Biden signs new shipping law he says can cut consumer costs

The Ocean Shipping Reform Act passed the Senate unanimously via voice vote and garnered bipartisan House support. It empowers the Federal Maritime Commission to investigate late fees charged by carriers while prohibiting ocean carriers and marine terminals from refusing to fill available cargo space.

“These carriers made $190 billion in profit in 2021, seven times higher than the year before,” Biden said. “The cost got passed on, as you might guess, directly to consumers, sticking it to American families and businesses because they could.” For the first time since 1994, the Federal Reserve raised rates by three-quarters of a percentage point Wednesday. by three-quarters of a point, the largest bump since 1994, after data released last week showed U.S. inflation rose in May to a four-decade high of 8.6%.

Klobuchar, who attended the law signing at the White House, said U.S. exporters saw their prices to access shipping containers increase by at least four times during the past two years of the pandemic.

Source: Law Daily Report (lawdailyreport.net)

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