In a move that Chris Spear of the American Trucking Associations (ATA) has called “a long time coming”, the House of Representatives has passed the Ocean Shipping Reform Act of 2022. Now, it heads to Joe Biden’s desk for signature.
The Ocean Shipping Reform Act of 2022 hopes to stop what Chris Spear of the ATA calls, “…unjustified and illegal fees collected from American truckers by the ocean shipping cartel – fees that have contributed to the shipping lines raking in $150 billion in profits just last year.” Spear says that these costs get passed from the ocean carrier to the motor carrier to the consumer, helping drive the record inflation American consumers have been seeing in the past year.
The Bill passed the Senate in March, and has been in limbo since, but now has passed the House with overwhelming bipartisan support, in a vote of 369 to 42.
In short, the Bill authorizes the Federal Maritime Commission to investigate into and enforce against “unjust and unreasonable” fees and charges that ocean carriers charge.
While the Bill still has to be signed off by Joe Biden, the chances are overwhelmingly likely he will support it, rather than veto. He has been on the record to say that he is against the increases in fees. “During the pandemic, ocean carriers increased their prices by as much as 1,000% and, too often, these ocean carriers are refusing to take American exports back to Asia, leaving with empty containers instead.”
Even if Biden vetoes the Bill, it has more than enough support in the House to override the veto. The only question that would remain is whether or not the Senate would fail to override the veto. It is a complicated process that makes sure only the highest quality bills become law, but with so much depending on this bill in the current economy, it has a 99% chance of becoming official. Hopefully it will have the intended result of reducing inflationary strain on the supply chain within U.S. borders, with minimal side effects.
ABOUT TOPMARK FUNDING
TopMark Funding is a top-rated semi-truck financing and trailer financing company located in Roseville, CA. We specialize in commercial trucking and heavy equipment. Our mission is to become your long-term financial partner by helping you grow your trucking business and fleet.
We’re not here for the short-term, we’re on the long-haul with you!
Learn more about Trailer Financing.
Fill out the contact form or give us a call at (866) 627-6644. One of our truck financing specialists will contact you as soon as possible to go over your truck lease needs and learn more about you and your business financing goals.