Amends federal law governing surety bonds to repeal the definition of government obligation as a public debt obligation of the U.S. government whose principal and interest is unconditionally guaranteed by the government.
Defines as an eligible obligation any security designated by the Secretary of the Treasury as acceptable in lieu of a surety bond.
Authorizes the use of an eligible obligation instead of a surety bond if its market value, as determined by the Secretary, is equal to or greater than the amount of the required surety bond.