[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 838 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 838

 To amend title 31, United States Code, to revise requirements related 
         to assets pledged by a surety, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 10, 2015

   Mr. Hanna (for himself, Ms. Meng, and Mr. Chabot) introduced the 
 following bill; which was 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

_______________________________________________________________________

                                 A BILL


 
 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 2015''.

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. SBA SURETY BOND GUARANTEE.

    Section 411(c)(1) of the Small Business Investment Act of 1958 (15 
U.S.C. 694b(c)(1)) is amended by striking ``70'' and inserting ``90''.

SEC. 4. 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 enactment of the 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 new startup businesses (including new startup 
        businesses that are small disadvantaged businesses or 
        disadvantaged business enterprises), small disadvantaged 
        businesses, and disadvantaged business enterprises 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).
    (c)  Definitions.--For purposes of this section:
            (1) Disadvantaged business enterprise.--The term 
        ``disadvantaged business enterprise'' has the meaning given 
        that term under section 26.5 of title 49, Code of Federal 
        Regulations.
            (2) New startup business.--The term ``new startup 
        business'' means a business that was formed in the 2-year 
        period ending on the date on which the business bids on a 
        Federal contract that requires giving a surety bond.
            (3) Small disadvantaged business.--The term ``small 
        disadvantaged business'' has the meaning given that term under 
        section 124.1002(b) of title 13, Code of Federal Regulations.
                                 <all>