News
President Biden Allocates $450 Million to American Ports
Over the past few months, a plethora of prominent shipping terminals across the United States have been facing significant congestion issues, leading to vessels waiting offshore for their chance to dock and unload. Various factors have contributed to this dilemma, including workforce shortages and impacts from the COVID-19 pandemic. However, regardless of the reasons, it has significantly worsened the nation’s existing supply chain woes. To address this, President Joe Biden has allocated a $450 million fund to American ports to facilitate smoother operations.
The funds, which were designated in the Bipartisan Infrastructure Law, will be accessible to privately owned ports nationwide to finance a range of beneficial initiatives. Port managers will be required to submit applications detailing their planned utilization of the funds, with eligible projects encompassing activities like port expansions, new pier and rail yard constructions, among others.
“Fundamentally, all selected projects must enhance the efficiency of goods transportation,” emphasized a senior official from the Biden administration in a public announcement. Officials anticipate that this funding will not only accelerate shipping in the short term but also enhance the long-term sustainability of the U.S. shipping sector.
This marks the most substantial investment ever made in the modernization of American ports.
The focus is on established measures to enhance the speed and affordability of goods transportation, ultimately benefiting consumers.
Moreover, it plays a vital role in fortifying our supply chains. https://t.co/BulwPyFGL3
— Brian Deese (@BrianDeeseNEC) February 23, 2022
“President Biden is spearheading the largest federal investment ever in the modernization of our nation’s ports, which will enhance our supply chains and positively impact the lives of those reliant on them,” stated Transportation Secretary Pete Buttigieg.
“We are pleased to announce this financial support to aid ports in enhancing their infrastructure — promoting efficient movement of goods and helping American households manage costs,” Buttigieg further elaborated.
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