3 of today’s 10 FMCSA-revoked ELDs had already been pulled once
One provider changed its name and lost a second device. Another lost two on the same afternoon. The registry doesn’t remember.
One provider changed its name and lost a second device. Another lost two on the same afternoon. The registry doesn’t remember.
A $66.7 million judgment, a $38.8 million restitution order, and a sentencing date. What the court record says about trucking’s biggest insurance collapse, and who never got paid.
FMCSA is stripping out compliance noise with one hand and chasing chameleon carriers with the other. The trick is keeping the two in balance.
H.R. 5408 gives employers 120 days to reach a first union contract or a government arbitrator writes one for them. The House passed it 230-193 on June 9. The Senate is the last wall. If you run trucks, this is not someone else’s problem.
On June 6, a trailer full of fireworks burned and detonated for 25 minutes on I-75 outside Chattanooga. The driver had no hazmat endorsement, no placards, no shipping papers.
A Freightliner Cascadia operated by Amritsar Trans Inc., a five-truck carrier out of Manteca, California, rear-ended three vehicles on Highway 99 near Lodi on May 19, 2026, killing two young men. The driver fled on foot. The carrier sits inside a web of 267 carriers clustered across residential addresses in the same ZIP code, and 10 involuntary revocation actions.
The BUILD America 250 Act creates the first federal framework for autonomous commercial trucks. It is not a green light. DOT has 2 years to write the safety standard; the liability question stays in front of a jury; and the bill funds retraining for drivers in the cab today.
The Supreme Court ruled unanimously today that state negligent-hiring claims against freight brokers are not preempted by the FAAAA. Twenty-eight thousand brokers just woke up in a different legal universe.
An investigative analysis of the security gaps in American commercial trucking, from terrorism to trafficking and how CVSA Roadcheck plays an important role.
COVID nearly killed the motorcoach industry. Hantavirus is not COVID but the lessons still apply. Here is what passenger carriers should be doing right now without losing their minds.
FMCSA revoked two more electronic logging devices today, bringing the total to 67 noncompliant devices removed since January 2025. Carriers using Safe ELD or MYLOGS ELD have until July 7, 2026, to replace them or face out-of-service orders.
An investigation found 195 active motor carriers clustered along a few miles of East Dublin Granville Road in northeast Columbus; the same corridor was just exposed for a billion dollars in Medicaid fraud. Federal inspection data shows those carriers have been involved in 275 crashes, including 4 fatal and 74 injury crashes. The world’s largest retailer appears in 175 inspections across 44 of those carriers with a 20.6% out-of-service rate.
We have never seen a twelve-month period in which the White House, the Department of Transportation, and FMCSA moved as aggressively, as comprehensively, and as effectively on the specific safety failures that haunt our highways and our industry. Before we sit down with Derek Barrs on Monday, here is the year that got us here.
On April 23, a State Department spokesperson confirmed that commercial truck driver visa processing has resumed under strict new standards. Now the question is whether the states tasked with running the new system have the institutional capacity to maintain what federal audit pressure forced them to fix.
This week the agency announced that new Clearinghouse registrants will have to prove their identity before gaining SAP-level access to a federal database that 38 million queries have trusted since 2020.
FMCSA confirmed today that $73,502,543 in federal highway funding has been withheld from New York after the state refused to revoke non-domiciled commercial driver’s licenses that its own DMV system issued illegally. More than half of the records audited violated federal law. Decertification of New York’s entire CDL program remains explicitly on the table.
On Nov. 30, 2022, a delivery driver put Athena Strand in the back of a branded van and strangled her. The company that hired him was seven months old. Its owner had never worked a day in the trucking industry. The box was checked. The FBI has linked more than 850 murders to commercial truck drivers since 2004 and is tracking 450 active suspects right now. This is a hiring problem. It has always been a hiring problem.
One Indianapolis suburb has 1,000 newly registered trucking carriers. One neighborhood inside that suburb has more than 300 active carriers covering roughly 250 homes. The CDL crackdown is real, starting today in Indiana
America’s highways became a testing ground for unqualified drivers long before anyone in Washington was paying attention. Now, with Transportation Secretary Sean Duffy shuttering thousands of sham CDL schools and placing unqualified truckers out of service, he emphasized to the frontline at the Mid-America Trucking Show that drivers’ day has finally come.
Rates, liability, legal chaos and insurance exposure are colliding in real time. Most carriers are not prepared for it.
FMCSA just put the industry on formal notice of the sale of MC authorities and DOT numbers.
Diesel prices have spiked to $5.96 per gallon in premium markets as escalating Middle East tensions collide with America’s crumbling refinery base. The surge comes at a critical inflection point for trucking, with tender rejection rates climbing and capacity tightening after a brutal four-year freight recession, raising questions about whether the industry can capitalize on the recovery when fuel costs threaten to erase margin gains.
America sits on more oil than it can refine. While the Strait of Hormuz burns, the real chokepoint is between the wellhead and the truck stop.
The Supreme Court ruled 6-3 that IEEPA does not authorize the President to impose tariffs. Within hours, the White House invoked Section 122 of the Trade Act of 1974 to impose a new 10% global surcharge, later raised to 15%. Up to $175 billion in collected duties now sits in legal limbo. Section 232 tariffs on steel, aluminum, and heavy trucks remain untouched. For the freight industry, the ruling didn’t end the trade war. It changed the weapons.
Executive orders, rulemakings, legislation, and court challenges all operate on different timelines with different powers and different guardrails. Yesterday’s historic Duffy-Barrs press conference was the biggest enforcement announcement in a generation, and it still has to survive the process. Here’s why, and what comes next.
My investigation found 76 Risk Retention Groups insure nearly 30,000 motor carriers linked to more than 6,300 fatal crashes, all without state guaranty fund protection for crash victims. The findings come as reports indicate that major insurers, including Chubb and AmTrust, are exiting the Chicago trucking market, funneling high-risk carriers into RRGs that have already incurred $199 million in unpaid losses and multiple insolvencies.
It’s a win.
The non-domicile CDL final rule eliminates EADs as a pathway to a commercial license and restricts eligibility to H-2A, H-2B, and E-2 visa holders. With 97 percent of the current 200,000 non-domiciled CDL holders unable to qualify under the new standard, expect 30,000 to 40,000 drivers removed from the commercial pool every year.
Thirty people are dead. At least 17 fatal crashes in 2025 alone involved non-domiciled commercial drivers who should never have been behind the wheel of an 80,000 pound truck. That’s ends today. People should be asking why it took this long to put American Trucking and American Motorists First.
42 investigative article links covering CDL mills. Chameleon carriers. Fraudulent examiners. Bought legislators. Exposed vehicles. Every failure point in America’s deadliest supply chain crisis, exposed by an 25 year industry veteran.
The Stop Underrides Act 2.0 is back. Should trucking companies be forced to spend billions armoring their trailers against crashes that are overwhelmingly caused by the other driver? The bill’s sponsors say at least 300 people die annually in underride crashes. Meanwhile, distracted driving kills more than 3,200 people a year and is a contributing factor in the very side-impact crashes this bill claims to address.
A fatal Indiana crash has exposed a pipeline stretching from Kyrgyzstan to Chicago to Philadelphia, chameleon carriers sharing trucks and DOT numbers, a CDL school with no public footprint, an ELD allegedly built with a backdoor, and a driver whose immigration status passed a federal database check. Secretary Duffy is investigating. Will the investigation follow the money?
The agency confirmed investigators visited the carrier linked to a deadly Indiana crash and a massive chameleon network. But the enforcement pathway matters more than the headline.
A Mexican licencia federal de conductor can be obtained without a behind-the-wheel road test. Third-party brokers advertise mail-order processing for as little as $200. Under existing reciprocity agreements, that license can be converted to an American CDL in states that accept foreign credentials, and at least six of those states have been flagged by FMCSA for failing to verify the legal presence of non-domiciled applicants.
On Tuesday afternoon, a 30-year-old truck driver from Philadelphia named Bekzhan Beishekeev failed to stop for slowed traffic on State Road 67 in Jay County, Indiana. He swerved into oncoming traffic and killed four Amish men, a father, two of his sons, and a family friend.
GenLogs provides a visual, objective source of truth. You can put your eyes on what a carrier is actually doing: where they’ve been, when they last hauled freight, whether they ever hauled freight, and for whom. Instead of asking carriers what they claim to do, GenLogs shows you what they actually do.
When a driver or carrier challenges bad data through FMCSA’s DataQs system, the appeal often goes right back to the same officer who issued the violation. That’s about to change. The Motor Carrier Safety Screening Modernization Act finally brings independent review to the challenge process, and that’s the real game changer buried in this bill.
The D.C. Circuit stayed FMCSA’s non-domiciled CDL rule in November. The agency asked to place the litigation on hold while it works on a final rule. FMCSA is still seeking three-year approval for the information collection requirements, states must retain ID documents and SAVE queries for two years, and produce them within 48 hours of request.
Arizona lawmakers just passed a bill out of committee that would let cops seize a commercial truck on the spot if the driver is here illegally with a fake CDL. Welcome to the new reality of trucking legislation, where highway safety and border enforcement are colliding in ways that will reshape how carriers operate.
The National Weather Service is forecasting a “significant East Coast winter storm threat” for this weekend, with a coastal low forming Friday and rapidly intensifying into a bomb cyclone as it tracks up the Eastern Seaboard. If you’re running freight anywhere from the Carolinas to Boston over the next five days, you need to pay attention right now.
The Florida Senate Transportation Committee voted 6-3 on Tuesday to advance legislation requiring law enforcement to detain commercial truck drivers in the country illegally, impound their vehicles, fine owners $50,000, and ban the carrier from operating in the state. This is the tip of the spear now aimed at CDL programs nationwide.
The favorite argument from those supporting the ATA’s teen trucker push is “if they can go to war at 18, they can drive a truck at 18.” Military service transforms young people into disciplined, responsible adults who understand that their decisions affect others. That’s why military-trained drivers have 42% fewer accidents. The solution isn’t younger drivers; it’s requiring the standards that make military drivers safer. We’ve lost something fundamental in how we raise our young people, and the highway data proves it.
The ATA wants FMCSA to extend a failed pilot program that produced 42 graduates out of a planned 3,000. Meanwhile, we’re handing CDLs to drivers who can’t pass basic safety screenings, and carriers who kill people on our highways are walking away with slaps on the wrist. Lowering the age requirement doesn’t solve a labor problem; it creates a safety catastrophe.
A viral dashcam video and a puzzling lawsuit showcase what the trucking industry has known for decades: Distraction kills, and for CDL holders, it kills careers too.
Secretary Duffy has moved beyond funding threats. He’s now openly discussing pulling California’s ability to issue commercial driver’s licenses to anyone, a move that would effectively ground 700,000 CDL holders and create supply chain chaos that would make the 2021 port backups look like a minor inconvenience.
If you got an email from FMCSA this week telling you to prepare for Motus, you might have rolled your eyes. Another promise to modernize. We’ve heard this song before. This one actually matters.
The Federal Motor Carrier Safety Administration is seeking public comment on renewing its commercial motor vehicle marking requirements. While the FMCSA documents over 153,000 marking violations in 2024 alone, an underground economy of swapped placards helps chameleon carriers and Carrier Identity thieves stay one step ahead of investigators.
In December 2025, Waymo recalled 3,067 robotaxis after its vehicles ran red lights and blew through school bus stop signs at least 20 times in Austin alone, including one incident that occurred moments after a child crossed in front of a vehicle. Meanwhile, Aurora’s autonomous trucks have completed over 100,000 driverless miles in Texas without a single school bus incident. The difference is methodology, and understanding that difference might just save your life.
Dartanyan Gasanov, co-owner of Westfield Transport, is scheduled to stand trial on March 2, 2026, in Springfield, Massachusetts, on federal charges related to the June 2019 crash that killed seven Jarheads Motorcycle Club members. He reportedly rejected a no-time plea agreement and chose to fight the charges at trial. Meanwhile, the driver who killed seven people was acquitted, remains free under an immigration supervision order, and becomes eligible to petition for his license back in June 2026.
The Trump administration’s decision to drop its appeal that tied billions in transportation funding to immigration enforcement represents a significant legal setback, but don’t mistake this tactical retreat for surrender. For motor carriers employing non-domiciled CDL holders, the regulatory battlefield has only shifted, not cleared.
A stolen 39,000-pound front loader became a weapon against Nevada police this week, and the incident underscores an industry losing up to $1 billion annually to equipment theft with only a 20% recovery rate.
CVSA’s five-day Human Trafficking Awareness Initiative kicks off today across the United States, with law enforcement and carriers conducting coordinated outreach at truck stops and weigh stations through Jan. 16. Since Truckers Against Trafficking launched in 2009, the organization has trained over 1.8 million transportation professionals, generating thousands of hotline calls and identifying more than 1,200 potential victims.
A five-year-old Maine boy was dragged nearly 300 feet and run over by his own school bus after his arm became trapped in the closing doors. The NTSB investigation comes as national data shows approximately 16 children die annually in school bus loading zones, a number that has persisted for decades despite available technology to prevent such tragedies.
When a commercial vehicle operator is charged with killing three people and walks out of jail on bond following a hearing that doesn’t appear on the public court docket, questions need to be asked. El Hadji Karamoko Ouattara’s January 7 bond hearing is on the docket, but after nearly three weeks since the crash, no one has identified the motor carrier he was hauling for.
A 35-year-old Mexican national working for an Arizona-based trucking company was arrested at the border after allegedly targeting middle school girls and multiple women during a single night in Ellensburg, Washington. The case fits a disturbing pattern the FBI has tracked since 2004 through its Highway Serial Killings Initiative, which has linked more than 850 murders to long-haul truck drivers and currently tracks 450 active suspects.
Tennessee has notified approximately 8,800 CDL holders that they must provide proof of citizenship or lawful presence by April 6 or face an automatic downgrade to a standard driver’s license. The move follows Transportation Secretary Sean Duffy’s escalating enforcement campaign that has already frozen California’s non-domiciled licensing program and threatened multiple states with the loss of federal highway funds.
The Chinese American Truckers Association filed suit against FMCSA and California DMV this week, challenging an indefinite licensing freeze that has stranded qualified drivers in bureaucratic limbo.
Congress is scrambling to block Chinese purchases of farmland near bases. But nobody is systematically vetting who climbs into the cab to haul freight to and from military installations. Given everything we now know, shouldn’t we at least ask the question?
North Carolina’s non-domiciled CDL program just posted the nation’s worst audit numbers: 54% of licenses reviewed were issued illegally. Nearly $50 million in federal funding is at stake. But if you’ve been paying attention, none of this should surprise you.
USPS didn’t track deaths. It didn’t verify who was authorized to transport its freight. And it kept hiring carriers with conditional safety ratings while 79 people died in contractor crashes over three years. Now, with Duffy’s DOT threatening to revoke California’s CDL program and USPS’s first enforcement attempt collapsing within days, the Postal Service is trying again, this time claiming safety as its priority, a priority it ignored for a decade.
California’s years of documented CDL fraud, enforcement failures, and defiance of federal regulations finally caught up with it. Today’s $160 million funding cut for non-domiciled CDL violations, combined with October’s $40 million ELP penalty, marks the largest federal enforcement action against a state licensing program in FMCSA history.
The last time “south Minneapolis” and “National Guard” appeared in the same headline, Reginald Denny was getting his skull fractured in 91 places four blocks from where an ICE agent just shot a woman in the head. What fleets need to know about the Insurrection Act, driver safety protocols, and operating when federalism breaks down.
State licensing agencies had a decade to implement what amounts to a database connection for CDL medical certifications. Instead, FMCSA has spent 2025 issuing waiver after waiver while drivers get placed out of service and fraud vulnerabilities persist. The agency’s hands-off approach to NRII enforcement explains why states feel comfortable ignoring federal CDL standards across the board.
California’s latest high-risk audit reads like a warning label for the freight industry. As the state struggles with data integrity, benefit administration, and mounting fiscal pressure, the consequences may extend beyond Sacramento, into CHP staffing, roadside inspections, and federally funded enforcement programs that trucking depends on.
California delays cancellation of 17,000 non-domiciled CDLs until March despite Secretary Duffy’s January 5 deadline. With $160 million in federal funding and potential decertification of the state’s entire CDL program on the line, the standoff could reshape federal-state authority over commercial licensing for years.
A class-action lawsuit filed in Alameda County seeks to block California’s Jan. 5 cancellation of nearly 20,000 commercial driver’s licenses. The plaintiffs argue the DMV is punishing immigrant drivers for the agency’s own administrative failures while refusing to let them reapply for corrected credentials, violating state law and due process.
California is expected to reissue approximately 17,000 non-domiciled commercial driver’s licenses it planned to revoke after federal enforcement pressure, setting up what may become the most significant federal-state confrontation over CDL authority in decades.
Trump’s marijuana rescheduling could strip DOT of testing authority for 4 million CDL drivers. Without a safety carve-out, the agency that’s kept impaired operators off highways for 34 years loses its legal teeth. Here’s what carriers need to do before the rules change.
One owner who hired an unqualified driver got 60 days. Other owner offered no time plea deal. The driver who killed seven was acquitted. The system that enabled them both remains largely unchanged.
Discover why 9,500 drivers out of service doesn’t mean what you think it means and what that really means for the industry.
When a November 2025 draft memo from the Department of Transportation surfaced promising a groundbreaking “data-driven severity matrix” to catch chameleon carriers, it raised uncomfortable questions about ARCHI (Application Review and Chameleon Investigation), built with $3.5 million in congressional funding in 2012-2013. Is this bureaucratic amnesia, rebranding of an underperforming system, or evidence that FMCSA’s chameleon detection infrastructure has been quietly abandoned?
The Federal Motor Carrier Safety Administration is rolling out Motus, a new registration system designed to replace the agency’s decades-old platform, offering what it calls “a more intuitive, user-friendly experience.”
After 25 years of documented CDL fraud schemes producing 6,000+ fraudulent licenses and at least 13 deaths, FMCSA finally removed 3,000 training providers from the federal registry. The problem? Another 36,000 providers remain unvalidated, operating on the same honor system that enabled Operation Safe Road, Larex Incorporated, and the Massachusetts golden handshake scheme.
A federal lawsuit is now underway challenging the Federal Motor Carrier Safety Administration’s (FMCSA) new interim final rule that limits the issuance of non-domiciled commercial driver’s licenses (CDLs). The lawsuit, filed on October 20, 2025, in the U.S. District Court for the D.C. Circuit, argues that FMCSA’s decision to enforce the rule immediately—without going through […]
Inspectors pulled 2,296 commercial vehicles off the road during the 2025 Brake Safety Week, a 15.1% out-of-service rate virtually identical to 2024’s 15% failure rate. With next year’s enforcement already scheduled for Aug. 23-29, 2026, the question isn’t whether we’ll see similar results
The Federal Motor Carrier Safety Administration issued a waiver on October 9, 2025, extending the deadline for full implementation of the National Registry II electronic medical certification system to January 10, 2026.
The Commercial Vehicle Safety Alliance’s 2025 International Roadcheck brought more than 56,000 inspections to highways across the U.S., Canada, and Mexico, revealing that the same familiar culprits, brake systems, tires, and logbook falsifications, continue to drive out-of-service violations.
The recently introduced FAIR Trucking Act (H.R. 5268) is Congress’ latest attempt to address the crisis in trucking litigation, but is it enough to actually address the systemic issues in the industry? The bill, sponsored by Rep. Ashley Hinson (R-Iowa), would give federal courts jurisdiction over highway accident cases involving commercial motor vehicles where damages […]
Transportation Secretary Sean P. Duffy announced this week that the first phase of the NCCDB modernization is now live, marking what the agency calls “an overdue tech upgrade” that could fundamentally change how safety violations, fraud, and service issues get reported and addressed in trucking. The modernized database represents a significant shift in how federal […]
Excerpt: The produce industry’s demographic shift toward Millennial consumers is creating new transportation opportunities for reefer carriers as the freight recession shows signs of improvement. With Millennials driving 68% of produce growth and demanding convenience-focused solutions, cold chain logistics faces challenges and opportunities in 2025.
Federal watchdogs are once again questioning whether we have one CDL standard or 50. With nearly 5,000 truck and bus fatalities last year and English proficiency enforcement under fire, the new OIG audit could reshape how states test, license, and oversee drivers nationwide.
The removal of ROBINHOOD ELD from FMCSA’s registered devices list underscores the importance of selecting reputable ELD vendors, as fleets now face a 60-day scramble to replace systems while managing driver frustration and operational disruption.
Two pilot programs will test flexible hours-of-service configurations as questions persist about ELD fraud, system vulnerabilities, and whether current regulations effectively reduce fatigue-related crashes despite improved compliance rates.
The Department of Transportation announced this week it wants to add fentanyl testing to its mandatory drug screening program for commercial drivers, marking the first major expansion of federal drug testing requirements since amphetamines were added in 2017.
The U.S. International Trade Commission has ruled in favor of Motive, rejecting Samsara’s claims of patent infringement.
The Federal Motor Carrier Safety Administration on Wednesday removed three more electronic logging devices from its registered list, giving affected fleets until Nov. 3 to swap out the non-compliant systems before facing enforcement action.
The Federal Motor Carrier Safety Administration has extended its temporary waiver allowing commercial drivers and motor carriers to use paper medical examiner certificates for up to 60 days after issuance, up from the previous 15-day allowance, as state licensing agencies continue transitioning to electronic medical certification systems. The modified waiver addresses ongoing implementation challenges with the National Registry II electronic transmission requirements that took effect June 23, with only 38 states and the District of Columbia currently compliant while 12 states including California, Florida, and New York have yet to implement the new system.
A commercial tractor-trailer’s illegal U-turn on Florida’s Turnpike last week killed three people in a minivan that collided with the trailer at highway speed, putting new focus on critical flaws in commercial driver licensing and training standards that have made America’s highways increasingly dangerous.
New survey data from Truckstop.com and Bloomberg Intelligence shows small fleet operators and brokers maintaining cautious optimism about freight market recovery despite challenging first-half conditions. While only 16% of carriers reported revenue growth year-over-year, most expect conditions to improve or stabilize heading into the second half of 2025.
Brazilian entrepreneur Ricardo Faria’s $1.1 billion acquisition of Hillandale Farms continues a troubling pattern of foreign control over critical US food infrastructure. The deal puts one of America’s most transportation-intensive agricultural operations, complete with a 250-trailer fleet serving markets from Maine to the Carolinas, under foreign ownership. Unlike previous high-profile foreign food acquisitions, this major deal has received minimal mainstream attention despite significant implications for supply chains and the 11.27 billion tons of freight moved annually by US trucks.
Motive Technologies closed a $150 million funding round led by Kleiner Perkins this week, positioning the AI-powered platform for aggressive expansion beyond its dashcam origins. What started as fleet management in 2015 has evolved into an integrated operations platform spanning driver safety, fuel cards, workforce management, and fraud detection, serving nearly 100,000 customers with AI capabilities that achieve up to 80% collision reductions.
For the first time in decades, the federal government is shifting its attention from policy roundtables to the actual drivers and fleets keeping the country moving.
Starting June 2025, the FMCSA will enforce long-delayed rules on driver medical certification and English proficiency, with direct implications for fleets, intrastate drivers and licensing agencies. From MVR downgrades to out-of-service roadside inspection orders, these rules shift from paper compliance to real-world enforcement. Fleets that fail to adapt may face costly violations or sidelined equipment.
The FMCSA is quietly revamping its National Consumer Complaint Database (NCCDB), aiming to transform it from a bureaucratic black hole into a real-time system for identifying unsafe carriers, shady brokers, coercive shippers and repeat fraud offenders.
Freight fraud and cargo theft have reached crisis levels, but recent FMCSA identity verification measures are chipping away at fraudulent registrations. Proactive enforcement and innovative tech solutions are starting to protect our supply chains.
What the 2025 FMCSA rule blitz really changes: a side-by-side breakdown of old rules, new language, and what fleets, drivers and compliance teams need to know. FMCSA dropped 18 proposed and two final rules into the Federal Register. We’re giving you the practical play-by-play.
With CVSA reinstating English proficiency violations as out-of-service offenses, FMCSA’s new guidance puts front-line carriers and drivers on high alert and raises deeper questions: What about drivers who are deaf, mute or communicate differently? Who gets left behind, and what can fleets do now to stay compliant?
From nuclear verdicts to unqualified drivers behind the wheel, this article dives into the latest Texas bill that could restrict what juries hear after a crash and what that means for fleets, families and front-line accountability in trucking.
The Commercial Vehicle Safety Alliance (CVSA) is gearing up to formally request a big change: a federal time cap on personal conveyance use by truck drivers
On Monday, the FMCSA revoked eight electronic logging devices tied to Gorilla Fleet Safety LLC, citing failure to meet federal technical standards. Fleets now face a 60-day deadline to replace noncompliant systems or risk violations.
Non-domiciled CDL holders are just a small sliver of a bigger issue with how CDLs are issued and regulated.