Skip to content

Biden Takes On Ocean Shipping as FMC Sees Market Setting Rates

  • FMC chief Maffei sees no evidence of anything actionable
  • U.S. companies still feeling pain from soaring shipping costs
President Joe Biden

President Joe Biden

Photographer: Ting Shen/Bloomberg
Updated on

President Joe Biden is taking on the concentrated market power of ocean shipping companies, although officials at the agency overseeing the industry indicated they lack both the jurisdiction and, for now, any evidence of wrongdoing.

The White House said Biden will call on Congress at his State of the Union to address the immunity that shipping alliances have from antitrust scrutiny under current law. The Federal Maritime Commission will join with the Department of Justice in a new initiative announced Monday, to push for competition in ocean freight transportation.