22.06.15USHR Passes OSRA2022

The U.S. House of Representatives on Monday passed the Ocean Shipping Reform Act of 2022 (OSRA2022) by a majority vote of 369 against 42 and decided to send it to the president. As President Joe Biden is willing to sign the bill, it is highly likely that the Ocean Shipping Reform Act will be dramatically revised for the first time in 24 years since 1998.

In December of last year, the House of Representatives passed the OSRA2021 (H.R. 4006). In early February, bipartisan legislation was introduced by Senators Amy Klobuchar and John Thune (S.3580). In late March, the Senate passed the legislation with additional clauses. The House of Representatives then approved it this week and agreed to leave it to President Biden. The president released an announcement after the lower house approval, in which he said that “rising ocean shipping costs are a major contributing factor to increased costs for American families.” President Biden also criticized ocean carriers for refusing to take exports from the U.S. back to Asia. “This bill will make progress reducing costs for families and ensuring fair treatment for American businesses, including farmers and ranchers,” he said. “I look forward to signing it into law.”