The House voted overwhelmingly to approve the Senate-passed Ocean Shipping Reform Act (OSRA) on Monday which the president is expected to quickly sign it into law.
President Biden talked to several retail CEOs this past week about OSRA and the urgency of its final passage. The President gave a speech on supply chain issues at the Port of Los Angeles on Friday.
On behalf of its members, the NRF coordinated a coalition letter to Congress which was signed by over 90 trade associations calling for final passage of OSRA.
Every day, retailers and businesses depend on the international maritime transportation system as a key component to moving goods through the supply chain which continues to face considerable challenges. Directly addressing the unfair business practices of ocean carriers, the OSRA federal law will help address systemic supply chain and port disruption issues that existed long before the pandemic, providing the Federal Maritime Commission the added authority it needs.
With inflation at a 40-year high, passage of OSRA is one of the steps critical to lowering inflation and easing pressure on American businesses, workers and consumers.