In a time of crisis, could a Jones Act Waiver be on the way?

By George M. Chalos

“Given the rapidly evolving landscape, Congress and/or the President may look to repeal or alter parts of the Jones Act to remain globally competitive and stimulate the U.S. economy. As AXPC warned: “[o]ur industry requires constant capital investment and, at these artificially low prices, our industry cannot work.” As of this writing, modifications and/or waivers to the Jones Act have not been officially recommended by the White House or Congress as a response to the COVID-19 outbreak (or the drop in crude prices). However, President Trump, Vice President Pence, and Secretary of the Treasury Steven Mnuchin have made clear that all options for economic stimulus are being considered. A relaxation of the Jones Act could be one of those measures on the horizon.”

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Términos mencionados en esta doctrina: president, congress, industry.