US President Joe Biden will order U.S. transportation agencies in coming days to address competition in rail and sea shipping in an effort to lower the costs of shipping goods for companies, a source familiar with the plan told Reuters on Thursday.

Biden’s executive order, aimed at the Federal Maritime Commission and the Surface Transportation Board, is also aimed at ultimately helping to lower consumer prices, the source said.

Transport costs for shipping goods have continued to soar during the COVID-19 pandemic at a time of growing consolidation in transportation markets, they added.

The executive order “encourages the independent federal agencies regulating these markets to take steps to promote competition – which will save American businesses money on shipping costs. That, in turn, will lower prices for American consumers,” the source said.

Biden’s action is the latest in a string of business-related executive orders, including ones addressing noncompete agreements for workers, agriculture and antitrust enforcement

Source: Reuters