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US House of Representatives passed the Ocean Shipping Reform Act (OSRA) to reduce shipping cost
Posted on June 27, 2022 |
- The U.S. House of Representatives passed the OSRA of 2022 by a 369-42 margin, which will be signed by President Biden into law and is the first revamping of U.S. ocean shipping laws since 1998.
- The Ocean Shipping Reform Act of 2022 includes the prohibition of ocean carriers from unreasonably refusing cargo space capacities for U.S. exports and from discriminating against U.S. exporters.
- The development of transparency by demanding ocean common carriers to report to the FMC each quarter on total import/export tonnage and twenty-foot equivalent units (loaded/empty) per vessel that builds port in the United States.
- Authorizing FMC to voluntarily commence examinations of ocean common carrier’s business methods and use enforcement measures.
- The establishment of new authority for the FMC to document shipping exchanges to improve the negotiation of service contracts with others.
- During the pandemic, ocean carriers increased their prices by 1,000% often and refused to take American exports back to Asia, leaving them with empty containers.
- This is costing farmers and ranchers and the economy huge money but this bill will reduce costs for families and ensure reasonable treatment for American businesses, including farmers and ranchers.