Legal Definitions - Federal Maritime Commission

The Federal Maritime Commission (FMC) is an independentfederal agency that regulates the waterborne foreign and domestic commerce of the United States. Its main responsibilities are:

1. Ensuring that U.S. international trade is open to all countries on fair and equitable terms
2. Guarding against unauthorized monopolies in U.S. waterborne commerce
3. 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.