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On August 9 the President signed a piece of legislation which, among
other things, defined the U.S. zone times relative to UTC instead of
mean solar time as before.

http://www.govtrack.us/congress/billtext.xpd?bill=h110-2272
(search for STANDARD TIME -- it's about 1/4 of the way down the document)

The former standard time law:
http://www.law.cornell.edu/uscode/html/uscode15/usc_sec_15_00000261----000-.html

I learned of this via a posting on the comp.risks newsgroup:

http://groups.google.com/group/comp.risks/browse_thread/thread/50a0781c6f25ce94/45716890c1479ac5?lnk=st&q=&rnum=1#45716890c1479ac5

In practical terms I don't expect any effect, at least right away. I
have read that in the U.S., as in many other countries, UTC has long
been the de facto basis of civil time. But now the law requires
(implicitly) that leap seconds be included in standard time. E.g.
15:59:60.5 PST would be the legally correct time midway through a leap
second. This may affect certain time-critical financial transactions.
For example, eBay may have to specify exactly how their time scale
behaves when there's a leap second.

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