The first major update of U.S. international ocean-shipping laws in more than two decades was introduced in the Senate Thursday, a significant step toward passage after passing the House with bipartisan support in December.
Republican Senator John Thune of South Dakota and Democratic Senator Amy Klobuchar of Minnesota introduced the Ocean Shipping Reform Act Thursday, which they say will ease the problem of agricultural exports sitting at ports while ocean carriers return to Asia with empty containers.
“Congestion at ports and increased shipping costs pose unique challenges for U.S. exporters, who have seen the price of shipping containers increase four-fold in just two years. Meanwhile, ocean carriers have reported record profits,” Klobuchar said in a statement.
The House version of the bill, sponsored by California Democrat John Garamendi and North Dakota Republican Dusty Johnson, was approved by an overwhelming majority in December.
Read more in an article from BNN Bloomberg.