President Joe Biden signs the Ocean Shipping Reform Act in the State Dining Room of the White House, Thursday, June 16, 2022, in Washington. (AP Photo/Evan Vucci)

UPDATED 3:05 PM PT – Friday, June 17 2022

President Joe Biden signed legislation to improve the oversight of ocean shipping. The “Ocean Shipping Reform Act” was signed Thursday. It is designed to help curb inflation, ease shipping back-logs and lower costs for American families. The bill prohibits ocean carriers from refusing to carry US exports.

“This bill is going to help bring down inflation at least marginally for farmers and businesses all across America,” said Biden.

The bill also gives the Federal Maritime Commission the authority to investigate late fees charged by ocean carriers and terminals, which in turn are passed on to consumers and added to inflation. Extra fees for transporting countless products are a hidden and a large source of inflation controlled by ocean carriers.

“During the pandemic, these carriers increased their prices by as much as 1,000%, 1,000%,” Biden voiced. “While families and businesses struggled around the world, these carriers made $190 billion in profit in 2021. Seven times higher than the year before.”

The law also requires carriers to provide quarterly updates of imports, exports and empty export containers. The provision comes in the wake of a recent CNBC report that showed ocean carriers denying US exports, but sending empty containers back to china to be filled with their goods.

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