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TREAS/FMS | RIN: 1510-AB27 | Publication ID: Spring 2014 |
Title: Surety Companies Doing Business With the United States | |
Abstract: The Department of the Treasury (Treasury), Bureau of the Fiscal Service (Fiscal Service), administers the Federal corporate surety program. Treasury issues certificates of authority to qualified sureties to underwrite and reinsure Federal bond obligations. Congress delegated to Treasury the discretion to issue a certificate if Treasury decides the surety's articles of incorporation authorize it to engage in the business of surety, the corporation has the requisite paid-up capital, cash, or equivalent assets, and the corporation is able to carry out its contracts. Treasury publishes the list of certified sureties in Department Circular 570, which is available online at www.fms.treas.gov/c570. Federal bond-approving officials consult and rely on this list whenever a corporate surety bond is presented to an agency because bonds underwritten by Treasury-certified sureties satisfy bonding requirements, provided such bonds are accepted by agency bond-approving officials. Fiscal Service has proposed to amend its regulation to clarify the circumstances when an agency bond-approving official can decline to accept a bond underwritten by a Treasury-certified surety. Fiscal Service also proposed to strengthen the procedures and standards governing the adjudication by Fiscal Service of any agency complaint requesting that a surety's certificate be revoked for nonperformance. | |
Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 31 CFR 223 | |
Legal Authority: 5 USC 301 31 USC 9304 to 9308 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: Federal |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Melvin Saunders Surety Bond Branch Manager 3700 East-West Highway, Hyattsville, MD 20782 Phone:202 874-5283 Fax:202 874-9978 Email: melvin.saunders@fiscal.treasury.gov James Regan Senior Attorney 401 14th Street SW., Washington, DC 20227 Phone:202 874-6954 Email: james.regan@fiscal.treasury.gov |