BILL PETERS04:13 PM ET 07/08/2021
Shipping stocks and rail stocks fell on Thursday, after a report said President Joe Biden will take steps intended to increase competition in those industries amid consolidation and an increase in shipping costs.
In an executive order that could be issued this week, the Biden administration will ask the Federal Maritime Commission to "to take all possible steps to protect American exporters from the high costs imposed by the ocean carriers," according to Reuters.
The order will also ask the Surface Transportation Board, an independent federal agency that regulates some aspects of freight rail, to consider efforts like "reciprocal" or "competitive switching."
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