Remember when we told you guys about how Biden was pushing for cheaper ocean freight costs? Well, as of June 16, he has signed the Ocean Shipping Reform Act. This legislation is created to cushion the shipping industry in the United States. As reported by PBS News, “the White House says this will help lower retailer costs that have remained high since the start of the coronavirus pandemic and helped fuel record inflation.”
This legislation passed unanimously by the Senate and won bipartisan House support. They also reported that the “Federal Reserve raised its key interest rate by three-quarters of a point, the largest bump since 1994, after data released [two weeks ago] showed U.S. inflation rose in May to a four-decade high of 8.6 percent.”
“People know that prices are too high and we have to do something. And this was one of the obvious culprits,” expressed Democratic Senator of Minnesota Senator Amy Klobuchar. Sen. Klobuchar was at the White House for the signing and said that since the pandemic, shipping container costs increased by at least FOUR times these past two years. Transportation and industry workers are excited for this bill to take action! Click here for the full story.