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FAR Council Announces Plans to Implement New Law on Individual Surety Assets

Thursday, July 20, 2017  
  FAR Council Announces Plans to Implement New Law on Individual Surety Asset 

The Federal Acquisition Regulation (FAR) Council has issued a notice that it intends to propose regulations that will implement a new law that SFAA sought to change the kinds of assets that individual sureties can pledge.  The proposal is expected to be issued in October 2017.  Under the new law, individual sureties can pledge only “eligible obligations,” which are instruments backed by the federal government, to back their bonds.  The new law also requires such assets to be deposited with the federal government.  SFAA is working with the Construction Industry Procurement Coalition (Coalition) to urge the adoption of these regulations to implement these changes in the law obtained in the FY 2016 National Defense Authorization Act.  The Coalition sent a letter to the FAR asking for action and the Coalition also persuaded Rep. Nydia Velazquez (D-NY) to ask the FAR to promulgate the necessary regulations. 

Members should visit Government Relations / General Info (Members) for more information.

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