The US House of Representatives has reauthorised the Federal Maritime Commission (FMC) for another four years, adding new oversight powers and raising its budget, reports New York's Journal of Commerce.

Lawmakers voted to fund the FMC through 2029, with its annual budget rising from US$49.2 million to $57 million. The reauthorisation also codifies new responsibilities under the Ocean Shipping Reform Act of 2022. The bill now moves to the Senate, though no timeline has been set for a vote.

The measure broadens the definition of a "controlled carrier," extending FMC oversight to carriers domiciled in foreign countries subject to monitoring by the Department of Commerce or the US Trade Representative. The FMC must also include in its annual report an analysis of trade imbalances linked to ocean carrier practices.

The agency will be empowered to investigate complaints against shipping exchanges. California Democratic Congressman John Garamendi, a co-sponsor of the bill, highlighted the Shanghai Shipping Exchange as falling under the FMC's new purview.

By 2027, the FMC must establish rules for registering and regulating shipping exchanges in the US. Within one year, it will also begin rulemaking on containerised freight indexes for shippers.

Congress reauthorised the National Shipper Advisory Committee and authorised the FMC to create port and ocean carrier advisory committees. Garamendi said the legislation strengthens the Commission's independence and ensures US businesses compete on a fair playing field.