[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5789 Introduced in House (IH)]








109th CONGRESS
  2d Session
                                H. R. 5789

To amend title 31, United States Code, to modernize cash management by 
    allowing the use of certain obligations instead of surety bonds.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 13, 2006

Mr. Fitzpatrick of Pennsylvania (for himself and Mr. Scott of Georgia) 
 introduced the following bill; which was referred to the Committee on 
                             the Judiciary

_______________________________________________________________________

                                 A BILL


 
To amend title 31, United States Code, to modernize cash management by 
    allowing the use of certain obligations instead of surety bonds.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. USE OF ELIGIBLE OBLIGATIONS INSTEAD OF SURETY BONDS.

    (a) Definition of Eligible Obligation.--Section 9301(2) of title 
31, United States Code, is amended to read as follows:
            ``(2) `eligible obligation' means any security designated 
        as acceptable in lieu of a surety bond by the Secretary of the 
        Treasury.''.
    (b) Use of Eligible Obligations Instead of Surety Bonds.--Section 
9303(a)(2) of title 31, United States Code, is amended to read as 
follows:
            ``(2) as determined by the Secretary of the Treasury, have 
        a market value that is equal to or greater than the amount of 
        the required surety bond; and''.
    (c) Technical Amendments.--Section 9303 of title 31, United States 
Code, is amended--
            (1) in the section heading, by striking ``government 
        obligations'' and inserting ``eligible obligations'';
            (2) in subsection (f), by striking ``Government 
        obligations'' and inserting ``eligible obligations'';
            (3) by striking ``a Government obligation'' each place that 
        term appears and inserting ``an eligible obligation''; and
            (4) by striking ``the Government obligation'' each place 
        that term appears and inserting ``the eligible obligation''.
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