COLLATERAL MODERNIZATION.

SEC. 901. COLLATERAL MODERNIZATION.(a) In General.—Section 9301(2) of title 31, United States Code, is amended to read as follows:“(2) ‘eligible obligation’ means any security designated as acceptable in lieu of a surety bond by the Secretary of the Treasury.”.(b) Use of Eligible Obligations Instead of Surety Bonds.—Section 9303(a)(2) of title 31, United States Code, is amended to read as follows:“(2) as determined by the Secretary of the Treasury, have a market value that is equal to or greater than the amount of the required surety bond; and”.(c) Technical Amendments.—Section 9303 of title 31, United States Code, is amended—(1) in the section heading, by striking “Government obligations” and inserting “eligible obligations”;(2) in subsection (f), by striking “Government obligations” and inserting “eligible obligations”;(3) by striking “a Government obligation” each place that term appears and inserting “an eligible obligation”; and(4) by striking “Government obligation” each place that term appears and inserting “eligible obligation”.