this Act in 

3 which a surety bond proposed or issued by a surety 

4 in connection with a Federal project was— 

5 (A) rejected by a Federal contracting offi6 cer; or 

7 (B) accepted by a Federal contracting offi8 cer, but was later found to have been backed by 

9 insufficient collateral or to be otherwise defi10 cient or with respect to which the surety did not 

11 perform. 

12 (2) The consequences to the Federal Govern13 ment, subcontractors, and suppliers of the instances 

14 described under paragraph (1). 

15 (3) The percentages of all Federal contracts 

16 that were awarded to small disadvantaged businesses 

17 (as defined under section 124.1002(b) of title 13, 

18 Code of Federal Regulations) and disadvantaged 

19 business enterprises (as defined under section 26.5 

20 of title 49, Code of Federal Regulations) as prime 

21 contractors in the 2-year period prior to and the 2- 

22 year period following the date of enactment of this 

23 Act, and an assessment of the impact of this Act 

24 and the amendments made by this Act upon such 

25 percentages. 
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1 (b) REPORT.—Not later than the end of the 3-year 

2 period beginning on the date of the enactment of this Act, 

3 the Comptroller General shall issue a report to the Com4 mittee on the Judiciary of the House of Representatives 

5 and the Committee on Homeland Security and Govern6 ment Affairs of the Senate containing all findings and de7 terminations made in carrying out the study required 

8 under subsection (a). 

Passed the House of Representatives May 15, 2012. 

Attest: 

Clerk. 

112TH CONGRESS 

2D SESSION H. R. 3534 

AN ACT 

To amend title 31, United States Code, to revise 

ety, and for other purposes. requirements related to assets pledged by a sur-