H.R.2991 - Department of Transportation Bonding Assistance Authority Act of 2009111th Congress (2009-2010)
|Sponsor:||Rep. Cummings, Elijah E. [D-MD-7] (Introduced 06/23/2009)|
|Committees:||House - Transportation and Infrastructure|
|Latest Action:||06/24/2009 Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: H.R.2991 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (06/23/2009)
Department of Transportation Bonding Assistance Authority Act of 2009 - Replaces the mandate for the Minority Resource Center to provide bonding assistance to disadvantaged business enterprises.
Authorizes the Secretary of Transportation, acting through the Minority Resource Center, to prescribe, guarantee, and enter into commitments to guarantee a surety against loss resulting from a small business concern's breach of a bond that is required for it to bid on or perform a transportation project contract, pay on the contract, or serve as a prime contractor or subcontractor on such contract.
Authorizes the Secretary to indemnify such a surety up to 90% of any loss sustained by it in avoiding or attempting to avoid a breach of a bond guaranteed under this Act.
Requires the Secretary to establish a program under which not more than five selected states may carry out: (1) the activities of the Secretary with respect to issuing surety guarantees; as well as (2) the activities of sureties to assist eligible small business concerns.