Increase in bonding requirement for importers of record

(a) In general Except as provided by subsections (c) and (d), the Commissioner of U.S. Customs and Border Protection shall require each importer of record that elects to use a continuous import bond under section 113.62 of title 19, Code of Federal Regulations— (1) to maintain, in the name of the importer, a continuous import bond of not less than $100,000; and (2) to use that bond for purposes of entry of merchandise by the importer. (b) Implementation The dollar amount required under subsection (a)(1) for a bond shall apply with respect to— (1) each new continuous import bond issued on or after the date that is 60 days after the date of the enactment of this Act; (2) each continuous import bond renewed on or after the date that is 360 days after the date of the enactment of this Act; and (3) any importer of record that holds, on or after the date that is 60 days after the date of the enactment of this Act, a continuous import bond in an amount the Commissioner determines is insufficient to adequately protect the revenue and ensure compliance with applicable law and regulations. (c) Role of customs brokers Under the regulations prescribed under subsection (a), a customs broker may prepare and file entry documentation, but may not use a bond held by the customs broker for purposes of entry of merchandise unless the customs broker is acting as the importer of record. (d) Treatment of express consignment operators and carriers (1) In general Notwithstanding any other provision of this section, an express consignment operator or carrier that meets the requirements of paragraph (2) may— (A) designate a customs broker licensed under section 641 of the Tariff Act of 1930 (19 U.S.C. 1641) to serve as the importer of record with respect to merchandise; and (B) use the broker's bond for purposes of entry of that merchandise. (2) Requirements An express consignment operator or carrier meets the requirements of this paragraph if the operator or carrier— (A) is organized under the laws of the United States; (B) maintains a significant physical operating presence in the United States, including substantial infrastructure for cargo handling, sorting, and customs clearance operations; (C) employs not fewer than 300,000 persons in the United States; and (D) designates under paragraph (1) only customs brokers that are wholly owned by the operator or carrier. (3) Regulations The Commissioner of U.S. Customs and Border Protection may prescribe regulations to implement this subsection, including regulations specifying— (A) procedures for express consignment operators or carriers to demonstrate compliance with the requirements of paragraph (2); (B) the form and manner in which an express consignment operator or carrier is required to designate a customs broker under paragraph (1); and (C) such other measures as the Commissioner determines necessary to ensure accountability and prevent abuse of the authority provided under this subsection. (4) Express consignment operator or carrier defined The term express consignment operator or carrier has the meaning given that term in section 128.1 of title 19, Code of Federal Regulations.