President Joe Biden signed the Ocean Shipping Reform Act of 2022 into law on Thursday, promising sweeping changes to the ocean shipping industry after more than two years of port congestion, delays and rising costs.
The high-profile bill, which sailed through the House earlier this week, is part of the Biden administration’s attempt to rein in consumer price inflation that hit a new 40-year high this month.
“I promised to crack down on ocean carriers whose price hikes have hurt American families and American businesses,” Biden said in a press conference Thursday. “And today I’m proud to say that we got that done on a bipartisan basis.”