President Biden announced Monday an agreement between the Department of Justice (DOJ) and the Federal Maritime Commission (FMC) and that the White House will “make sure large ocean freight companies cannot take advantage of U.S. businesses and consumers.”
Right now, three global alliances, made up entirely of foreign companies, control almost all of ocean freight shipping, giving them the power to raise prices on American businesses and consumers, which threatens our national security and economic competitiveness, the White House said.
Under the new initiative, the DOJ will provide the FMC with the support of attorneys and economists from the Antitrust Division for enforcement of violations of the Ocean Shipping Reform Act (revised at the end of last year) and related laws. The FMC will provide the Antitrust Division with support and maritime industry expertise.
The agencies’ announcement explains that competition in the maritime industry is integral to lowering prices, improving the quality of service, and strengthening the resilience of supply chains.