The US Federal Maritime Commission and the Antitrust Division of the Department of Justice have signed a memorandum of understanding to foster increased cooperation and communication in their respective oversight and enforcement responsibilities of the ocean liner shipping industry.

The MOU establishes a framework for the FMC and the Antitrust Division to review law enforcement and regulatory matters affecting competition in the shipping industry, and to share information and expertise.

The MOU comes in succession to the Executive Order addressing competition issued on July 9 by President Biden.

Signing on behalf of the FMC, Chairman Daniel Maffei said, “This memorandum between the Commission and the Department of Justice supplements and strengthens the FMC’s ability to detect, address and pursue violations of the law or anticompetitive behaviour by those we regulate.”

“Our partnership with the FMC is one of the many ways in which the Antitrust Division is prepared to play its role in achieving the competition objectives of the President’s Competition Executive Order,” said Acting Assistant Attorney General Richard Powers.

Source: Splash247