Expanding the Surety Bond Program Act of 2025

Floor Speech

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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.

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