H.R.3534 - Security in Bonding Act of 2012112th Congress (2011-2012)
Summary: H.R.3534 — 112th Congress (2011-2012)
Passed House amended (05/15/2012)
(This measure has not been amended since it was reported to the House on April 27, 2012. The summary of that version is repeated here.)
Security in Bonding Act of 2012 - 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).
Requires the Comptroller General to study: (1) all instances during the 10-year period before the enactment of this Act in which a surety bond proposed or issued by a surety in connection with a federal project was rejected by a federal contracting officer, or accepted 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 such instances, and (3) the percentages of all federal contracts that were awarded to small disadvantaged businesses and disadvantaged business enterprises as prime contractors in the two-year period before and after the enactment of this Act, and an assessment of its impact upon such percentages.