Bob Menendez: “I rise in support of S. 414, the Ocean Shipping Reform Act of 1998. I do want to express, however, some concerns. We…”

“I rise in support of S. 414, the Ocean Shipping Reform Act of 1998. I do want to express, however, some concerns. We clearly should not underestimate the importance of this topic. Ocean shipping is the very means that our Nation trades with the world. Ocean-going vessels move more than 95 percent of all the international trade, and small businesses account for the majority of all export and import trade. Unfortunately, small business did not end up being part of this compromise which produced the current version. In my district, small businesses have made it clear to me that S. 414 is not perfect. While S. 414 is an attempt to introduce more competition, and that is good, in the ocean-shipping industry, freight forwarders, nonvessel operating common carriers, shipper associations and independently owned businesses, all important and vital elements in the international ocean-borne commerce community, have reservations about the bill. I have sincere concerns for the many ocean freight forwarders and NVOCCs that are active in New Jersey.”