David's Feed
Jul 27, 2015

U.S. auto safety regulators fine Fiat Chrysler record $105 million

WASHINGTON (Reuters) – The U.S. auto safety watchdog, toughening its stance against manufacturer defects, announced on Sunday a record $105 million in fines against Fiat Chrysler Automobiles NV (FCHA.MI: Quote, Profile, Research, Stock Buzz) over lapses in safety recalls involving millions of vehicles.

The Italian-U.S. automaker’s consent agreement with the National Highway Traffic Safety Administration contains an unprecedented buyback option covering hundreds of thousands of vehicles, including more than 1 million Jeep sport utility vehicles, whose owners can receive a trade-in or a financial incentive to get their vehicles repaired.

Jul 26, 2015

U.S. auto regulators consider $105 million fine for Fiat Chrysler

WASHINGTON (Reuters) – U.S. auto safety regulators were considering a record $105 million fine for Fiat Chrysler Automobiles NV (FCHA.MI: Quote, Profile, Research, Stock Buzz) over recall lapses involving millions of vehicles, according to people familiar with the matter.

Under a settlement expected to be announced this week, the automaker would also have to repurchase some recalled vehicles but could recoup some of the penalties by meeting certain conditions, the sources said.

Jul 24, 2015

Republican White House hopeful Cruz calls McConnell a liar

WASHINGTON (Reuters) – Republican presidential candidate Ted Cruz ripped into his party’s establishment on Friday, calling Senate Republican leader Mitch McConnell a liar during an unusual public attack on the floor of the Senate.

Amid intense maneuvering over an ambitious $340 billion transportation bill, Cruz railed that McConnell and the Senate’s new Republican majority were serving the interests of big money lobbyists and corporations, because of a move to offer an amendment to reauthorize the U.S. Export-Import Bank.

Jul 22, 2015

U.S. Senate Republicans end bid to pare back oil train safety rule

WASHINGTON, July 22 (Reuters) – Senate Republicans have
backed away from a controversial proposal that would have
repealed a new federal safety rule requiring oil trains to be
equipped with advanced new braking systems.

Republicans eliminated the proposal from a multi-year
surface transportation bill, after coming under pressure from
the Obama administration and Democratic lawmakers, whose support
they need for passage of the legislation, Senate aides said on
Wednesday.

Jul 22, 2015

Senate struggles over long-term transportation funding

WASHINGTON (Reuters) – U.S. lawmakers on Tuesday unveiled an ambitious bipartisan Senate bill containing three years of funding for America’s highways, bridges and rail systems but quickly ran into a roadblock that could force Congress to settle for shorter term fix.

The legislation would provide nearly more $130 billion for surface transportation investments through 2018 and, if passed, would be the first multi-year highway bill in more than decade. It is expected to dominate Senate deliberations into next week as Republicans and Democrats work against a July 31 deadline to keep the national Highway Trust Fund from running out of money.

Jul 21, 2015

Senate in bipartisan push to fund highways, bridges and railways

WASHINGTON (Reuters) – U.S. lawmakers announced a bipartisan Senate transportation bill on Tuesday that would provide three years of funding for America’s highways, bridges and rail systems, creating the possibility of the first multi-year highway bill in more than decade.

The legislation is expected to dominate Senate deliberations over the next several days as lawmakers work against a July 31 deadline to keep the national Highway Trust Fund from running out of money.

Jul 14, 2015

Buffett may benefit as train lobby bids to weaken safety rule

WASHINGTON, July 14 (Reuters) – Billionaire investor Warren
Buffett is set to be a chief beneficiary of a bid by Senate
Republicans to weaken new regulations to improve train safety in
the $2.8 billion crude-by-rail industry, a key cog in the
development of the vast North American shale oil fields.

A series of oil train accidents, including the July 2013
explosion of a train carrying crude in Lac-Megantic, Quebec,
that killed 47 people, led U.S. and Canadian regulators to
announce sweeping safety rules in May. Among other things, U.S.
oil trains are required to install new electronically controlled
pneumatic (ECP) brakes.

Jul 10, 2015

Japan’s Takata Corp says ‘no’ to U.S. lawmaker’s call for compensation fund

WASHINGTON (Reuters) – Takata Corp has rejected the suggestion that it establish a compensation fund for the victims of defective air bag inflators that have been linked to at least eight deaths and more than 100 injuries, a U.S. senator announced on Friday.

Senator Richard Blumenthal, a Connecticut Democrat, urged the Japanese manufacturer to consider setting up a fund during a June 23 oversight hearing on Takata’s recall of nearly 34 million air bag inflators in the United States.

Jul 2, 2015

Top U.S. regulator expects action on Fiat Chrysler over recalls

WASHINGTON, July 2 (Reuters) – The top U.S. auto safety
regulator said on Thursday he will move quickly to take action
in response to Fiat Chrysler Automobiles NV’s
mishandling of recalls involving up to 11 million vehicles.

Mark Rosekind, who heads the National Highway Traffic Safety
Administration, said action could come by the end of July and
take the form of either a consent agreement with Fiat Chrysler
or unilateral enforcement action.

Jul 2, 2015

Fiat Chrysler seeks to rebut criticism ahead of U.S. safety hearing

WASHINGTON (Reuters) – Fiat Chrysler Automobiles NV (FCHA.MI: Quote, Profile, Research, Stock Buzz) (FCAU.N: Quote, Profile, Research, Stock Buzz) went on offense ahead of a hearing before federal regulators to blunt criticism of its plan to install trailer hitches on 1.5 million Jeep Cherokee and Liberty SUVs to avert a more costly fix to reduce the risk that fuel tanks could rupture and catch fire in rear-end collisions.

Thursday’s hearing, convened by the National Highway Traffic Safety Administration, is expected to highlight testimony from safety advocates and others who will argue that the trailer hitch fix is inadequate, and that regulators should order Fiat Chrysler to make more dramatic changes to the vehicles, which have fuel tanks positioned behind the rear axle, or buy them back.

    • About David

      "David Morgan has covered news from Wall Street and Fleet Street to the White House, the Pentagon and Congress, including politics, macroeconomics, military affairs, corporate finance, U.S. intelligence, national security and the international markets. He has also reported from Atlanta on the rise of American conservatism, civil rights, homegrown terrorism and the Olympics, and helped chronicle the Sept. 11 attacks and their aftermath from Philadelphia, New York and Washington."
    • Follow David