H.R. 3534: Security in Bonding Act of 2012

112th Congress · introduced 2011-12-01 · Finance and Financial Sector · Latest: Received in the Senate and Read twice and referred to the Committee on Homeland Security and Governmental Affairs.

federal

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Where it came from: introduced 2011-12-01 · official record
Who proposed it: Rep. Hanna, Richard L. [R-NY-24] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Received in the Senate and Read twice and referred to the Committee on Homeland Security and Governmental Affairs. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Security in Bonding Act of 2012

Plain summary

(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.

Congressional Research Service summary (Passed House amended), quoted unchanged (nonpartisan). Read the source.

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If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

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What does this mean? (plain words)

Official text

Security in Bonding Act of 2012

Source: Congressional Research Service summary (Passed House amended)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Hanna, Richard L. [R-NY-24] · 3 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (4)

Bond: A way to borrow money. A government sells bonds to raise money now and promises to pay it back with interest over time. Bonds repaid from taxes often need voter approval.
Obligation: A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Passed House amended)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-112hr3534.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/hr>

Record fed-us-cong112-hr3534 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112