Security in Bonding Act of 2012

Bill: 112-hr-3534
Sponsor: Rep. Hanna, Richard L. [R-NY-24]
Introduced: 2011-12-01 in the House
Policy area: Finance and Financial Sector
Subjects: Congressional oversight
Contracts and agency
Financial services and investments
Minority and disadvantaged businesses
Public contracts and procurement
Small business

Summary:
action_date: 2011-12-01
text: 
Security in Bonding Act of 2011 - Revises requirements related to assets pledged by a surety.
 
Reverses the current prohibition to authorize the government official who approves or accepts the surety bond to require that it be given through a guaranty corporation, including a particular guaranty corporation.
 
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). 

action_date: 2012-04-27
text: 
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.

action_date: 2012-05-15
text: 

(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.


Legislative actions:
action_date: 2012-05-16
text: Received in the Senate and Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
action_date: 2012-05-15
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2012-05-15
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2676-2677)
action_date: 2012-05-15
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H2676-2677)
action_date: 2012-05-15
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 3534.
action_date: 2012-05-15
text: Considered under suspension of the rules. (consideration: CR H2676-2678)
action_date: 2012-05-15
text: Mr. Smith (TX) moved to suspend the rules and pass the bill, as amended.
action_date: 2012-04-27
text: Placed on the Union Calendar, Calendar No. 322.
action_date: 2012-04-27
text: Reported (Amended) by the Committee on Judiciary. H. Rept. 112-460.
action_date: 2012-04-27
text: Reported (Amended) by the Committee on Judiciary. H. Rept. 112-460.
action_date: 2012-03-20
text: Ordered to be Reported (Amended) by Voice Vote.
action_date: 2012-03-20
text: Committee Consideration and Mark-up Session Held.
action_date: 2012-03-15
text: Subcommittee on Courts, Commercial and Administrative Law Discharged.
action_date: 2012-03-05
text: Subcommittee Hearings Held.
action_date: 2011-12-14
text: Referred to the Subcommittee on Courts, Commercial and Administrative Law.
action_date: 2011-12-01
text: Referred to the House Committee on the Judiciary.
action_date: 2011-12-01
text: Introduced in House
action_date: 2011-12-01
text: Introduced in House