FMCSA fielding feedback on weeding out insolvent brokers for another month

The Federal Motor Carrier Safety Administration is accepting public comments on its September-issued proposal to set criteria for revoking the operating authority of brokers who don’t comply with federal surety bond and trust fund requirements. The comment period is open until Nov. 27. Comments can be filed at this link.

FMCSA requires that brokers hold at least $75,000 in bonds or trust funds, which is used for carriers to file claims against to be paid for loads when the broker skips on payment. FMCSA was required by Congress’ 2012 MAP-21 highway act to take steps toward weeding out insolvent brokers and freight forwarders — particularly those who don’t hold the required bond minimum. Read more in-depth coverage of the agency’s proposals at this link, which details what FMCSA is seeking feedback on in advance of proposing a rulemaking.