texaslawhopefully
22:30
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
Federal Maritime Commission
Read a random definition: Maritime Court
A quick definition of Federal Maritime Commission:
Federal Maritime Commission: A group of people who make sure that trade on ships between the United States and other countries is fair and open to everyone. They also make sure that no one has too much control over this trade and that companies are responsible for cleaning up oil spills and helping people who get hurt on ships. The group was created in 1961 and has five members who are chosen by the President and approved by the Senate.
A more thorough explanation:
The Federal Maritime Commission (FMC) is an independent federal agency that regulates the waterborne foreign and domestic commerce of the United States. Its main responsibilities are:
- Ensuring that U.S. international trade is open to all countries on fair and equitable terms
- Guarding against unauthorized monopolies in U.S. waterborne commerce
- Ensuring that financial responsibility is maintained to clean up oil spills and indemnify injured passengers
The FMC was established in 1961 and its five commissioners are appointed by the President with the advice and consent of the Senate. The agency plays an important role in promoting fair competition and protecting the interests of consumers and businesses in the maritime industry.
For example, if a shipping company tries to create a monopoly by controlling all the ports in a certain region, the FMC can step in and prevent this from happening. The agency can also investigate complaints from consumers or businesses about unfair practices in the industry, such as price fixing or discrimination.