Type:Rule
Citation:90 FR 3039
Reading Time:about 3 minutes
The Federal Maritime Commission has issued a final rule to adjust civil monetary penalties for inflation. This adjustment is required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The new penalty amounts are calculated using a formula based on changes in the consumer price index. This rule takes effect on January 15, 2025, and does not require a public comment period due to exemptions from certain rulemaking procedures.
Simple Explanation
The Federal Maritime Commission is updating fines to match the rise in prices, like when things cost more at the store, starting January 15, 2025, and they don't need to ask people what they think about this change first.