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llllllllll A BILL To repeal the Jones Act restrictions on coastwise trade and for other purposes. 1 Be it enacted by the Senate and House of
Representa2 tives of the United States of America in Congress assembled, 3 SECTION 1. SHORT TITLE. 4 This Act may be cited as the ‘‘Open America’s 5 Waters Act’’. 6 SEC. 2. REPEAL OF JONES ACT LIMITATIONS ON COAST7 WISE TRADE. 8 (a) IN GENERAL.—Section 12112(a) of title 46, 9 United States Code, is amended to read as follows: 2 EAS10264 S.L.C. 1 ‘‘(a) IN GENERAL.—A coastwise endorsement may be 2 issued for a vessel that qualifies under the laws of the 3 United States to engage in the coastwise trade.’’. 4 (b) REGULATIONS.—Not later than 90 days after the 5 date of the enactment of this Act, the Commandant of 6 the United States Coast Guard shall issue regulations to 7 implement the amendment made by subsection (a). Such 8 regulations shall require that a vessel permitted to en9 gaged in the coastwise trade meets all appropriate safety 10 and security requirements. 11 (c) CONFORMING AMENDMENTS.— 12 (1) TANK VESSEL CONSTRUCTION STAND13 ARDS.—Section 3703a(c)(1)(C) of title 46, United 14 States Code, is amended by striking ‘‘Coast Guard 15 and is qualified for documentation as a wrecked ves16 sel under section 12112 of this title.’’ and inserting 17 ‘‘Coast Guard.’’. 18 (2) LIQUIFIED GAS TANKERS.—Section 12120 19 of title 46, United States Code, is amended by strik20 ing ‘‘United States,’’ and all that follows and insert21 ing ‘‘United States.’’. 22 (3) SMALL PASSENGER VESSELS.—Section 23 12121(b) of title 46, United States Code, is amend24 ed by striking ‘‘12112,’’. 3 EAS10264 S.L.C. 1 (4) LOSS OF COASTWISE TRADE PRIVILEGES.— 2 Section 12132 of title 46, United States Code, is re3 pealed. 4 (5) TABLE OF SECTIONS.—The table of sections 5 for chapter 121 of title 46, United States Code, is 6 amended by striking the item relating to section 7 12132.
158:“This was highlighted by a 1999 U.S. International Trade Commission economic study, which suggested that a repeal of the Jones Act would lower shipping costs by approximately 22 percent. Also, a 2002 economic study from the same Commission found that repealing the Jones Act would have an annual positive welfare effect of $ 656 million on the overall U.S. economy. Since these studies are the most recent statistics available, imagine the impact a repeal of the Jones Act would have today: far more than a $ 656 million annual positive welfare impact – maybe closer to $ 1 billion. These statistics demonstrate that a repeal of the Jones Act could prove to be a true stimulus to our economy in the midst of such difficult economic times.
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161:“The Jones Act also adds a real, direct cost to consumers – particularly consumers in Hawaii and Alaska. A 1988 GAO report found that the Jones Act was costing Alaskan families between $ 1,921 and $ 4,821 annually for increased prices paid on goods shipped from the mainland. In 1997, a Hawaii government official asserted that ‘Hawaii residents pay an additional $ 1 billion per year in higher prices because of the Jones Act. This amounts to approximately $ 3,000 for every household in Hawaii.’”
155:“Today I am pleased to introduce legislation that would fully repeal the Jones Act, a 1920s law that hinders free trade and favors labor unions over consumers. Specifically, the Jones Act requires that all goods shipped between waterborne ports of the United States be carried by vessels built in the United States and owned and operated by Americans. This restriction only serves to raise shipping costs, thereby making U.S. farmers less competitive and increasing costs for American consumers.
164:“This antiquated and protectionist law has been predominantly featured in the news as of late due to the Gulf Coast oil spill. Within a week of the explosion, 13 countries, including several European nations, offered assistance from vessels and crews with experience in removing oil spill debris, and as of June 21st, the State Department has acknowledged that overall ‘it has had 21 aid offers from 17 countries.’ However, due to the Jones Act, these vessels are not permitted in U.S. waters.
170:“Therefore, some Senators have put forward legislation to waive the Jones Act during emergency situations, and I am proud to co-sponsor this legislation. However, the best course of action is to permanently repeal the Jones Act in order to boost the economy, saving consumers hundreds of millions of dollars. I hope my colleagues will join me in this effort to repeal this unnecessary, antiquated legislation in order to spur job creation and promote free trade.”
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I'm always glad to see someone else editing accounting-related articles here; it's a neglected subject, and even the basic concepts are not covered adequately here. I do have one question for you: are the GASB statement summaries copyrighted? I am guessing they are copyrighted, so it's probably not
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EAS10264 S.L.C. 111TH CONGRESS 2D SESSION S. ll To repeal the Jones Act restrictions on coastwise trade and for other purposes. IN THE SENATE OF THE UNITED STATES llllllllll Mr. MCCAIN (for himself and Mr. RISCH) introduced the following bill; which was read twice and referred to the
Committee on
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167:“The Administration has the ability to grant a waiver of the Jones Act to any vessel – just as the previous Administration did during Hurricane Katrina – to allow the international community to assist in recovery efforts. Unfortunately, this Administration has not done so.
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