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6/17/2022
President Joe Biden yesterday signed the Ocean Shipping Reform Act of 2022, which includes a measure that authorizes the Federal Maritime Commission to require common carriers to share information with shippers and rail and motor carriers under certain circumstances.
The legislation also authorizes FMC appropriations for fiscal-years 2022-2025; establishes additional requirements and prohibited conduct for ocean carriers; and requires the FMC to issue rules related to certain fee assessments, prohibited practices and the establishment of a shipping registry.
In his State of the Union Address earlier this year, Biden called on Congress to address ocean carriers' high prices and unfair practices, which he says have been a contributing factor to rising costs for the American public.
"During the pandemic, ocean carriers increased their prices by as much as 1,000%," Biden said in a prepared statement. "And, too often, these ocean carriers are refusing to take American exports back to Asia, leaving with empty containers instead. That's costing farmers and ranchers — and our economy — a lot of money."
The new law "will make tangible improvements for American exporters, easing our international supply chains and helping keep prices down for consumers," said House Transportation and Infrastructure Committee Chair Peter DeFazio (D-Ore.) in a press release.
The bill's text can be read here.