[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3534 Engrossed in House (EH)]

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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Security in Bonding Act of 2012''.

SEC. 2. SURETY BOND REQUIREMENTS.

    Chapter 93 of subtitle VI of title 31, United States Code, is 
amended--
            (1) by adding at the end the following:
``Sec. 9310. Individual sureties
    ``If another applicable law or regulation permits the acceptance of 
a bond from a surety that is not subject to sections 9305 and 9306 and 
is based on a pledge of assets by the surety, the assets pledged by 
such surety shall--
            ``(1) consist of eligible obligations described under 
        section 9303(a); and
            ``(2) be submitted to the official of the Government 
        required to approve or accept the bond, who shall deposit the 
        assets with a depository described under section 9303(b).''; 
        and
            (2) in the table of contents for such chapter, by adding at 
        the end the following:

``9310. Individual sureties.''.

SEC. 3. GAO STUDY.

    (a) Study.--The Comptroller General of the United States shall 
carry out a study on the following:
            (1) All instances during the 10-year period prior to the 
        date of the enactment of this Act in which a surety bond 
        proposed or issued by a surety in connection with a Federal 
        project was--
                    (A) rejected by a Federal contracting officer; or
                    (B) accepted by a Federal contracting officer, 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 the instances described under 
        paragraph (1).
            (3) The percentages of all Federal contracts that were 
        awarded to small disadvantaged businesses (as defined under 
        section 124.1002(b) of title 13, Code of Federal Regulations) 
        and disadvantaged business enterprises (as defined under 
        section 26.5 of title 49, Code of Federal Regulations) as prime 
        contractors in the 2-year period prior to and the 2-year period 
        following the date of enactment of this Act, and an assessment 
        of the impact of this Act and the amendments made by this Act 
        upon such percentages.
    (b) Report.--Not later than the end of the 3-year period beginning 
on the date of the enactment of this Act, the Comptroller General shall 
issue a report to the Committee on the Judiciary of the House of 
Representatives and the Committee on Homeland Security and Government 
Affairs of the Senate containing all findings and determinations made 
in carrying out the study required 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 requirements related 
         to assets pledged by a surety, and for other purposes.