A bipartisan bill designed to alleviate the supply chain crisis and ease shipping backlogs was unanimously passed by the U.S. Senate by a voice vote on March 31, after approval in the Senate Commerce Committee last week. The Ocean Shipping Reform Act, co-sponsored by Sens John Thune (R-S.D.) and Amy Klobuchar (D-Minn.), will strengthen the investigatory authority of the Federal Maritime Commission (FMC), the U.S. agency that oversees international shipping, and improve transparency of industry practices. “Congestion at ports and increased shipping costs pose unique challenges for U.S. exporters, who have seen the price of shipping containers increase four-fold in just two years, raising costs for consumers and hurting our businesses,” said Klobuchar. “Meanwhile, ocean carriers that are mostly foreign-owned have reported record profits. This legislation will help American exporters get their goods to market in a timely manner for a fair price,” she said. “By passing this bill, we are …
US Senate Passes Bipartisan Shipping Bill to Ease Supply Chain Backlog
April 2, 2022
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American supply chainBusiness & Economyeconomic policieseconomyinflationMarketstrade policyUncategorizedUS
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