The National Transportation Safety Board (NTSB) has issued a final rule to adjust the civil penalties they can impose for regulatory violations, in compliance with the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The rule, effective January 11, 2021, adjusts the maximum penalty for certain violations from $1,722 to $1,742, based on the 2021 cost-of-living adjustment multiplier provided by the Office of Management and Budget (OMB). This adjustment ensures penalties keep pace with inflation. The adjustment is not a significant regulatory action and does not impose new reporting requirements.
Simple Explanation
The National Transportation Safety Board has decided to make a small increase in fines for breaking certain rules, from $1,722 to $1,742, to keep up with the cost of living. This change makes sure that fines are fair and reflect current prices.