Trent Lott: “on February 26, 1999, the Federal Maritime Commission (FMC) completed its rulemaking to implement the Ocean Shipping…”

“on February 26, 1999, the Federal Maritime Commission (FMC) completed its rulemaking to implement the Ocean Shipping Reform Act of 1998. The regulatory framework for the liner shipping industry is now in place and ready for the May 1, 1999, start date. The 1998 Act signals a paradigm shift in the conduct of the ocean liner business and its regulation by the FMC. Where ocean carrier pricing and service options were diluted by the conference system and ``me too'' requirements, an unprecedented degree of flexibility and choice will result. Where agency oversight once focused on using rigid systems of tariff and contract filing to scrutinize individual transactions, the ``big picture'' of ensuring the existence of competitive liner service by a healthy ocean carrier industry to facilitate fair and open maritime commerce among our trading partners will become the oversight priority. Mr. President, as FMC Commissioner Ming Hsu recently told a large gathering of shippers and industry representatives, ``This has been not only a long journey, but a long needed journey * * * With the passage of the Ocean Shipping Reform Act and the FMC's new regulations, I believe the maritime industry will be far less shackled by burdensome and needless regulations * * * I believe we can now look forward to an environment which gives you the freedom and flexibility to develop innovative solutions to your ever-changing ocean transportation needs.'' I couldn't agree more.”