Biden signs ocean shipping bill in bid

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Biden signs ocean shipping bill in bid

President Joe Biden signs the Ocean Shipping Reform Act in the State Dining Room of the White House, Thursday, June 16, 2022, in Washington. (AP Photo/Evan Vucci)

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UPDATED 3:05 PM PT – Friday, June 17 2022

President Joe Biden signed legislation to improve the oversight of ocean shipping. The "Ocean Shipping Reform Act" was signed Thursday. It is designed to help curb inflation, ease shipping back-logs and lower costs for American families. The bill prohibits ocean carriers from refusing to carry US exports.

"This bill is going to help bring down inflation at least marginally for farmers and businesses all across America," said Biden.

The Ocean Shipping Reform Act of 2022 is an example of what government looks like when we work together across the aisle to solve the real problems facing families.

I'm proud to have signed the bill to bring down costs for American businesses and the families that rely on them. pic.twitter.com/OLUXVggZxu

— President Biden (@POTUS) June"]President Biden on Twitter: "The Ocean Shipping Reform Act of 2022 is an example of what government looks like when we work together across the aisle to solve the real problems facing families. I'm proud to have signed the bill to bring down costs for American businesses and the families that rely on them.... https://t.co/yKAP3YdFge"[/url] 17, 2022

The bill also gives the Federal Maritime Commission the authority to investigate late fees charged by ocean carriers and terminals, which in turn are passed on to consumers and added to inflation. Extra fees for transporting countless products are a hidden and a large source of inflation controlled by ocean carriers.

"During the pandemic, these carriers increased their prices by as much as 1,000%, 1,000%," Biden voiced. "While families and businesses struggled around the world, these carriers made $190 billion in profit in 2021. Seven times higher than the year before."

The vast majority of global ocean shipping is controlled by nine major companies.

Nine.

During the pandemic, these carriers increased their prices as much as 1,000% — the bipartisan Ocean Shipping Reform Act of 2022 allows us to crack down on those excessive hikes.

— President Biden (@POTUS) June"]President Biden on Twitter: "The vast majority of global ocean shipping is controlled by nine major companies. Nine. During the pandemic, these carriers increased their prices as much as 1,000% — the bipartisan Ocean Shipping Reform Act of 2022 allows us to crack down on those excessive hikes."[/url] 16, 2022

The law also requires carriers to provide quarterly updates of imports, exports and empty export containers. The provision comes in the wake of a recent CNBC report that showed ocean carriers denying US exports, but sending empty containers back to china to be filled with their goods.

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Source: Biden signs ocean shipping bill in bid