broker News Updates

A pair of U.S. senators introduced legislation last week aimed at curbing fraud by unscrupulous freight brokers.

A pair of Senators introduced legislation Tuesday aimed at curbing the fraud by unscrupulous freight brokers.

By now, everyone involved in trucking has experienced in some way a shortage of truck availability — and we’re only in the beginning of the second quarter. Transport Topics’ April 26 issue had a front-page story on fleet failures that quoted some interesting statistics: More than 7,100 carriers have been lost since the middle of 2008, with 730 failing during the first quarter of 2010.    

I noticed a letter in the April 26 issue where the writer was protesting the move to raise the property broker bond from the laughable $10,000 to a more responsible amount of at least $100,000.

TUCSON, Ariz. — Brokers attending the 2010 Transportation Intermediaries Association convention and trade show here were warned to beware of financial services firms that allow them to skirt federal requirements that they post a $10,000 surety bond.

Brokers are facing a number of critical new challenges as the economy recovers and government intervention threatens the business environment, industry experts said.