Minimum financial responsibility for transporting property

(a) In general Section 31139(b) of title 49, United States Code, is amended— (1) in paragraph (2), by striking $750,000 and inserting $5,000,000; and (2) by adding at the end the following: (3) Adjustment The Secretary, in consultation with the Bureau of Labor Statistics, shall adjust the minimum level of financial responsibility under paragraph (2) quinquennially for inflation relating to medical care.. (b) Effective date The amendments made by subsection (a) shall take effect on the date that is 1 year after the date of enactment of this Act.