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Energizing American Shipbuilding Act of 2023
1/4/2024, 10:30 AM
Summary of Bill S 3467
One of the key provisions of the bill is the establishment of a grant program to assist shipyards in modernizing their facilities and improving their capabilities. This program would provide funding to help shipyards invest in new technologies, equipment, and infrastructure to enhance their competitiveness and efficiency.
Additionally, the bill includes measures to increase the domestic content requirements for ships built in the United States. By requiring a higher percentage of American-made components and materials in new ships, the legislation aims to support domestic manufacturers and suppliers, creating jobs and boosting the economy. Furthermore, the Energizing American Shipbuilding Act of 2023 includes provisions to streamline the regulatory process for shipbuilding projects and to promote workforce development in the industry. By reducing red tape and investing in training programs, the bill seeks to make it easier for shipbuilders to do business and to ensure that there is a skilled workforce available to meet the demand for new ships. Overall, the Energizing American Shipbuilding Act of 2023 is designed to support and strengthen the American shipbuilding industry, promoting economic growth, job creation, and national security. The bill represents a bipartisan effort to revitalize this important sector of the economy and to ensure that the United States remains a global leader in shipbuilding.
Congressional Summary of S 3467
Energizing American Shipbuilding Act of 2023
This bill requires an increasing percentage of liquefied natural gas (LNG) and crude oil exports to be transported on U.S. vessels with American crews by certain deadlines. Specifically, the bill directs (1) the Federal Energy Regulatory Commission (FERC) to require specified percentages of LNG exports to be transported on vessels built or retrofitted in the United States and documented under its laws, and (2) the President to require specified percentages of crude oil exports to be transported on vessels built or retrofitted in the United States and documented under its laws.
The vessels that are subject to these requirements must also have certain components that are built in the United States. If the vessels are retrofitted, the work must be done in a shipyard in the United States. FERC and the President may waive the component requirements under specified circumstances.
The Energy Information Administration must collect and publish information on exports of natural gas and crude oil by vessels, including forecasts and data on those exports.
