1.This Act may be cited as the
Security in Bonding Act of
2012
.
2.Chapter 93 of
subtitle VI of title 31, United States Code, is amended—
(1)by adding at the
end the following:
9310.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.
.
3.
(a)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)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.
Karen L. Haas,
Clerk