Floor SpeechBipartisan2026-04-29

EXPANDING THE SURETY BOND PROGRAM ACT OF 2025

TaxesEnvironmentForeign PolicyTradeLabor

Context

On 2026-04-29, Senator Edward J. Markey (D-MA) delivered a floor speech titled "EXPANDING THE SURETY BOND PROGRAM ACT OF 2025" in the Senate. The speech addressed taxes and also covered the environment, foreign policy. It referenced legislation including S2108, S2109, S2232.

Full Text

EXPANDING THE SURETY BOND PROGRAM ACT OF 2025

Congressional Record, Volume 172 Issue 75 (Wednesday, April 29, 2026) [Congressional Record Volume 172, Number 75 (Wednesday, April 29, 2026)] [Senate] [Pages S2108-S2109] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] EXPANDING THE SURETY BOND PROGRAM ACT OF 2025 The Senate proceeded to consider the bill (S. 2232) to expand the surety bond program under the Small Business Investment Act of 1958, and for other purposes, which had been reported from the Committee on Small Business and Entrepreneurship with an amendment to strike all after the enacting clause and insert the part printed in italic, as follows: SECTION 1. SHORT TITLE. This Act may be cited as the ``Expanding the Surety Bond Program Act of 2025''. SEC. 2. EXPANSION OF THE SURETY BOND PROGRAM. Part B of title IV of the Small Business Investment Act of 1958 (15 U.S.C. 694a et seq.) is amended-- (1) in section 411 (15 U.S.C. 694b)-- (A) in subsection (a)(1)-- (i) in subparagraph (A)-- (I) by striking ``$6,500,000'' and inserting ``$18,000,000''; and (II) by inserting ``, subject to the exception in subparagraph (B)'' after ``United States Code''; and (ii) by striking subparagraph (B) and inserting the following: ``(B) (i) In any fiscal year in which the Administrator submits a formal request, including budget justification documents submitted by the Administrator to Congress, for supplemental funds under section 412(d), the amount described in subparagraph (A) shall be reduced by 33 percent. ``(ii) The limit described in clause (i) shall apply until the first of either-- ``(I) 12 months after the date on which the Administrator submits the formal request described in that clause; or ``(II) 150 days after the date on which-- ``(aa) the requested funds are provided, and the Administrator attests that the fee collection activities of the Administration are sufficient to maintain a deficit- neutral revolving fund; or ``(bb) the Administrator notifies Congress that funds are no longer required and attests that the fee collection activities of the Administration are sufficient to maintain a deficit-neutral revolving fund. ``(iii) After the expiration of the period described in clause (ii), the limit described in clause (i) shall revert to the amount designated in subparagraph (A).''; and (B) in subsection (e)-- (i) in paragraph (1), by striking the comma at the end and inserting a semicolon; (ii) in paragraph (2), by striking ``$6,500,000,'' and inserting ``the amount described in subparagraph (A) or (B)(i) of subsection (a)(1), as applicable;''; and (iii) in paragraph (3), by striking ``, or'' and inserting ``; or''; (2) in section 412 (15 U.S.C. 694c)-- (A) in subsection (a), in the third sentence, by striking ``, excluding administrative expenses,''; (B) by redesignating subsection (b) as subsection (c); (C) by inserting after subsection (a) the following: ``(b) Not more than 2 percent of the amount in the fund described in subsection (a) on the first day of each fiscal year may be obligated during that fiscal year to cover costs incurred by the Administration in connection with the management and administration of this part, including costs related to information technology and systems, outreach activities, and relevant contracts.''; and (D) by adding at the end the following: ``(d) If the Administrator notifies any committee of the Senate or the House of Representatives that supplemental funding is necessary to carry out the Surety Bond Program authorized under section 411(a)(3), the Administrator shall, on the same date, notify in writing the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives regarding the need for the supplemental funds.''; and (3) by adding at the end the following: ``SEC. 413. REPORT. ``(a) Small Business Administration.--Not later than 90 days after the first day of each fiscal year, the Administrator shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report covering the period of the previous fiscal year describing the status and activities carried out under this part and the financial health of the revolving fund created under section 412(a), which shall include-- ``(1) with respect to guarantees under this part-- ``(A) the total dollar value in the aggregate among all sureties; ``(B) the total dollar value issued by sureties participating in the Prior Approval Program; ``(C) the total dollar value issued by sureties participating in the Preferred Surety Bond Guarantee Program authorized under section 411(a)(3); ``(D) the average bond size; and ``(E) the number of issued bonds that exceed the limits established under subparagraphs (A) and (B) of section 411(a)(1); ``(2) with respect to claims paid-- ``(A) the total dollar value of claims paid in the aggregate; ``(B) the total dollar value of claims originating from bonds issued by sureties participating in the Prior Approval Program and the number of such claims; and ``(C) the total dollar value of claims originating from bonds issued by sureties participating in the Preferred Surety Bond Guarantee Program authorized under section 411(a)(3) and the number of such claims. ``(3) information on the solvency of the revolving fund, including-- ``(A) the revolving fund balance at the end of the reporting period; ``(B) net cash flow; ``(C) administrative expenses incurred; and ``(D) the revolving fund balance at the end of the reporting period, adjusted for administrative expenses under subparagraph (C); ``(4) the number of sureties participating in the Prior Approval Program; ``(5) the number of sureties participating in the Preferred Surety Bond Guarantee Program authorized under section 411(a)(3); and ``(6) information on administrative expenses, including-- ``(A) a description of administrative expenses claimed from the revolving fund under section 412(b) as of the end of the reporting period; and ``(B) the total cost of administrative expenses claimed. ``(b) Government Accountability Office.--Not later than 270 days after the date of enactment of the Expanding the Surety Bond Program Act of 2025, the Comptroller General of the United States shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report on the current processes of the Small Business Administration for approving applicants to the Surety [[Page S2109]] Bond Program, including recommendations for improving program efficiency and simplifying paperwork requirements.''. The committee-reported amendment, in the nature of a substitute, was agreed to. The bill (S. 2232), as amended, was ordered to be engrossed for a third reading, was read the third time, and passed. The PRESIDING OFFICER. The Senator from Massachusetts. Mr. MARKEY. Mr. President, I want to thank the Chair for working with me to pass these two bills that were reported favorably out of our committee: Chair Ernst's SBA Fraud Enforcement Act and my Expanding the Surety Bond Program Act. Senator Ernst's bill extends the statute of limitations for two COVID-era programs and incorporates my amendment to ensure that enforcement by the Department of Justice is carried out in a nonpartisan manner. My Expanding the Surety Bond Program Act will expand opportunities for small contracting businesses looking to access larger contracts. Not everyone is aware of the important role that surety bonds play in the contracting process, but every builder, every supplier, every producer in Massachusetts and across the country understands that without them, significant contracts cannot move forward. In the last 7 years, SBA's Surety Bond Program has supported more than $13 billion in revenues--including $165 million in Massachusetts. My bill actually expands this program by raising the limit on SBA- backed surety bonds to $18 million on all contracts, and it also includes provisions that Chair Ernst added to mitigate risks to the program. Again, I want to thank Chair Ernst for her commitment to seeing these bills through to passage, and I thank the Chamber for unanimously accepting our recommendations. The PRESIDING OFFICER. The Senator from Iowa. Ms. ERNST. Mr. President, I also would like to thank Ranking Member Markey for his great collaboration on these bills. It is another example of truly bipartisan work and collaboration to get these bills done, to get them off the floor of the Senate and on their way. So I really appreciate the consideration that you have given, Ranking Member. This is a major win for taxpayers who had their hard-earned money stolen by fraudsters. Now the investigators have been given the time they need to track down the thieves who stole taxpayer dollars and to build strong, prosecutable cases. Today's action also sends a clear message to fraudsters: You will be held accountable. You will not get away with your crimes. This is critical to ensure that this blatant fraud is stopped in its tracks. I look forward to working with the SBA, the IG, and the Department of Justice to track down every single crook who defrauded our taxpayers. Again, I thank the ranking member for the collaboration. I yield the floor. The PRESIDING OFFICER. The Senator from Iowa. ____________________

Referenced legislation: S2232, S2232

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EXPANDING THE SURETY BOND PROGRAM ACT OF 2025 Congressional Record, Volume 172 Issue 75 (Wednesday, April 29, 2026) [Congressional Record Volume 172, Number 75 (Wednesday, April 29, 2026)] [Senate] [Pages S2108-S2109] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] EXPANDING THE SURETY BOND PROGRAM ACT OF 2025 The Senate proceeded to consider the bill (S. 2232) to expand the surety bond program under the Small Business Investment Act of 1958, and for other purposes, which had been reported from the Committee on Small Business and Entrepreneurship with an amendment to strike all after the enacting clause and insert the part printed in italic, as follows: SECTION 1. SHORT TITLE. This Act may be cited as the ``Expanding the Surety Bond Program Act of 2025''. SEC. 2. EXPANSION OF THE SURETY BOND PROGRAM. Part B of title IV of the Small Business Investment Act of 1958 (15 U.S.C. 694a et seq.) is amended-- (1) in section 411 (15 U.S.C. 694b)-- (A) in subsection (a)(1)-- (i) in subparagraph (A)-- (I) by striking ``$6,500,000'' and inserting ``$18,000,000''; and (II) by inserting ``, subject to the exception in subparagraph (B)'' after ``United States Code''; and (ii) by striking subparagraph (B) and inserting the following: ``(B) (i) In any fiscal year in which the Administrator submits a formal request, including budget justification documents submitted by the Administrator to Congress, for supplemental funds under section 412(d), the amount described in subparagraph (A) shall be reduced by 33 percent. ``(ii) The limit described in clause (i) shall apply until the first of either-- ``(I) 12 months after the date on which the Administrator submits the formal request described in that clause; or ``(II) 150 days after the date on which-- ``(aa) the requested funds are provided, and the Administrator attests that the fee collection activities of the Administration are sufficient to maintain a deficit- neutral revolving fund; or ``(bb) the Administrator notifies Congress that funds are no longer required and attests that the fee collection activities of the Administration are sufficient to maintain a deficit-neutral revolving fund. ``(iii) After the expiration of the period described in clause (ii), the limit described in clause (i) shall revert to the amount designated in subparagraph (A).''; and (B) in subsection (e)-- (i) in paragraph (1), by striking the comma at the end and inserting a semicolon; (ii) in paragraph (2), by striking ``$6,500,000,'' and inserting ``the amount described in subparagraph (A) or (B)(i) of subsection (a)(1), as applicable;''; and (iii) in paragraph (3), by striking ``, or'' and inserting ``; or''; (2) in section 412 (15 U.S.C. 694c)-- (A) in subsection (a), in the third sentence, by striking ``, excluding administrative expenses,''; (B) by redesignating subsection (b) as subsection (c); (C) by inserting after subsection (a) the following: ``(b) Not more than 2 percent of the amount in the fund described in subsection (a) on the first day of each fiscal year may be obligated during that fiscal year to cover costs incurred by the Administration in connection with the management and administration of this part, including costs related to information technology and systems, outreach activities, and relevant contracts.''; and (D) by adding at the end the following: ``(d) If the Administrator notifies any committee of the Senate or the House of Representatives that supplemental funding is necessary to carry out the Surety Bond Program authorized under section 411(a)(3), the Administrator shall, on the same date, notify in writing the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives regarding the need for the supplemental funds.''; and (3) by adding at the end the following: ``SEC. 413. REPORT. ``(a) Small Business Administration.--Not later than 90 days after the first day of each fiscal year, the Administrator shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report covering the period of the previous fiscal year describing the status and activities carried out under this part and the financial health of the revolving fund created under section 412(a), which shall include-- ``(1) with respect to guarantees under this part-- ``(A) the total dollar value in the aggregate among all sureties; ``(B) the total dollar value issued by sureties participating in the Prior Approval Program; ``(C) the total dollar value issued by sureties participating in the Preferred Surety Bond Guarantee Program authorized under section 411(a)(3); ``(D) the average bond size; and ``(E) the number of issued bonds that exceed the limits established under subparagraphs (A) and (B) of section 411(a)(1); ``(2) with respect to claims paid-- ``(A) the total dollar value of claims paid in the aggregate; ``(B) the total dollar value of claims originating from bonds issued by sureties participating in the Prior Approval Program and the number of such claims; and ``(C) the total dollar value of claims originating from bonds issued by sureties participating in the Preferred Surety Bond Guarantee Program authorized under section 411(a)(3) and the number of such claims. ``(3) information on the solvency of the revolving fund, including-- ``(A) the revolving fund balance at the end of the reporting period; ``(B) net cash flow; ``(C) administrative expenses incurred; and ``(D) the revolving fund balance at the end of the reporting period, adjusted for administrative expenses under subparagraph (C); ``(4) the number of sureties participating in the Prior Approval Program; ``(5) the number of sureties participating in the Preferred Surety Bond Guarantee Program authorized under section 411(a)(3); and ``(6) information on administrative expenses, including-- ``(A) a description of administrative expenses claimed from the revolving fund under section 412(b) as of the end of the reporting period; and ``(B) the total cost of administrative expenses claimed. ``(b) Government Accountability Office.--Not later than 270 days after the date of enactment of the Expanding the Surety Bond Program Act of 2025, the Comptroller General of the United States shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report on the current processes of the Small Business Administration for approving applicants to the Surety [[Page S2109]] Bond Program, including recommendations for improving program efficiency and simplifying paperwork requirements.''. The committee-reported amendment, in the nature of a substitute, was agreed to. The bill (S. 2232), as amended, was ordered to be engrossed for a third reading, was read the third time, and passed. The PRESIDING OFFICER. The Senator from Massachusetts. Mr. MARKEY. Mr. President, I want to thank the Chair for working with me to pass these two bills that were reported favorably out of our committee: Chair Ernst's SBA Fraud Enforcement Act and my Expanding the Surety Bond Program Act. Senator Ernst's bill extends the statute of limitations for two COVID-era programs and incorporates my amendment to ensure that enforcement by the Department of Justice is carried out in a nonpartisan manner. My Expanding the Surety Bond Program Act will expand opportunities for small contracting businesses looking to access larger contracts. Not everyone is aware of the important role that surety bonds play in the contracting process, but every builder, every supplier, every producer in Massachusetts and across the country understands that without them, significant contracts cannot move forward. In the last 7 years, SBA's Surety Bond Program has supported more than $13 billion in revenues--including $165 million in Massachusetts. My bill actually expands this program by raising the limit on SBA- backed surety bonds to $18 million on all contracts, and it also includes provisions that Chair Ernst added to mitigate risks to the program. Again, I want to thank Chair Ernst for her commitment to seeing these bills through to passage, and I thank the Chamber for unanimously accepting our recommendations. The PRESIDING OFFICER. The Senator from Iowa. Ms. ERNST. Mr. President, I also would like to thank Ranking Member Markey for his great collaboration on these bills. It is another example of truly bipartisan work and collaboration to get these bills done, to get them off the floor of the Senate and on their way. So I really appreciate the consideration that you have given, Ranking Member. This is a major win for taxpayers who had their hard-earned money stolen by fraudsters. Now the investigators have been given the time they need to track down the thieves who stole taxpayer dollars and to build strong, prosecutable cases. Today's action also sends a clear message to fraudsters: You will be held accountable. You will not get away with your crimes. This is critical to ensure that this blatant fraud is stopped in its tracks. I look forward to working with the SBA, the IG, and the Department of Justice to track down every single crook who defrauded our taxpayers. Again, I thank the ranking member for the collaboration. I yield the floor. The PRESIDING OFFICER. The Senator from Iowa. ____________________ Referenced legislation: S2232, S2232