Biden Pushing To Lower Ocean Shipping Costs, Fight Inflation

The video discusses President Biden's efforts to address rising shipping costs, which are contributing to inflation. He plans to visit the port of Los Angeles to discuss the issue and push for the Ocean Shipping Reform Act, which aims to regulate shipping companies and reduce costs. The video highlights the impact of corporate concentration in the shipping industry, with only nine major companies controlling the market and significantly increasing prices. The proposed legislation would empower the Federal Maritime Commission to regulate these companies more effectively.

What legislation is President Biden asking Congress to pass to address shipping costs?

What role would the Federal Maritime Commission have if the Ocean Shipping Reform Act is passed?