3.0.0 776 2023-01-11T13:26:24Z 2023-01-11T13:26:24Z House H HR 2013-02-15 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. HANNA:H.R. 776.Congress has the power to enact this legislation pursuantto the following:The Constitutional authority on which this bill rests isenumerated in Clause 3 of Section 8 of Article I of theUnited States Constitution.[Page H598]]]> hssm00 Small Business Committee House Standing Reported by 2014-05-22T02:03:26Z Markup by 2014-03-05T20:00:22Z Referred to 2013-02-15T14:04:50Z hsju00 Judiciary Committee House Standing hsju05 Administrative State, Regulatory Reform, and Antitrust Subcommittee Discharged from 2014-04-29T20:08:20Z Referred to 2013-04-08T21:17:24Z Reported by 2014-05-22T02:01:25Z Markup by 2014-04-30T20:11:24Z Referred to 2013-02-15T14:04:45Z H. Rept. 113-462,Part 2 2014-05-21 Placed on the Union Calendar, Calendar No. 342. Calendars H12410 2 House floor actions U00342 2014-05-21 Reported (Amended) by the Committee on Small Business. H. Rept. 113-462, Part II. Committee H12200 2 House floor actions hssm00 Small Business Committee 2014-05-21 Reported (Amended) by the Committee on Small Business. H. Rept. 113-462, Part II. Committee 5000 9 Library of Congress hssm00 Small Business Committee 2014-05-21 Reported (Amended) by the Committee on Judiciary. H. Rept. 113-462, Part I. Committee H12200 2 House floor actions hsju00 Judiciary Committee 2014-05-21 Reported (Amended) by the Committee on Judiciary. H. Rept. 113-462, Part I. Committee 5000 9 Library of Congress hsju00 Judiciary Committee 2014-04-30 hsju00 Judiciary Committee 1 House committee actions Ordered to be Reported (Amended) by Voice Vote. Committee 2014-04-30 hsju00 Judiciary Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2014-04-29 hsju00 Judiciary Committee 1 House committee actions Subcommittee on Regulatory Reform, Commercial And Antitrust Law Discharged. Committee 2014-03-05 hssm00 Small Business Committee 1 House committee actions Further action deferred. Committee 2014-03-05 hssm00 Small Business Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2013-04-08 hsju05 Administrative State, Regulatory Reform, and Antitrust Subcommittee 1 House committee actions Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law. Committee 2013-02-15 Referred to the Committee on the Judiciary, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hssm00 Small Business Committee 2013-02-15 Referred to the Committee on the Judiciary, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsju00 Judiciary Committee 2013-02-15 Introduced in House IntroReferral Intro-H 9 Library of Congress 2013-02-15 Introduced in House IntroReferral 1000 9 Library of Congress H001051 Rep. Hanna, Richard L. [R-NY-22] Richard Hanna R NY L. 22 N G000546 Rep. Graves, Sam [R-MO-6] SAM GRAVES R MO 6 2013-02-15 True M001188 Rep. Meng, Grace [D-NY-6] Grace Meng D NY 6 2013-03-13 False L000569 Rep. Luetkemeyer, Blaine [R-MO-3] Blaine Luetkemeyer R MO 3 2013-05-06 False C001092 Rep. Collins, Chris [R-NY-27] Chris Collins R NY 27 2013-06-03 False L000580 Rep. Lujan Grisham, Michelle [D-NM-1] Michelle Lujan Grisham D NM 1 2013-08-02 False G000567 Rep. Griffin, Tim [R-AR-2] Tim Griffin R AR 2 2014-05-13 False Finance and Financial Sector Congressional oversight Contracts and agency Financial services and investments Government liability Government studies and investigations Minority and disadvantaged businesses Public contracts and procurement Small business Finance and Financial Sector 00 2013-02-15 Introduced in House 2014-05-27T15:33:14Z 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.

]]> 18 2014-05-21 Reported to House amended, Part I 2014-05-27T15:33:45Z Security in Bonding Act of 2014 - 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 (the Act) 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.

Requires the Comptroller General (GAO) to study:

  • all instances during the 10-year period before enactment of the Act in which a surety bond proposed or issued by a surety in connection with a federal project was: (1) rejected by a federal contracting officer; or (2) accepted by one, 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;
  • the consequences to the federal government, subcontractors, and suppliers of the instances; and
  • the percentages of all federal contracts that were awarded to new startup businesses (including new startups that are small disadvantaged businesses or disadvantaged business enterprises), small disadvantaged businesses, and disadvantaged business enterprises as prime contractors in the two-year period before and the two-year period after enactment of this Act, together with an assessment of the impact of this Act and its amendments upon such percentages.
]]> 19 2014-05-21 Reported to House amended, Part II 2014-05-27T15:34:29Z Security in Bonding Act of 2014 - 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.

]]> Security in Bonding Act of 2014 Display Title Security in Bonding Act of 2014 Short Titles as Reported to House Security in Bonding Act of 2014 H House Short Titles as Introduced Security in Bonding Act of 2013 Official Title as Introduced To amend title 31, United States Code, to revise requirements related to assets pledged by a surety, and for other purposes. Reported in House 2014-05-21T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr776rh/xml/BILLS-113hr776rh.xml Introduced in House 2013-02-15T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr776ih/xml/BILLS-113hr776ih.xml 2014-05-21 Placed on the Union Calendar, Calendar No. 342. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.