Trent Lott: “I rise to acknowledge today's passage of the Ocean Shipping Reform Act. This action sets America's maritime industry on…”

“I rise to acknowledge today's passage of the Ocean Shipping Reform Act. This action sets America's maritime industry on the right course. It increases competition for U.S. exporters by allowing America's exporters to compete on a level playing field with foreign entities. It has been fourteen years since Congress tackled comprehensive ocean shipping reform for the commercial sector. Since most of the world's commerce travels by sea, and the industry has changed so much during that period, additional reform is long since overdue. This legislation will update, revise, and improve upon the Shipping Act of 1984. It ensures fairness for U.S. carriers and shippers by modernizing America's ocean shipping regulatory system. The Ocean Shipping Reform Act represents true compromise. This legislative effort brought together many divergent interests--parties who often do not agree with one another. As my colleagues can attest to, achieving mutually beneficial reform was not an easy task. The process was difficult and sometimes arduous. It was, however, a necessary and important legislative journey for our nation's ocean shipping industry. In the end, all affected parties rolled-up their sleeves and worked hard to develop an equitable solution. The result is a consensus bill that received the solid backing of all industry segments including U.S. shippers, American and foreign ocean carriers, ports nation-wide, and U.S. labor.”