Hanna Offers Legislation to Improve Bonding Requirements For Federal Contractors
Thursday, February 21, 2013
Republican Congressman Richard Hanna who serves as Chairman of the Congressional Contracting and Workforce Subcommittee, has introduced legislation to help ensure subcontractors and suppliers who provide services to the federal government will be paid for their work.
The Security in Bonding Act of 2013 would protect small businesses and taxpayers by strengthening the bonding process and removing opportunities for fraud and abuse.
The Security in Bonding Act of 2013 closes a loophole that allowed unscrupulous businesses to offer inadequate assets to back a bond. The lack of oversight on non-corporate sureties has resulted in a number of documented cases where assets pledged to back the bond have been illusory or insufficient.
Hanna says it's time to close the loophole and protect honest small businesses.
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