NASBP 2011 Highlights: Year in Review

2011 foretold a tough economy and a difficult political environment, necessitating a resolve for thoughtful education about our product and concerted action about its protection. NASBP started 2011 boldly, educating many of the freshmen elected to the U.S. Congress about the surety industry and the value of surety bonding. Staff advocated, individually and collectively through coalitions, to repeal the 3% Tax Withholding Law, to exclude the federal Miller Act from periodic threshold increases for inflation, and to hold personal sureties accountable.

NASBP advocacy also focused on state legislative and regulatory threats. NASBP monitored troublesome developments and, when necessary, took action, such as sending written comment letters to multiple state and local agencies about problematic practices and requirements like excessive contract warranty durations and resident agent countersignature requirements.

NASBP increased its communications and expanded its outreach to the membership and the public. Our outreach extended to relationships with new industry associations to provide surety perspective on critical issues, such as green building and sustainability and FASB multi-employer plan and revenue recognition proposals. NASBP added subscribers to its weekly e-newsletter, NASBP SmartBrief, that provides current nationwide news about the surety industry and the Association. NASBP members volunteered their time and expertise by participating in 11 U.S. DOT Bonding Education Programs that provided bond assistance and education to small and emerging contractors…