President Biden Signs Legislation To Lower Ocean Shipping Costs

THE WHITE HOUSE (KVRR/AP) — President Joe Biden signs legislation meant to lower the cost of shipping goods across oceans.

It’s a move the White House says will help ease logistical costs for retailers that have remained high since the start of the pandemic and helped fuel record inflation.

The Ocean Shipping Reform Act empowers the Federal Maritime Commission to investigate late fees charged by carriers.

It also prohibits ocean carriers and marine terminals from refusing to fill available cargo space.

“These carriers made $190 billion in profit in 2021,” said Biden.

“Seven-times higher then the year before. And they raked in the profits and the cost got passed on, as you might guess, directly to consumers.”

After signing the bill, the president handed his pen to Sen. Amy Klobuchar of Minnesota who led the effort to get the bill passed.

The bill passed Congress with bipartisan support.