Bipartisan legislation that aims to help tackle supply chain woes that have wreaked havoc on the U.S. economy is inching closer to President Biden's desk.
Bottlenecks for U.S. exports have played a key role in the country's rising inflation.
The bill requires ocean carriers to certify that late fees comply with federal regulations or face penalties, prohibits carriers from unreasonably declining shipping opportunities for U.S exports, and ramps up reporting requirements to the Federal Maritime Commission. It also empowers the commission to initiate probes of carriers' business practices and apply enforcement actions.
A version of the plan passed the House with a large bipartisan vote, 364-60, in December. With the House passage that was led by California Democrat Rep. John Garamendi and South Dakota Republican Rep. Dusty Johnson, the plan now heads to final negotiations for a deal that could become law., including the American Association of Port Authorities.
"This is the kind of bill we should be working on if we want to help alleviate our inflation situation and improve the economy," Thune, the Republican Whip,Thune noted the plan ensures that ocean carriers operate under fair and transparent rules, and makes it harder for those carriers to unreasonably refuse goods ready to be exported.