Bipartisan Ocean Shipping Reform Act to smooth supply chain, fight inflation
Lines of cargo ships waiting at sea, containers piled up with no truck to move them, all leading to empty store shelves. It was a big pandemic problem that contributed to inflation, and congress is actually doing something about it.
The bill is called the Ocean Shipping Reform Act and: It requires shipping companies to prove their punitive fees like late fees are reasonable. It Prohibits ocean carriers from unreasonably denying shipping space to American exporters. And it allows the Federal Maritime Commission to investigate ocean carriers business practices and take enforcement action.
Why does this matter?
Shipping companies increased their prices by as much as 1000 percent during the pandemic partly due to increased demand and limited space. Those costs get passed on to consumers. President Joe Biden recently talked about all the products those price increases impact.
President Joe Biden says: “Almost everything you’re doing. Everything from what you’re eating to what you’re having to drive to what you need in your home.”
The President says he’ll sign the bill into law. Straight from DC, I’m Ray Bogan.