Biden signs ocean shipping bill in bid to reduce export backlogs

Biden signs ocean shipping bill in bid to reduce export backlogs
David Shepardson 17 June 2022 https://www.reuters.com/business/autos-transportation/biden-sign-ocean-s...

WASHINGTON, June 16 (Reuters) - President Joe Biden on Thursday signed legislation to improve oversight of ocean shipping, which lawmakers say will help curb inflation and ease export backlogs.

The bipartisan bill passed the U.S. House of Representatives on a 369-42 vote earlier this week. Biden said he had "promised to crack down on ocean carriers whose price hikes have hurt American families."

The new law boosts the investigatory authority of the Federal Maritime Commission (FMC), the U.S. agency that oversees ocean shipping, and increases transparency of industry practices.

"It's going to help to begin to lower shipping costs," Biden said.

The law will allow the FMC to launch probes of the business practices of ocean common carriers, a term that broadly refers to cargo vessels operating on the high seas.

Reporting by David Shepardson; Editing by William Maclean and Richard Pullin